Bursaliozer

Hi everyone,
Looking to buy an 09 TL SH. Its black, 122,000 miles, 2nd owner since it was off lease @ 32k miles. Mostly highway driven and 5 months ago $3500 was spent on it at the dealer for timing belt service and new tires, new front brakes. All service has been done at the same dealer ever since it was bought new by first owner. Very nice shape, needs a good buffing and some curb rash on the stock 18 inch wheels (already have a set of 19s i will use) Got the price down to $15,900 and i am approved on the full amount. Payments will be $245 a month for 72 months.

Any thoughts?

real_mckoy

in my opinion i think you should keep looking tl's will always be for sale and if your going to make that kind of payment try to get something a little newer and and still have a little warranty left piece of mind(iron madien), and also for 72mths get something with less miles if anything you should be the one putting 122K miles on and having fun and adding those miles while you have history with the car, I know other might say its a honda/acura and they can go up to 300k with no problem with regular maintenance but that is too much for an 09' even though it is highway, just something to think about sorry to pop your bubble but there is alot of options out there for you to choose so place some options on the table but at the end of the day that is your call. keep it mid that cars will always be around dont rush it. Thats what I learned from my experience but now my car grew on me I think me and another member are the only ones with borealis blue and I dont see them often when I drive but anyway keep searching.

a35tl

Just keeping it real here but in my opinion, no one should finance a car for 6 years, especially a car that's almost 6 years old. If I were you, I would look for a 3G TL that wasn't as expensive. If you have to finance for 6 years, you are probably stretched too thin financially. You will regret it in the long run. I know that's not what you want to hear but I honestly don't think it's the "deal" for you.

Bursaliozer

Thanks guys, i appreciate the feedback. The reason for 72 mo is so that i can get the lowest payment possible. The plan is to pay it off alot sooner than that. I just didnt want a $$350+ payment.

I currently have a 2004 Accord coupe v6 6-spd lightly modified so a 3G TL would be basically the same car for me, hence why i decided against that route. Its currently for sale so once that sells i will be paying the loan down with that. My original plan was to finance 10k and pay the rest cash and still have money left for new parts for the TL but the kid couldnt get a loan for my car.

real_mckoy

im sure you will find a tl with less miles and can get that payment your looking for its not like your looking for an acura #legend then that would be a different story did you check autotrader and open up the mile radius

weather

If you are going to pay it off sooner, you will need to pay more than 350+ a month anyway so what is the difference? I am just not sure I follow..No disrespect intended.

I think the price is decent provided its in good shape.

Brock79

That's to much money, I have seen a few 2010 SH AWD drives sell for 19 grand with mileage in the 50k range.

jim_c

I'm not sure about the price; if it's a clean car that doesn't sound too bad to me. BUT. But but but....
How much driving do you plan to do. If you drive minimal miles a year, I would not be put off by 122k. If you plan to drive a lot though, it may be a different story. Do you want to be making payments on a car that is 10 years old and has 250 k on the clock? Etc.
I would much prefer that you sell your car first and avoid the higher loan. Have you calculated the interest you will actually pay over time?
Remember this: the no. 1 tactic that car sellers always use is that "you must buy this car now because you will never get a good deal like this again". Or "you will never find a better car than this, so you must buy it now". Total nonsense of course. Be patient and take charge of the situation. Another great car will show up sooner or later, you just have to be patient and resist the pressure. Good luck.

wreak

I would never buy a car with that many miles but that's just me. My advice would be to buy a base around the same price but with half the mileage because I just did a quick search and the base models seem to be available for around 15k with half the miles in your area.

Bursaliozer

^^ What sites did you use? Just checked cars.com and autotrader.com for 09-12 under $19k and nothing came up zip 14624

Brock79

These are at different dealers in NJ. Those cars don't sit to long

wreak

http://www.autotrader.com/cars-for-s...72665802&Log=0

http://www.autotrader.com/cars-for-s...73393164&Log=0

http://www.autotrader.com/cars-for-s...70330103&Log=0

wreak

That's after a very quick search with little effort so I'm sure there are even more.

carbonTSEX

Yeah I'm with everyone else. Though Acura's last a long time and no major maintenance issues, 120k miles is high. $16000 is a pretty good price but I'd be looking for something under 100k miles. I mean most 5 year old cars are between 60-80k miles. Look around, cars come and go all the time.

ressling

Not trying to be mean, but:

1.) I would never advise anyone to finance a car with 120k+ miles on it over six years, for obvious reasons. If you don't understand why, then you need to take a personal finance course.

