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Discussion Starter #1
I have been back and forth with what to buy, from coupe, to sedan, to tsx (weird i know). I have decided on the honda accord sedan (practical, good looking, fuel efficient, will last me a while).

I will be honest, the only sedan I want is the ex-l w/o nav trim. The sport lacks features. The ex lacks leather, the second tough screen, and the cloth is crap. The V6 is still out of my price range and honestly I don't need the extra speed (yes it is fun, but when I have more money down the line I will spring for something later).

Here is the issue. Brand new, financed, will be hard to afford for me. I can do it but I will really have to tighten my budget. Brand new, leased, obviously will be more affordable. I don't drive far to work and such so mileage will not be a problem. I do want to mod, but again, cannot do that on a lease unless everything gets ripped off. I will probably buy at the end of the lease because I do love the car and I know I will take a hit on the second tax, but again I will get to keep any mods on it.

I have found a used 2013 ex-l sedan at autolenders (one-owner used car dealer, very reputable, NJ) for 22,2495 with 32k on it. I can finance that amount and still be fine with my monthly budget.

So, should I go the lease route to a possible buyout?
or take the used 2013 and finance that amount?
 

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2007 Accord Coupe EX I4
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What are you currently driving and what issues does it have? I know I don't know anything about you, but based on what I read, it sounds like you are neither mentally not financially prepared to purchase, in which case the dealer will have a field day with you.
Only reason I say that is to encourage you to really think about acquiring a new vehicle. The more you bring to the table, in terms of a valuable trade-in, cash, the knowledge of how to manipulate a salesman, the better off you'll be.
The less you bring to the table, the bigger runaround the dealer will take you for, and the quicker you'll get nowhere but a blown budget.

Just my advice, for what it's worth. Good luck and happy driving!

EDIT: it does sound like you'd be more comfortable with the used one though... If it's in your budget and in good condition, I'd go for that!
 

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Discussion Starter #3
Thanks for the input! Well I drive a 2001 blazer that's nickel and diming me. I know I can just keep repairing it but I figure now is the time to update for a more reliable, updated, fuel friendly car that will last me for years.


Sent from AutoGuide.com Free App
 

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If this is a car you're planning on keeping for years, don't lease. People jump into leases because it allows them to drive the car they want now, but it's rarely a smart financial decision.

If I were you, I would buy the used Accord or a new/1-2 year old Civic (or similar).
 

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So, should I go the lease route to a possible buyout?
or take the used 2013 and finance that amount?
Go to a dealership that you trust (oxymoron?) and have a salesman go over the numbers with you. I was in the same situation, and my salesman showed me that my lease + the buyout ended up being $600 and change more than if I had bought the car outright (including financing and adding up all the payments) at the beginning. For me, this made leasing an easy decision.

In fact, even if I could afford to buy it new, I'd still go this route. Why? because sometimes you buy a car, and although its not a lemon, it's not a great car. Our last odyssey was like this. We didn't really have any problems with it, but somehow, it just didn't drive right, other odyssey's of the same vintage drove nicer. It was great to just be able to walk away after 3 years. If it ends up being a good one, you buy it at the end.

Another thing to play with if you really prefer buying to leasing is to see how close the payments of a 72 month loan is vs the 36 month lease payment. A lot of the time, you can get these fairly close. Although a 72 month loan isn't ideal, you would start building some equity by the 3rd year, albeit very little.
 

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Are you 100% sure about a tax hit on buying at the end of a lease? I'm sure it varies by state. In my state, if you buy the car out through Honda Financial directly, or through the dealership you originally leased from, you don't have to pay the tax twice. But if you buy out through a different dealership, or into a different name (like you and your wife as owners but only you were on the lease title), you do pay tax twice.

I'd definitely say don't listen to people who make blanket statements about leases being the work of Satan. Those are people who can't do the math for different scenarios. Leasing can work out costing only slightly more than buying would, and that extra money may be worth it to get what you want. Leases can also work out costing you a lot more if you do things wrong (mainly giving the car back at the end, especially if you're going to get hit for mileage and/or damages).

In your situation, I'd base a lot of the decision on how much you expect you'll need the warranty. If you can do your own repairs, or have a trusted mechanic, the two year old car is probably smarter, especially since it'd have all the same features. But if you're someone who gets bilked out of $500 by the Honda dealer for repairs every time you go in for an oil change, new is probably smarter.
 
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