Buying a New Car
*Cough* *Cough* I mean lease.
I'm the nostalgic owner of a '92 Honda Accord, I bought it from my Grandma B , many a year ago. It has a lot of memories and miles, and most importantly NO AIR CONDITIONING! There is only so long one can try in the desert dryness of Utah to pretend that while driving in temperatures well over 100 degrees that she is relaxing in a sauna and enjoying herself.
I've noticed a few other, not so endearing quirks about my car lately, and I'm finally emotionally healthy enough to let her go, and to buy a new car... I mean lease.
I've spent night after night staying up until way too late researching cars, leases, deals, dealers, credit, financing, and all the behind the scenes tips I can find. That much research makes a girl feel like..like...like..like ya know... brain fried. After way too much time and energy I've narrowed the search down to seven, really six, cars to decide between. Let me know what you think.
They are all 2012 models and I broke them down into a rank based on best monthly price considering a 39 month lease and a $2,000 - $2,200 down payment and best miles per gallon. I don't like buying gas almost as much as I don't like buying groceries... or maybe more... that's a bold statement though.
Here's the list:
In the number one best deal for my buck spot! We have a tie:
#1 The Hyundai Elantra
I'm the nostalgic owner of a '92 Honda Accord, I bought it from my Grandma B , many a year ago. It has a lot of memories and miles, and most importantly NO AIR CONDITIONING! There is only so long one can try in the desert dryness of Utah to pretend that while driving in temperatures well over 100 degrees that she is relaxing in a sauna and enjoying herself.
I've noticed a few other, not so endearing quirks about my car lately, and I'm finally emotionally healthy enough to let her go, and to buy a new car... I mean lease.
I've spent night after night staying up until way too late researching cars, leases, deals, dealers, credit, financing, and all the behind the scenes tips I can find. That much research makes a girl feel like..like...like..like ya know... brain fried. After way too much time and energy I've narrowed the search down to seven, really six, cars to decide between. Let me know what you think.
They are all 2012 models and I broke them down into a rank based on best monthly price considering a 39 month lease and a $2,000 - $2,200 down payment and best miles per gallon. I don't like buying gas almost as much as I don't like buying groceries... or maybe more... that's a bold statement though.
Here's the list:
In the number one best deal for my buck spot! We have a tie:
#1 The Hyundai Elantra
- 29/40 mpg city/hwy
- Approx: $180/month
#1 (also) The Nissan Versa Sedan
- 30/38 mpg city/hwy
- Approx: $153/month (The down payment is a bit higher with this one, but all the same that's a rockin' good price, even though I'm not a huge fan of the sedan)
#2 Toyota Prius C (a favorite)
- 53/49 mpg city/hwy-- though I've read multiple studies that have found that it has reached 58 mpg at city speeds, averaging 35 mph... so that's pretty good. I figured that even if it only did as well as 50 mpg city I'd still be able to drive almost 500 miles before having to refill the whopping 9.5 gallon tank!
- $245/month (pre-haggled, but considerig the money I'd be saving on gas, it's not half bad)
#3 Nissan Sentra
- 24/31 mpg
- $188/month
#4 Nissan Versa Hatchback (a favorite-- I like storage)
- 24/32 mpg (pretty good, but looks pitiful next to the Prius, even though I love me some NISSAN VERSA!)
- $215/ month (kinda steep, but if I save up some more and put down a better down payment and haggle a bit, using Honda's residual versus Nissan's residual I could get it down to $186 or lower)
#5 Honda Accord
- 23/34 (pretty pitiful considering)
- $199/month (which seems RIDICULOUS considering its residual is so flippin' high!)
#6 Subaru Legacy (I was surprisingly disappointed by this one)
- 21/28 mpg! (seriously?! A Jeep Patriot has the exact same mpg average and it's a small SUV! If I wanted to buy that much gas I'd just lease a Jeep! I love feeling tall and having lots of storage space, but you know what I love more than SUVs? NOT BUYING GAS every five minutes for $60!)