2.) Have a financial plan. jim_c's comments are very valid. I bought a CPO '12 SH-AWD TL that had ~55k on the odometer for $30,000 out the door. I did this because I love the SH-AWD TL, and going used was the only way I could afford it; even at that, it was a financial stretch for me (car payments are a bitch). I put $10k down and am paying almost double the payment each month so that I can pay it off in 3 years.

3.) There will always be other cars. In other words, be patient and shop around. Even if you have to fly one way to get your car in some small town and drive it back, you can end up saving THOUSANDS...

4.) Unless you get really lucky, older cars need more maintenance, some of which can be very pricey. Learn from others. Among many financial mistakes I've made in my life, one of my worst was selling my flawless '09 TSX with low miles to get an '01 Prelude SH, only to put in as much money in maintenance costs as I paid for it.

5.) Piggybacking off #4, cars are a terrible "investment". You will ultimately get financially screwed one way or the other. Buy new and car payments will negate your personal net worth; buy used (not "gently used") you run the risk of being in and out of the shop more than you'd like.

6.) The best type of car is one that is PAID FOR.

Bursaliozer

You guys make valid points so i appreciate it. I could go FWD and get a better, newer car so i will look into that for sure.
Here is my point, instead of buying one that has 90k miles or so i would rather get this one at 122k miles, why? In about a year i will have to pay that $2500 for the timing belt and all the other recommended service out of pocket.
I would like to get one thats around 50k miles for sure but i cant afford an SH thats low miles and i want one that has the Tech package.
Like i said i will look around more and i wanted 6 years because i rather use the money for other things.
My friend bought a 2012 SH with 24k miles for $30,000 out the door, making $680 payments. No way i can afford that so thats why i was thinking this may be the better option for me.

Got some thinking to do. Appreciate the different point of views.
Thanks.

Brock79

I'm pretty sure you can get the timing belt service through Honda for under a grand. I would go with less mileage unless the car looks like a pig. That's less wear and tear on the entire car. Also I would go FWD if I were you, you will get more for your money. Not everyone can afford the car they actually want. This 122k car might put you over budget anyways. Add in the cost of a potential trans replacement and torque converter amongst numerous other high mileage items. Go with a low mileage FWD.

wreak

A high mileage AWD drivetrain would be more of a timebomb than any timing belt ever would be.

dirtyo2000

Are the TLs belts or chains. I just did a chain in my 06 maxima and figured the TL would be the same. Maxima wasn't that bad and changed all the front seals and pulleys on the car. Figured the TL would also be a chain since it's 3.7.

Don't think it's hard to find a low mileage one. Mine has 25K on it and I've had it since 09. If I was to sell I guess it would be in the low 20s so it's possible to find just have to broaden your search. I just did a quick ebay search and they are out there just broaden your search

Bursaliozer

Sounds like the AWD is more prote to beaking versus the FWD? I tried to read up on it as much as i can but im sure you guys will be able to tell me more about it, hopefully not from personal experience :x

So as of now i decided to not go with this car, im going to keep my car for a longer and my brother has a dealer plate so im sure we can find something at the auction thats much better. I'd still like to know the AWD vs FWD issues tho if anyone knows it.

Here is my car btw.. V6 6spd

Edward'TLS

AWD does wonder in the wet and on snow/ice.

With proper snow tires, an AWD vehicle is virtually invincible in the snow/ice, as long as the ground clearance will allow.

dirtyo2000

I wouldn't go as far to say the AWD breaks down more than the FWD. I don't know many that have problems with the AWD. The TC issue was with FWD and AWD. They both use the same TC. I can only speak from my experience and I don't have any issues

Bursaliozer

I didnt buy this car BTW lol You guys changed my mind and i think it was a right decision so thanks again!

andrewcjduong

I financed my used car just because the rates were good but my car had around 69000km so about 40000miles and came with warranty and I only did 5 years with 11k down. I'll say one thing tho. If you're looking into AWD TL. Be prepared to pay up the ass for gas. I'm suffering from it right now. I'm still iffy about my car and I might end up selling it early because of the mpg.

shurik74

OP says...
It doesn't make sense to me... If you plan to pay your car off within 2 years, why would you need the lowest payment possible?

