New car buy or lease??

[3MTA3]

I bought my last car new, but only because I knew I'd be driving it at least ten years and it came with a ten year, 100,000 mile warranty. Also, because the brand, Hyundai, does not have the same status as Honda, Toyota, etc., I got it at the price of a three year old car.

 

[solv3nt]

Buying a car, on face value, is a poor financial decision. Money pits, every last one of them.

Yes and no, like I said earlier, in the current economy, people are holding onto their vehicles, thus raising their value. When I was looking at car prices a year ago, vehicles were only depreciating a few thousand dollars over a couple of years and $60,000 miles.

 

[kukusya]

Just my 0.2c PLEASE go and by 2 years old car that factory certified and DO NOT buy extended warranty on it (it is 3rd party so some dealership will not take in it) DO NOT buy GAP insurance at dealership even they told you YOU HAVE TO all this BS you have 1 month to provide insurance info to the bank ( you can by GAP insurance from any insurance company DO your shopping and it will cost you about 5$ a month NOT 800$ at dealership) DO NOT buy add ones ( you can get everything you want at CAR TOYS for 50% less)
And if you have a chance sell your old car by your self. It may take 3 month or less but it worth it.

I'm telling you from my experience working at Dodge of Monroe and Chevrolet of Bellevue as sale consultant.

Yes I'm quit to do car sales do to I been push by Sale Managers to lie to every costumer about everything and anything.
NO more fair practices in sale business

 

[jluck]

I think this is a buy or lease thread.

 

[krivey]

I would look at the resale value of the vehicle you are interested in. I bought a corolla in 2010, three years later we had our first child and decided we needed something bigger. We sold the corolla for $14500, we paid $18500 (0% financing). So it cost us $4000 for three years use. I would buy new again if I knew the vehicle I was purchasing would hold its value and sell easily down the road, you never know what life will throw your way.

 

[IheartGUNS]

I would look at the resale value of the vehicle you are interested in. I bought a corolla in 2010, three years later we had our first child and decided we needed something bigger. We sold the corolla for $14500, we paid $18500 (0% financing). So it cost us $4000 for three years use. I would buy new again if I knew the vehicle I was purchasing would hold its value and sell easily down the road, you never know what life will throw your way.

This is the only reason why I'd consider buying new, resale value. She wants a hyundai sonata because of good gas milage, but resale value not so good.

 

[solv3nt]

This is the only reason why I'd consider buying new, resale value. She wants a hyundai sonata because of good gas milage, but resale value not so good.

I'm Korean, so I can knock Korean cars, don't buy Korean.

 

[Brutus57]

I'm Korean, so I can knock Korean cars, don't buy Korean.

Why not?

Brutus Out

 

[solv3nt]

Why not?

Brutus Out

Unlike the Japanese cars, they don't have a reputation of reliability.

 

[krivey]

This is the only reason why I'd consider buying new, resale value. She wants a hyundai sonata because of good gas milage, but resale value not so good.

If her mind is set on that specific rig, I would recommend buying used. But not too used, Hyundai in my opinion is a disposable vehicle, drive it, break it, throw it away. I had a used accent I bought cheap, drove it for 3 years then the timing belt snapped and cracked the head so I donated it for a tax write off. Anyone I know that has owned a Hyundai has had bad luck with them.

 

[3MTA3]

I'm Korean, so I can knock Korean cars, don't buy Korean.

The Sonata is made in Alabama: Hyundai Motor Manufacturing Alabama

I can tell you that I'm very pleased with my Sonata. I traveled pretty extensively for a couple of years and rented just about everything under the sun. On one of my trips all they had was a beat up charger and a brand new Sonata. Before that I'd have never considered Hyundai. I rented the Sonata and was flat out impressed. Six months later, same airport, another week in LA traffic with a Sonata. The one I bought was fully loaded and the 2.0 turbo is effing awesome and no lag whatsoever. I actually get the highway MPG they claim, but have too much turbo fun to get that kind of mileage when I'm not on cruise control. No buyer's remorse whatsoever.

 

[solv3nt]

I traveled pretty extensively for a couple of years and rented

Renting is different than owning. With a rental car, you have no idea as to how much maintenance has gone into keeping the car on the road.

The one I bought was fully loaded and the 2.0 turbo is effing awesome and no lag whatsoever. I actually get the highway MPG they claim, but have too much turbo fun to get that kind of mileage when I'm not on cruise control. No buyer's remorse whatsoever.

I'm glad that the car performs well. My issue isn't with performance, but the history of reliability issues. For me personally, I won't buy a Korean car, but I won't knock you for it either.

