Need some opinions

[Gold Digger]

Hey, gang! Long time no talk!!!


Got a couple of items I'd like to get some feedback on.

So, the wife and I have been talking about the possible purchase of a new family car next year sometime. She mentioned something about doing a lease of a new car, keeping payments around 30,000 yen a month (around $350ish).
Now, I may not know everything about leasing vs. buying, but I know a few things. Here are the pros/cons of what I do know.


LEASING
Pros
Low monthly payments
Chance for a new car every few years
No financing charges so no interest paid

Cons
Nothing to show for it at the end of the lease contract
Not allowed to add any aftermarket parts. i.e. wheels, suspension, car audio
Always spending money every month to make payments that will never end if you continue to lease
High pay-off payment if you decide to keep the car


BUYING
Pros
You get to keep it at the end of the financing contract.
Can add aftermarket parts
You get to add extra options that you want instead of taking whatever the dealer has to offer

Cons
Financing for X-amount of years means you are paying interest on a car that will never be worth the amount you paid
After warranty expires, prepare to pay high fees to get work done by a dealer


So, can any of ya'll give me some more insights?


The criteria for the cars are:
1. 7 person seating capability.
2. 2000 engine.
3. Available AWD layout.
4. Not too boring looking.


Now, as for what cars we are contemplating, I have it narrowed down to three. Keep in mind these are Japanese models that I don't think are sold in the U.S.

Not in any order of preference.

1. Nissan Lafesta Highway Star Navi ( http://en.wikipedia.org/wiki/Nissan_Lafesta )


2. Toyota Isis Platana ( http://en.wikipedia.org/wiki/Toyota_Isis )


3. Honda Stream RS-Z ( http://en.wikipedia.org/wiki/Honda_Stream )


I have only driven the Toyota Isis Platana. I liked it alot, even though it had CVT. It was comfortable, quiet and roomy and got excellent gas milage. But, it's kinda bland looking, in my opinion.

I like Nissan a lot, but I think the Lafesta is the worst looking of the three. I don't even know if that car has any other trim levels to it beside the Highway Star Navi. Plus, since it uses the MR20DE, I know I could get help here if I needed some.

The Honda Stream is my favorite of the three based only on looks. It looks sporty, has nice lines and it has the reliability of Honda. Oh, and it also has i-VTEC.

The Toyota and Nissan have sliding rear doors. The Honda has standard swinging type. The Toyota's passenger front and rear doors don't have a pillar to latch to. They latch to each other and also to the bottom and top of the body. They can be opened independently of each other.

All three cars have third row seats that fold completely flat into the floor. That gives a lot of room when they are down.

So, what do you all think? Or, do you have any other models you could suggest I look at if you know any of the Japanese models?


Thanks and looking forward to seeing what ya all say.

[hitbychance]

The honda looks the best IMHO, take the honda and nissan out for a test drive and see which one drives the best out of all three. I'm a big nissan fan-boy but that lafesta is hideous

[sx moneypit]

I love Nissans too but i have to lean towards the Honda.

[sbird1]

I vote Honda and I vote you go for the buy option. Leasing just screws you over. It's like a long term rental with a buyout option at the end of the term (which will carry a somewhat unreasonable cost at that). Good luck!

[Red coupe]

I think you are looking at lease payments and interest wrong...

It doesn't make sense to count the lack of it as a pro for leasing, or a con for buying....

In both cases there is a fee for borrowing something. One you borrow a car, the other you borrow money.

With the cost of either option, the smartest thing would likely be to take a day or so and read up time value of money calculations, and bring both the loan payments for a purchase, or lease payments for a lease back to their present value. Estimate when you may try and sell the car and project a value for it and subtract that value from the present cost of buying

This can give you a rough look at the actual cost of either option that you can factor against your intangible stuff (desire to mod, choice of options, easy of changing cars) to hopefully make the decision more clear.

[Gold Digger]

I think you are looking at lease payments and interest wrong...

It doesn't make sense to count the lack of it as a pro for leasing, or a con for buying....

In both cases there is a fee for borrowing something. One you borrow a car, the other you borrow money.

With the cost of either option, the smartest thing would likely be to take a day or so and read up time value of money calculations, and bring both the loan payments for a purchase, or lease payments for a lease back to their present value. Estimate when you may try and sell the car and project a value for it and subtract that value from the present cost of buying

This can give you a rough look at the actual cost of either option that you can factor against your intangible stuff (desire to mod, choice of options, easy of changing cars) to hopefully make the decision more clear.

Thanks for that input, homie. Very good points.

If we were to lease the car, it would be for 3 years, then roll into a new lease. But, if we buy it, I wouldn't plan on selling it for quite some time, unless of course it was a very problematic car or my family decided to grow more large without my knowing...lol.

As for some of your other points, there will probably be no chance of modding the car outside maybe some nice wheels.

But, again, thanks very much for your input.

[skydragoness]

I can't believe I'm saying this, but that Honda van is really good looking.

[nissangirl74]

I don't know if you are still contemplating this but I found an article I thought might do you some good.

http://www.thecarconnection.com/marty-b ... d+Blogs%29

FWIW, that Nissan is hideous. Go with the Honda.

[Gold Digger]

Yeah, Bex, we're still looking into getting a car, but kinda looks like we're gonna go with something about 3-5 years old. There isn't much in this area with AWD, unfortunately, so the ones we do find are kinda hit and miss as far as options we want and what not.

As for the leasing option, that link was very helpful, but I have no idea if Japan has the same type of set up for leasing. It's something to look into though, so thanks for the information!!!