- $199/month (oh Subaru, how you disappoint me, I thought we'd get along so much better than this.)
I'm a little too easily swayed by my favorite celebrity endorsers (Bill Nye the Science Guy for the Prius and Hiro & Ando from Heros for the Nissan Versa)
If you have any insights or tips into this world I'm about to step into please leave a comment below and help a girl out!
Thanks and much love.
My family just went through this a couple months ago. The Elantra was one of our top choices. The ride was surprisingly comfortable/quiet and it felt roomy despite being on the smaller side of things. We weren't too impressed with the Versa on the other hand. The seats weren't that comfortable. Proud is always a good one to go with and many levels. I've never driven one so I can't comment on it.
ReplyDeleteFirst off, kudos to you for not buying a car merely on how it looks! I see so many people do this and it makes no sense to me at all…
ReplyDeleteSorry, this longer than I thought, but I hope you find something useful.
Here's what I wish I had known when buying a car based on what I now know from working at a car rental/sales agency.
-Source multiple dealers. Many people talk to friends, family, or look online to research a car, but don’t actually shop around at dealer lots. Email what you're looking for to multiple dealers. You can then use those quotes to have dealers bid for your business. You may end up having to drive further to get the car, but if it saves a thousand bucks, I'd say it's worth it.
-Get quotes from your insurance company for how much the new car will cost you. This is especially true when leasing. Most insurance companies will charge you more for leasing a car. The increased cost may negate any advantage you had by leasing so be aware of this before buying. It may work out that it costs the same leasing or buying, but buying would let you pay to own the vehicle instead of renting it.
-Make sure with whatever car you get, you include the ability to re-negotiate the terms of the lease. I’ve seen auction prices on hybrids double in the last ten months alone, so being able to negotiate is important to avoid going upside down in the lease.
-Once you have narrowed down the field to a couple options. I would rent them for a day, you can usually find online coupons that cost 35-40 bucks. It is time and money well spent. Renting will let you keep the car for an extended period of time, without a sales agent breathing down your neck. Usually these cars (even the newer ones) will already have several thousand miles on them so you can inspect the car to see how it holds up to abuse both inside and out. Having the car for an extended time lets you see how intuitive the car is to you. Test drives are often too short for you to really explore the car controls and how it handles. You may rent the car because all the specs check out, only to discover that it is uncomfortable to sit in on long drives, or the radio controls drive you insane. Or that nothing spoils a would-be-life-companion like an annoying knob jabbing into your side every time you take a left…
-Many people think a higher MPG equates to a better vehicle, which is partially true, but depends on what you’re looking for in a car. If the only thing you care about is high MPG and low sticker price you may find you give up other things that might be deal breakers later on. (In that regard, I suppose finding a car is like finding a spouse…) The two major things hybrids sacrifice to the MPG Gods is power and control. Most hybrids have a smaller engine which means longer reaction/acceleration times. Again, if you don’t need that power and just want an inner city transport, low power doesn’t matter. However, in an emergency situation that longer response time could mean the difference between a close call and an accident. Almost all hybrids (excluding SUV hybrids and the Prius v) sacrifice control by having front wheel drive. It’s true the Subaru Legacy has lower gas mileage, but it does have all-wheel drive, which, if you plan on driving in snowy places like Utah and Colorado, AWD would be safer and more useful. Then again, if it is a cold, bleak morning and you don’t want to go to work, the excuse that you can’t get out of your driveway may come in handy…
Hyundai is a solid pick, there are several other cars in that class that get 40 MPG with similar lower prices. I highly recommend Edmunds.com, it is a great place to compare cars and find finance/car reference tools.
Happy hunting!
Were you able to get the car that you want, Nicole? If not, let me help you out. :) Kirk is right on many points here. I think you made a great list as well, but it’s important to consider factors other than the average mpg and the price. Things that affect the car’s performance such as safety features, acceleration rate, top speed, and even appearance can come into play when you’re looking at a car. Sometimes, even the way you feel when you’re inside the car can influence your decision. Good luck!
ReplyDeleteLeisa Dreps