 

[3MTA3]

This is the only reason why I'd consider buying new, resale value. She wants a hyundai sonata because of good gas milage, but resale value not so good.

I suggest you check out the forums at hyundai-forums.com, as well as the forums specific to other cars you may be considering. Each has its own strength and weakness.

 

[IheartGUNS]

The Sonata is made in Alabama: Hyundai Motor Manufacturing Alabama

I can tell you that I'm very pleased with my Sonata. I traveled pretty extensively for a couple of years and rented just about everything under the sun. On one of my trips all they had was a beat up charger and a brand new Sonata. Before that I'd have never considered Hyundai. I rented the Sonata and was flat out impressed. Six months later, same airport, another week in LA traffic with a Sonata. The one I bought was fully loaded and the 2.0 turbo is effing awesome and no lag whatsoever. I actually get the highway MPG they claim, but have too much turbo fun to get that kind of mileage when I'm not on cruise control. No buyer's remorse whatsoever.

I too am impressed with the sonata. Rented one full tank of gas, I went from Portland to seattle and back to portland with a lead foot, and still had about half tank...Hyundai came a loong way from when they first came out, but imo still iffy about owning one.

 

[solv3nt]

I too am impressed with the sonata. Rented one full tank of gas, I went from Portland to seattle and back to portland with a lead foot, and still had about half tank...Hyundai came a loong way from when they first came out, but imo still iffy about owning one.

Does that mean that the car gets awesome gas mileage, or has a massive gas tank?

 

[3MTA3]

Renting is different than owning. With a rental car, you have no idea as to how much maintenance has gone into keeping the car on the road.



I'm glad that the car performs well. My issue isn't with performance, but the history of reliability issues. For me personally, I won't buy a Korean car, but I won't knock you for it either.

Prior to the current generation I would not have considered Hyundai or Kia (same company). My rental experience opened my eyes and I dug deeper. Hyundai has followed the same manufacturing path as the Japanese. I remember when all Japanese cars were cheap rust buckets. Because they were so cheap they got great market penetration, then improved the quality. Hyundai has done the same.

The perception of poor reliability (check out JD powers or some of the enthusiast forums for the reality) for me represented better value since I was in a better bargaining position compared compared to a Camry, Accord, or Altima. BTW, I also have a Camry. The fit and finish in the Sonata is much better. The only think I like better about the Camry is that it has convenient hard points for floor jacks (I do all my own maintenance), where the Sonata requires a pinch weld adapter.

I only get to drive the Sonata when I can pry it away from my wife. The other cars are great - there really aren't any stinkers out there any more - but for me the Sonata was the best choice.

 

[3MTA3]

Does that mean that the car gets awesome gas mileage, or has a massive gas tank?

My rental cars with the standard 2.4 NA got high 30's on the highway. That's pretty much standard now with everyone's base 4 cylinder motor any more. My new one with the 2.0 turbo gets 38. It's actually slightly better after 10,000 miles than when it was new. The turbo is really stellar - I get base motor mileage with over 270 CHP.

 

[nastybynature]

Depends on the make and model for buying used vs. new. Honda and toyota seem to really hold their value which means buying a new accord or camry might be better than buying used. I only drive used Fords these days and that is mostly because you can buy one that is 8 years old with 160K for less than 1/3rd of what it cost new usually. I could go on and on but I won't.

 

[SG85]

I will be devils advocate here. I'd say a lease can be a good idea. Leasing does work for a lot of people and can save money. But for others it's a terrible idea. The type of car also needs to be taken into consideration. Some makes inflate the residual value on the lease so the payment is pushed lower. This puts you in a bad spot at the end of the lease because it only pencils out to return the car and then you are at the mercy of them if there is excessive damage. The safe leases have a conservative residual allowing the driver equity or options at the end of the lease. This is why most domestics don't lease well and one or 2 of the Europeans do the inflated residuals too. If your goal is to keep your car for 4+ years that is the easiest way to know the lease isn't for you. If not, if you rotate cars semi often then look into the lease.

I run a sales department for a factory dealership and have have done finance for a number of years, we currently lease about 30% of our new cars. I have seen many very positive leasing experiences and a few really really bad ones but it is something worth looking into if you want to do a little extra homework.

 

[solv3nt]

I run a sales department for a factory dealership and have have done finance for a number of years, we currently lease about 30% of our new cars. I have seen many very positive leasing experiences and a few really really bad ones but it is something worth looking into if you want to do a little extra homework.

The key here is that you aren't approaching this from a financial standpoint. A lease is basically a long term car rental. If you want to swap out cars often, and don't mind always renting a car, then a lease works. From a financial standpoint, you are paying an obscene amount to rent a car that you will never own.