As for our choices, we have eliminated the Honda Stream due to not having sliding rear doors. That's something my wife wants. We have also eliminated the Nissan Lafesta. The interior is so cheap looking. It's a comfy car, but I just can't get past the looks of the body and the cheap as heck interior.

So, for right now, it's hinging on the Toyota Isis and now the Mazda Premacy.

The Isis has an AWD system that can be turned on or off with a switch. When it's on, it's automatic so it's only on when it's needed, which will help with gas mileage. The only downside is that it doesn't have a passenger side B pillar, as seen in this picture.



Other than that, it has everything we want/need and nothing we don't. It does have CVT and I am still not sure if I like those or not.

The Mazda Premacy is actual the least boxy looking of the 3 original cars we considered. It's got nice smooth lines and the interior is actually quite sporty looking...well, the brand new models. The previous models are still somewhat sporty, though.



It's only downside is that the AWD system is full time as far as I know. I also don't know its front/rear power split.


It's also starting to look like we are going to purchase sooner than originally planned. The wife's little Diahatsu Move has it's inspection at the end of the year and instead of re-upping it for 2 more years, we have decided to just get something now, so it's looking like summer time or so.

[nissangirl74]

The Isis has an AWD system that can be turned on or off with a switch. When it's on, it's automatic so it's only on when it's needed, which will help with gas mileage.
Other than that, it has everything we want/need and nothing we don't. It does have CVT and I am still not sure if I like those or not.

FWIW, I drove a Nissan Quest with the CVT and it worked very well and it was a very smooth and comfortable ride. I think the CVT sucks more for the smaller cars with low hp motors. I have never driven a small car with CVT that I liked.

[Gold Digger]

So. The wife and I have decided on a car.

We are purchasing a 2011 Mazda Premacy 20CS. 2000cc DISI gasoline engine. Rated at 16 kilometers per litre highway and 14 kilometers per litre city. We get an ECO car discount, as well.

It's the base model and has some crappy looking 15" wheels with 195/65 tires, standard rear doors (not power sliders) and 5 speed auto trans, but hey, we're getting a kick a** deal on it. Here's a picture with the starting price listed in yen.



In dollars, with the current exchange rate, it's $22,352.59. After tax, initial shaken for 3 years and registration, the price was about 2,150,000 yen ($26,721.74). With options added, we were about 2,400,000 yen ($29,833.32), after a discount of 100,000 for being an ECO car.

Because it's an ECO car, we also only have to pay half of the yearly taxes for 3 years, which is usually around 40,000 yen ($496.79) per year, so cut that in half!!

Options include:
1. HDD Navigation/CD player/AM/FM tuner/Digital TV tuner that also has USB jack.
2. Flip down TV monitor for the back seats.
3. Extra set of floor mats for seasons (Rubber for winter)
4. Window vent covers. (Those little plastic thingies that allow you to have your window open without getting rained
on.
5. Seat covers for the back 5 seats.

After some wheeling and dealing, my wife was able to get the Mazda dealer to sell us the car for, and I swear on my life, 1,900,000 YEN EVEN ($23,614.48)!!! She got them down over 500,000 yen ($ 6,212.60) from the final price! The wife has been approved for financing through Mazda at 4.6% interest. Payments will be somewhere around 22,000 yen ($273.18) a month for 60 months.


Now, the wife had a few used car purchasing companies stop by our house yesterday/last night to make offers on her car, and the best offer we had been given was 350,000 yen ($4,348.60). It's a 2005 Daihatsu Move Custom X that's fully loaded (which isn't saying much for these kei cars), and brand new was around 1,300,000 yen (16,153.52). Not bad considering it's been used and abused. It has some scratches on the front bumper, a dent in the rear hatch door , a missing antenna and a dirty as heck interior.

Looks like this, but pink.


So, the final company that came last night around 8pm asked my wife what our best offer was. She told them 400,000 yen ($4,965.98), so she asked the guy if he could give us 500,000 yen ($6,207.47). He called his boss and asked, and the boss told the guy he would call back.

Ten minutes later, he called back and said 500,000 was too much but was willing to go 450,000 ($5,586.78)! We took it!!

Now, here's where the real fun starts.

We're going to take that 450,000 yen ($5,586.78), plus another 500,000 ($6,207.47) loan through her company at payments of 10,000 ($124.17) a month till it's paid off (no interest!) and:

1. Pay off my GT-R 2.5 years early
2. Take the rest of the money and put a down payment on the new car (About 300,000 yen *$3,724.89*) and only have to finance 1,600,000 yen ($19,864.56) for 60 months!!!


Holy crap, my wife has gotten us a car that was almost $30,000 dolars for almost $20,000!!! Is that some mad negotiating skills or what?

So, come the first of July, we'll be driving home in our Red Micra Mazda Premacy 20CS!!!

[frapjap]

Wow, your wife is a masterful business woman- GOD DAMN.
Congrats on keeping everything straight and coming out ahead.

[darkblue]

Yeah, Bex, we're still looking into getting a car, but kinda looks like we're gonna go with something about 3-5 years old. There isn't much in this area with AWD, unfortunately, so the ones we do find are kinda hit and miss as far as options we want and what not.

As for the leasing option, that link was very helpful, but I have no idea if Japan has the same type of set up for leasing. It's something to look into though, so thanks for the information!!!

Leasing a new car is better than buying a new one which is expensive.

[themadscientist]

dead thread riseth from the grave!

[Gold Digger]

Yeah.

Already purchased the car. Took delivery on June 27th. Lovin the car! Been a great little family hauler.