gt0279a

Here are the Details:

Trading in my leased 04 CG/Quartz/6SP TSX, I end up owing $700 in negative equity.
( I'm halfway thru a 48 month lease @ $375/mo )

New Lease:
06 CG/Ebony/5AT/Nav
MSRP $30505
Negotiated Car Price $28177
42 Month / $375.53
+$1110.53 Down (includes 1st month, doc fee, $700 cap reduction)

What do you guys think?


I really want another 6SP, but with a baby on the way the wife is very persistant + no 6SP available until Feb + 'sport shift' seems more responsive in 06 vs 04.

Vanos

why not finance? you are only borrowing 28k. what would the payment be?

TypeRS

^ as Vanos said.

y not buy the car through financing. so ur leasing the same car for an even longer period...

JeffS

Why are you trading so soon?

psteng19

Wow, if you think the SS delay in the '06s aren't that bad, then the '04 delay must be atrocious.

gt0279a

Based on the 42 month lease, the residual is $17997.

Financing, the payment would be ~ $540 @ 5.74% / 60 months (Acura is excluding the TSX in the APR special)

At the end of 42 months financing, I would owe ~ $9400. Assuming the car is worth $17997, that's a diff. of $8597. But I would be paying $165 more per month to finance, so the net gain after 42 months is $2470, or about $58 a month.

danishj

im jsut 16 but r u guys saying that u guys r in debt for buying this car? someoen explain what negative equity is.

jkozlow3

Example:

You buy a car for $30k.
Trade-in value of that car is probably only $27k as soon as you drive it off the lot, as it's now "used".
However, you owe the bank $30k (if you borrowed that much) plus interest.

If you were to go and trade-in your car immediately after purchasing it, the dealer might NEED to pay the bank $32k to get you out of the loan, but the dealer is only OFFERING you $27k. That extra $5k would get rolled into the purchase price of your next car.

This difference between what you owe the bank and what the car is worth is called negative equity and is also referred to as being "upside-down". Eventually the negative equity goes away after a couple of years.

spotch

No six speed available until feb? I test drove an 06 six speed a month ago or so and am going to be testing another one very soon (hit the dealership today, just got the call).


btw, What's the good word.....?

IlliNorge

No 6MT's in Chicago. Where are you spotch?

spotch

Atlanta, georgia. Sucks you guys don't have any six speeds yet.... kinda incredible to be honest. As a correction to my last post I test drove my first 06 6mt on dec 3rd, and it was ready for the test on the 1st. (did a little back-checking). So really it's only been 3 1/2 weeks and not a month. But still, wierd you guys won't get them for a while.

gt0279a

....to hell with georgia.

Anyway, it seems manuals are in high demand and I was able to break even on my current lease. saving me $700.

Sorry to see the 04 go, but with a baby on the way I am happy with the auto with Nav, XM, and all the new features.

Plus, the wife can drive the TSX and I can drive her 06 Pilot when I want to go snowboarding.

Also -- I can post pics if anyone in interested in the CG/ebony combo.

spotch

And yeah, when you do take delivery post a ton of pics

IlliNorge

Yeah, the supposed reason is that Acura won't send 6MT's to large congested traffic areas. I hear you got a couple interstates or eight circling Atlanta A dealer called me last night and said he might be able to "special" order the car I want for only a little bit over MSRP.

bradykp

come on, do a little legwork. is your credit score over 700? if it is, finance outside of acura and you can get around 5%. someone even said they scored 4.9% through acura (dealer offered it). i got 4.9% through credit union for 60 months. financed 26,000 and my payment is around $490/mo.

i can buy that leasing for 3 years is worth it at a payment closer to 300, but when you're hovering around 375/mo for 4 yrs, that's a lot to not own the car. and how many miles/yr you getting?