Opinions- What should I do?

[zippe]

I have the option of buying a new 2007 Civic Coupe LX for $16,600 after the "documentation" fees it will be $16,800.

Now, all in all this seems like an OK deal to me (assuming they don't make me buy any "packages" in which case I have another dealer I found for $16,700)...

However, with the cash in hand I have set aside to put down on this ($6,000), the payments will be a bit under $300 a month. Not too bad- but I'm just cheap.

That said, if I wait a couple months obviously I could cut the payments down by a good chunk. My problem is, by that time all the 2008 models have rolled in- which obviously cost a good deal more.

So, do it now: I may not pay as much in the long run, but monthly payments leave a little more to be desired.
Wait longer: I could knock the monthly payments down a bit (not much once you factor in additional cost for it being an 08 model) but I end up paying more for the car.

What should I do?

[sickcallawayc12]

Does it have to be new? Why not get an 05 or 06 model with maybe 30k miles at the most and be a lot cheaper?

[zippe]

Originally Posted by sickcallawayc12

Does it have to be new? Why not get an 05 or 06 model with maybe 30k miles at the most and be a lot cheaper?

1. It is pretty hard to find an 05 or 06 used Honda, for starters. I think it is part of the reason resale value is so high: Honda owners keep their Hondas.

2. Even if I were to find one, the high resale value on it is so high, for just a little bit more you can buy a brand new one.

3. Other people don't take care of their cars like I do. Almost all used cars I look at have been abused in some way or the other, whereas a new car I can keep the way I want it to.

That's why, at least for a Honda, I would buy new.
Just struggling with buying it NOW (I don't think the 2007s will be around much longer- can't really wait it out), or waiting and getting a 2008 later on for a lesser payment. The 2008 model really doesn't offer anything above the 2007s other than the fact it has an "8" rather than a "7" (plus cost...)

[sickcallawayc12]

If there is no difference, then I would just get the 07 since it seems to be cheaper. And ya never know, maybe they will give you a good deal if they really want to make room for the 08 models.

[zippe]

Well that's kindof my sub-problem I guess...

Will there be anymore 2007 models in a month or two, sharing the lot with 2008s? If so, obviously even better deals. But I am leaning to saying that the dealerships will have sold off all their 2007s by the time the 08s come in. What do you think there?

[sickcallawayc12]

Not always true. Depends on how well the older vehicles sell. Civics probably sell well though so i'd get the 07 ASAP. I wonder if you can refinance later on to get lower payments?

[zippe]

Possibly... fees probably involved but they may not be that bad.

I'm just so indecisive.

['97ventureowner]

Originally Posted by zippe

Well that's kindof my sub-problem I guess...

Will there be anymore 2007 models in a month or two, sharing the lot with 2008s? If so, obviously even better deals. But I am leaning to saying that the dealerships will have sold off all their 2007s by the time the 08s come in. What do you think there?

It might be a regional issue concerning availability of leftover '07s. It can depend on how well they sell in certain areas and the dealer's inventory. Some dealers may be willing to find you an '07 if they don't have any or one that suits your tastes.
On the issue of refinancing at a later date and any extra fees, there might not be any if you shop around. Try a credit union as they tend to be lower on their fees and APRs or a competing lending institution. Some credit unions here do not charge any extra fees to their members who refinance their auto loans to get a better rate. I shopped around last year to refinance my mortgage to take advantage of the lower rates and found a bank that charged me no fees or closing costs. I was able to refinance the full amount plus take out a little extra and paid no fees. The catch? I had to keep the mortgage with them and not refinance it again for a period of one year. That was it.

[zippe]

Thanks for the input...

Went ahead and got the 07.

APR/Monthly Payments ended up being MUCH better than I had originally planned on, so I came away pretty happy

[psych0hans]

Originally Posted by zippe

Thanks for the input...

Went ahead and got the 07.

APR/Monthly Payments ended up being MUCH better than I had originally planned on, so I came away pretty happy

Pics Please?

[sickcallawayc12]

Good to hear. That's what matters most: you are happy.

[zippe]

Pics??? I didn't know that was a requirement, lol.

Nothing special, but it's the grayish colored one, will take pics later I guess

[zippe]

Here we go...

The window on this thing is huge- need new sunshades.

[sickcallawayc12]

Wow, that's what the 07 looks like? I would have never guessed that to be a Civic. That thing looks like its got a good amount of space for cargo or people.