New Car Troubles

clheadjr

Hello All!

My name is Chris. and I was seeking out some advice. About 5 months ago I signed up on a lease for a brand new 2016 Honda Civic. Well..... now I'm having buyer remorse because I'm stuck currently paying $495 a month for the next 5 years. I would like to get out of my currently lease, and purchase a used car for a couple thousand.

My current payoff amount left is $29,538.77. My thoughts were to trade it into carmax, and get around $18,986.20 for the Honda then payoff the remains $10,500 through carmax for around 3 years.

I would appreciate ANY advice/ideas. Thank you!

MEM62

I would appreciate ANY advice/ideas.

Try a US-based forum.

MrsTinks

Could you clarify if you mean $ or if it's a keyboard issue and you meant £? US debt matters are not something that we deal with on here as rules are vastly different in the US to the UK - if you can clarify that then people will be able to help you should it be a UK matter

Pablosammy

I'd guess they're US-based, as Carmax is a US company.

I'd imagine that the damage is done, and you may as well keep paying it. If you were to pay the $10k off over 3 years, plus $2k for a replacement, you'd be paying $330 per month anyway, and that's before the maintenance and inevitable repair costs for a cheap $2k car. Also, it's completely discounting the probable positive equity you'll have after 3 years on the Civic. At least with the Civic you have a decent warranty and, hopefully, a reliable car.

enthusiasticsaver

As Pablo says you will have already lost a great deal of money due to depreciation as soon as you drive a new car. Paying off $10500 plus the cost of a used car may drive you up near the $18k mark anyway. I don't know about the states but in the UK a few thousand could buy you a load of trouble with lots of repair costs. I have just had to spend £12k to get a car which is 1 year old. Chalk it up to experience. Overpay the loan and get it cleared asap.

itchyfeet123

clheadjr wrote: »

About 5 months ago I signed up on a lease for a brand new 2016 Honda Civic.

Leasing a car means you pay a certain amount each month for a certain period and then at the end of the period you have to give the car back or pay a lump sum. Do you mean you financed the car and the repayments are $495/month? It's a crucial difference because if you're really leasing, then the car isn't yours to sell.