This July, I plan to buy a certified pre-owned, lightly used Fit Sport with automatic transmission -- something from 2011 or perhaps 2010 with fairly low mileage. I thought it would save me about $2500 over buying new. But there seem to be very few in the Washington DC area, and certain low-mileage vehicles seem to cost more than a new, similiarly-outfitted Fit!

Any advice from the folks out there? Is it true the 2013 for US buyers will be made in Mexico instead of Japan (and should I care?) Does Honda ever offer deals on the Fit?

Thanks!

 

Around here it looks like you'd only be saving maybe $1,000 off of a new one. Theres one 2011 Sport thats $300 over MSRP of a new one.

 

Hondas don't have as steep a depreciation curve as some other makes, so a lightly used model doesn't offer as much in savings. Combined with different interest rates for new vs used car and you can find that a lightly used honda will cost more than a new one. When I bought that was definitely the case.

The margin on the fit is pretty low, so there aren't a lot of incentives offered. The incentive interest rates that get offered can be good (0.9%).

 

paid 15,995 for my 12 sport manual, 9k Honda certified, but then again i work for kbb and knew what they owned it for

 

FWIW, KBB says a new 12 fit sport manual should be $17,238. A savings of $1243 or 7% off. That's a lot less than the 10-20% depreciation that most cars see.

 

they also had the car listed for 16995. a search of fits in the area comes up with 11 and 10 fits with 20-30k (Honda cert) automatic though (manuals are rare) for 17-18k

 

Yes Honda had deals in the past. I bought a 2010 Fit Sport MT. Sticker was $17,160 the dealer was asking $15,944 so it was about a $1200 discount, plus they were offering 0.9% APR for 60 months.
Today, at my servicing dealer, I saw a used Honda Certified 2009 Fit Sport 5MT with a little over 20K for $15,791. My APR for that used Fit would be around 5% so I would be paying more for the used one than what I paid for mine. Weird...

 

Dealer wanted 1400 more for a used Sport 2012 with 114 miles, than what I had agreed to pay for a new base, it was 3 months since order and a month until my new one would arrive. It was a trade back to the dealer for a civic after 4 days by old lady saying it is too small or buyers remorse. So it cost me more but I got a year of extra warranty, with all the features of the sport, and it was the color
I wanted. So dealer made money twice on same vehicle and I probably only saved about 1k. Honda's are not your regular car as others have said, dealers are in a great sellers market as Honda is having problems filling the demand. Have you seen a lot filled with old or new Fits? I haven't.

 

nope, usually fits go within Weeks of being on the lot at most at my local dealers.

 

You could be able to get a low APR on a new Fit if you are either 1) Well qualified , or 2) a recent college graduate. The deal is 0.9% or 1.9% depending on how long a loan you take. That should help offset the used car difference.

Also, if you can wait until the end of the calendar year, that should be the best time to buy. If you can't, then try June 30th, that is the end of their quarter and should be a great day to buy. Don't be afraid to ask for $1,000+ off. Many people on hear have gotten that...not me though.

 

One other thing to think about is the extra sound proofing in the 2012 models, which was very important to me. Also, I believe the 2011 Fit Sport's didn't have steering wheel mounted audio controls and the 2012's do (probably not a deal breaker, but I really like having the controls on the steering wheel).

 

I recently went through this dilemma and ultimately decided to buy a CPO 2010 Fit Sport AT with 25k miles instead of a brand new one. Here in southern CA, the tax is a huge deal breaker.

While a 2012 would have been nice, I saved roughly $3,000, insurance is slightly cheaper, and the 2010 CPO would have a longer warranty compared to a 2012, in regards to my 20k+ miles/year commuting.

Now I'm looking to put the money I saved toward a CBR600RR

 

Because of the combination of "carmageddon" (the recession-caused dip in US new car sales 2-3 years ago) combined with the earthquake and tsunami in Japan last year, you would have to be a fool to think you are going to get a deal on a late-model Japanese used car. Get the best deal you can on a new one.

 

I got my 2010 sport MT @ 25k miles for $14,3xx about a month ago. So i saved 3-4k over MSRP new?

In MA sales tax is the same new or used, but the insurance might be a few bucks lower. I also got a killer APR from the dealer by shopping around and getting pre-approved from other banks in advance.

 

I think you should be looking at the interest rate. Typically you will get a better one buying a new car vs used. Just do the math and you should have a clear answer.

 

New vs used interest rates is only .6% different, and when interest is below 4%, its not a huge deal either.

 

yup, interest rates should be low on your priority list, and they will be different for everyone.

every how to buy a car guide out there including edmunds tells you to shop price not payments for the best deal. use interest rates as a negotiation angle, not an end goal.

 

There is a combination of a few factors here. I'll list em below in no particular order -

=Honda was hurt by Thai floods; even though that was over a year ago they're still a little slow on Fit production.
=Currently Honda is running big spring promotions on most models - and not the Fit. So at least currently, they don't see the car as needing much of a push to sell.
=People across the US are starting to resume replacing cars, which was delayed by the recession and employment uncertainty. This is true both for new and used, but for used, Cash for Clunkers took out a big slice of the used car stock. People with "very used" cars still have to upgrade as their cars wear out, so used car prices are currently well supported. Clearly they won't go above new car pricse in general, however, very close right now. Our dealer had a lightly used fit in the color we wanted and he was willing to show it to us, but he advised that really it was only going to be about 1000$ less ... with about 10k miles already on the car! Didn't make a lot of sense.
=The best explanation I've heard for shortage of used Fits is that ... people who buy Fits buy them intending to keep them, and they do. Not too many lightly used models getting traded in.

My advice would be one of a few things, all of which aren't exactly what you want but hopefully one of these will be OK -
1. Wait. The Fit might stop selling well, or the supply may catch up, and Honda will have more to sell at lower prices. If you can wait long enough, they're redesign the car!
2. Pay a little more for a new one. Understand that it requires a little more money, but not much more, and it's probably a much better financial decision regardless of if you plan to keep the car or resell it in a few years.
3. Buy a different used car. You can get a more upscale vehicle (maybe a used Accord?) for a similar price.
4. Buy a different new car. Civic transaction prices are down near Fit levels for similarly equipped models. People tend to want one or the other. The Civic is more comfortable and quieter, but of course, less useful or fun to drive. The Mazda2 is great to drive; and the Accent or Sonic are also great value for what you are getting.

Hope that helps!

 

I personally think the warranty on a new car is worth the few hundred dollars you might save on a used one. Around here (Philadelphia) the price of new Fits is very close to what they're going for used.

Regards -

Dan

 

if the difference between new and used is $2500, get the new. Warranty, new tires, brakes, stuff like that. Worth far more than $2500