Please, don't get this TL, do more search even though it's going to take you months but you save a lot $$$.

P.S. Never finance cars over 6+ years old with 100K+ miles on it...

Bursaliozer

I didnt get it.
The reason for the 72mo was yes i can pay 350 a month but i didnt want to stretch myself out. I rather have a low payment and have the option to pay more those months i have extra cash versus a constant 350+ payment. The interest that adds isnt a big issue for me.
Still looking...

gibbyisgibby

Ill sell you mine 09 SHAWD with 47K, 2nd owner, black with umber interior for no less than 16,500

weather

^^ Hey YQT guy....what are you planning on getting if you sell your TL?

gibbyisgibby

Im relocating to Ireland in August so maybe something like a c250 coupe?? or a diesel model... Driving on the left should be interesting lol

Bursaliozer

Sent you a message

emanon256

Why not open a no-fee brokerage account and start making a monthly car payment into a bond fund of some sort. You will make interest, rather than pay it, and when you are ready you will have a good down payment saved up. It's much better to earn interest than pay interest.

Skier4lyfe303

iTrader: (32)

OP a few things:
-I agree stretch the payment out as far as you can but I wouldn't go past 60 months/5 years
-You can always refinance your auto loan once you pay a significant portion off to reduce your monthly payments
-DCU.org has great rates on auto loans (as low as 1.24%)
-The AWD has more parts, so more parts could break: rear axles, rear differential, main driveshaft, ect.

$680 payments for $30K is way too much if it's a five year loan (it's correct for a 4 year loan). It should be around ~$550/month for a five year loan.

All J series (so all TL's) are Timing belts, not timing chains.

Bursaliozer

Yeah my friends loan is 48 months. My plan was to and still is to sell my car and just finance the rest for 5yrs 6 at most but 5 looks like the max. If i find a car that i cant miss out on then i will buy it and finance the whole thing, then when my car sells pay it down to whatever and refinance for lower payments.

Now im not sure about AWD vs FWD. Trying to search here for pros and cons and problems with either one.

Booya4139

I'd really dislike making car payments on a 10 YO car, but looks like you've seen the light... By the pic it looks like you have a nice car all paid off that is extremely reliable... I'd put a bunch of miles on it and enjoy it

emanon256

I used to teach personal finance, hence my statement about making payments in advance and earning interest rather than paying interest to someone else.

You bring up quite a good point which also came up in my class a lot. If you own a car outright, and it doesn't need any major work to keep it running that will cost more than the value of the car or a running replacement car, than the worst financial decision you can make at that point is to buy another car.

thePearl

i do loans for living - as I agreed with previous post, 72 or 84 is not the best choice...HOWEVER, if the rate is the same as a 60m deal, I will definite recommend a 72/84m term to kept REQUIRED payments at the lowest --- black and white in credit... this helps you only if you will need future borrowing needs by keeping Debt-to-income (DTI) lower. In 10+ of doing loans of all kinds, i have yet to see a financing company (e.g. bank, credit union, or other sources) charge pre-payment penalty, therefore, always pay more when you have extended periods.

When i got my car, I managed to get 1.99% for 84, at 60m (most common term) rate will have been the same... i choose 84m as it gave me the flexibility to always pay more, but if any emergency ever came up, i knew that the payment will be at "the minimum."

However, Rates usually are much higher at any term over 60m... if that is the case, always shop around with payments in mind for a 60m term.

If you dont know how to calculate the amount you will pay in financing over the life of the loan if you made the payments required, the i will strongly encourage you to check online sources so you can see how expensive loans can get over longer periods when you choose long terms.

Bursaliozer

^ Yes my point exactly about the required payment being the lowest possible.
I put the car buying on hold for a little bit, unless that one car comes along at a price and condition i cant pass up.. then i will buy it

Thanks for all the advice and insight guys/gals?

Brock79

There's a 2009 being sold locally near me with 60k miles and the guy is asking 18k