Puddy Posted June 1, 2012 Share Posted June 1, 2012 (edited) My daughter just got out of high school. She just landed her first part-time job and will attend college in the fall (locally). Up until this point she hasn't needed a car as I dropped her off at school and she got a ride home. Now that she has a job there will be conflicts with schedules between my wife, my daughter and myself. I told her a few months ago that I will get her a car once she gets a job and pays for her own insurance and gas (she'll probably be lucky enough to make that much money). Initially I planned on giving her my car, a 2007 Accord and getting myself a midlife crisis American classic muscle car (Camaro or Mustang). I don't really want to take on that car payment right now. My Accord is worth roughly 13k. I thought maybe I'll look into a car for $10k for her and buy myself a car when I'm ready. I can get a 4-year old Ford Focus with 80k miles or so in that range. Not a bad first car and good on gas. However, Honda is running a lease special right now for a Civic for $220 per month for 36 months (actually the first month is free). This would be at least as cheap per month as a $10k car. Total payments for the life of the lease is $7,700. Of course she will need a car 3 years down the road. But if I buy the Focus it will be 7 years old at the time. Almost seems to make sense to lease the Civic. But I'm worried that a new car sends the wrong message (I mean for crying out loud I bought my own first car which was a piece of crap for like $500). I just don't want her to deal with a piece of crap trying to get back and forth to school and work. Thoughts? Edited June 1, 2012 by Puddy Quote Link to comment Share on other sites More sharing options...
Chief Dick Posted June 1, 2012 Share Posted June 1, 2012 Personally, I wouldn't lease. And you may think about something 4WD for up north. Maybe a Ford Escape. You can get one of those for around 10k with about the same mileage. Quote Link to comment Share on other sites More sharing options...
matt770 Posted June 1, 2012 Share Posted June 1, 2012 My daughter just got out of high school. Quote Link to comment Share on other sites More sharing options...
Puddy Posted June 1, 2012 Author Share Posted June 1, 2012 Personally, I wouldn't lease. And you may think about something 4WD for up north. Maybe a Ford Escape. You can get one of those for around 10k with about the same mileage. I've leased several cars in the past with no issues. Actually my Accord was a 3-year lease that I bought at the end. Plus gas mileage is important for her giving her income limitations so I worry a little about the small SUV. Quote Link to comment Share on other sites More sharing options...
Puddy Posted June 1, 2012 Author Share Posted June 1, 2012 Don't make me get picked up by the fuzz. Quote Link to comment Share on other sites More sharing options...
montster Posted June 1, 2012 Share Posted June 1, 2012 Why can't you lease the car for yourself and give her your Accord? Quote Link to comment Share on other sites More sharing options...
Puddy Posted June 1, 2012 Author Share Posted June 1, 2012 Why can't you lease the car for yourself and give her your Accord? I could but I don't really want to drive the Civic. My Accord is a V6 which I like. I'm just used to the car and don't want to give it up. If I give her the Accord I'm going impractical, midlife crisis stuff probably. I've had nothing but boring, practical cars my whole life...Neon, Taurus, Taurus, Pacifica, Accord...yawn. Quote Link to comment Share on other sites More sharing options...
matt770 Posted June 1, 2012 Share Posted June 1, 2012 I did a 4-year lease on a '98 Civic and just about cried when I had to give it back. Yeah, it was frigging Civic but I loved that thing. I've read pros and cons of leasing. In your case I think it makes sense, she's getting a very reliable car for a very low payment. On the downside you've spent all that money with nothing to show for it at the end. But those who believe leasing is a good deal would point out that a car is a depreciating asset and a constant expense, so it's smart to pay as little as possible per month. Plus you get the peace of mind that she's in a very reliable car. Make sure you do the math on her drives to school and work and any road trips so she doesn't exceed the mileage allowance. And you will get dinged for any damage beyond normal wear & tear when you turn it in, so she needs to be conscientious. Does she like to party? Quote Link to comment Share on other sites More sharing options...
montster Posted June 1, 2012 Share Posted June 1, 2012 I could but I don't really want to drive the Civic. My Accord is a V6 which I like. I'm just used to the car and don't want to give it up. If I give her the Accord I'm going impractical, midlife crisis stuff probably. I've had nothing but boring, practical cars my whole life...Neon, Taurus, Taurus, Pacifica, Accord...yawn. I could pimp out that rice burner for you. Quote Link to comment Share on other sites More sharing options...
Puddy Posted June 1, 2012 Author Share Posted June 1, 2012 Does she like to party? That's the last straw. Quote Link to comment Share on other sites More sharing options...
Puddy Posted June 1, 2012 Author Share Posted June 1, 2012 I did a 4-year lease on a '98 Civic and just about cried when I had to give it back. Yeah, it was frigging Civic but I loved that thing. That's sort of how I am with the Accord. Hard to explain but it's the only car I've owned that I really like and don't mind driving it even after 5 years. It only has 60k miles on it and performs wonderfully. I will get rid of it one day but I'm not really wanting to do that yet. My previous cars I grew tired of after a few years. Quote Link to comment Share on other sites More sharing options...
Puddy Posted June 1, 2012 Author Share Posted June 1, 2012 I could pimp out that rice burner for you. Self deprecating humor is the best kind. Now let's hear about your micropenis. Quote Link to comment Share on other sites More sharing options...
Big John Posted June 1, 2012 Share Posted June 1, 2012 That would require you to go to Detroit Quote Link to comment Share on other sites More sharing options...
polksalet Posted June 1, 2012 Share Posted June 1, 2012 What would Dave Ramsey say about the lease? Quote Link to comment Share on other sites More sharing options...
Puddy Posted June 1, 2012 Author Share Posted June 1, 2012 What would Dave Ramsey say about the lease? Love the guy but don't agree with everything he says. $7,700 to drive a high quality car for 3 years isn't bad. If I took his advice I'd buy the old Focus. $10k spent for three years + $952 interest for a car that has 80k miles and may need additional work/maintenance. Let's assume $12k total. At the end of three years the car has 120,000 miles on it and probably sells for $5k. Net payment of $7k which is about the same as the Civic which is brand new. He probably wouldn't hate the comparison given the good lease price. Quote Link to comment Share on other sites More sharing options...
polksalet Posted June 1, 2012 Share Posted June 1, 2012 Love the guy but don't agree with everything he says. $7,700 to drive a high quality car for 3 years isn't bad. If I took his advice I'd buy the old Focus. $10k spent for three years + $952 interest for a car that has 80k miles and may need additional work/maintenance. Let's assume $12k total. At the end of three years the car has 120,000 miles on it and probably sells for $5k. Net payment of $7k which is about the same as the Civic which is brand new. He probably wouldn't hate the comparison given the good lease price. Or buy the lease car and buy a 5,000 Civic. You'd get superior mileage with superior durability.BUT there's something to be said about driving a decent vehicle. I daily driver has 247k and is getting a dab rough even for me. It however gets 27 mpg and runs like a top. Quote Link to comment Share on other sites More sharing options...
whoopazz Posted June 1, 2012 Share Posted June 1, 2012 I'm in the same boat and am looking for a decent used car - no leases for me. We crank too many miles to consider a lease anyway. Problem around here is the used Civics are either overpriced or have been pimped out by the Monsters of the world. We basically look for a compact in good shape (civic, mazda3, corrola, sentra), less than $10K, less than 100,000 miles, pay as much as possible in cash, and drive em into the ground. I also get them AAA just in case. My older found an Acura RSX in that group that is friggin awesome. I almost stole that one. Quote Link to comment Share on other sites More sharing options...
nuke'em ttg Posted June 1, 2012 Share Posted June 1, 2012 i've got a red civic 2 door stick sittin in the garage incredible gas mileage but can't handle a 24' ladder 5K OBO Quote Link to comment Share on other sites More sharing options...
paulzale Posted June 1, 2012 Share Posted June 1, 2012 Man cars are pretty reliable nowadays. Depending on how far she drives, I'd go with a $2,500 to 3k car thats a little older with just over 100k miles. Save a ton, still can get good mileage and have plenty for maintenance. That's how I'd do it, but I'm a tight wad that drives an 11 year old SUV with 180k on it. Quote Link to comment Share on other sites More sharing options...
wiegie Posted June 1, 2012 Share Posted June 1, 2012 Man cars are pretty reliable nowadays. Depending on how far she drives, I'd go with a $2,500 to 3k car thats a little older with just over 100k miles. Save a ton, still can get good mileage and have plenty for maintenance. That's how I'd do it, but I'm a tight wad +1 Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted June 1, 2012 Share Posted June 1, 2012 Puddy's Daughter with Montsters pimped out civic Quote Link to comment Share on other sites More sharing options...
Caveman_Nick Posted June 1, 2012 Share Posted June 1, 2012 (edited) I would buy. There some good reliable stuff out there that will last as long as it is taken care of. Like: Impreza 1 Impreza 2 Edited June 1, 2012 by Caveman_Nick Quote Link to comment Share on other sites More sharing options...
SEC=UGA Posted June 1, 2012 Share Posted June 1, 2012 Impreza Picture Quote Link to comment Share on other sites More sharing options...
Square Posted June 1, 2012 Share Posted June 1, 2012 (edited) Giving an 18 year old a brand new car when she has never worked before looks like spoiling her to me. I'd buy an old accord/civic (4 cylinder, don't give a teenager anything that moves fast) with 60-75k miles and give it to her. She can have it last far longer than 3 years and probably wouldn't cost much over 8K. What are you going to do when she is in her 3rd of 5 years of college and needs another car? Buy her a second one at $220 per month (and the higher insurance cost that goes with it)? Besides, she is a teenage girl that hasn't driven much. She's going to ding it up/wreck it anyways. Edited June 1, 2012 by Square Quote Link to comment Share on other sites More sharing options...
chiefjay Posted June 1, 2012 Share Posted June 1, 2012 Does she like to party? Yes. Err... i mean that's not a cool question dude. Quote Link to comment Share on other sites More sharing options...
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