So I've had my S2000 for about 2 years now and I could honestly say it is an extremely fun car to drive. (When there isn't traffic). I have 12 more months left on my lease. I originally downed $1000 to lease and pay $424 a month for the car. Right now I am looking into the Fit since owning the S2000 has taken a huge chuck out of my paycheck each year to own. (I pay $2700 a year for insurance.) Since I have 1 year left on the lease, the Honda dealerships are willing to pay off the rest of my car and get me into another lease with the Fit. Should I jump the gun and go for it? Currently the S2000 is fun but I need more room and it is not practical with traffic commuting and mileage. On the other hand, if I trade the S2000 to lease the Fit, I would probably need to put down $2000 in fees to drive off and probably pay around $300-350 per month for the lease. If that's the case I feel bad since another $75 a month can get me the S2000. Any input is greatly appreciated.

PS. I plan on leasing the Fit and buying it out at the end of the lease. I just do not have enough money to finance the vehicle at the moment.

 

I have to ask: do you have a bad driving record and bad credit? Just curious, because I don't see how you could finance a base model fit 100% and not be able to come in under $350 a month, and your insurance seems astronomical!

Also, it usually doesn't make sense to lease a car and purchase it afterwards, unless you get an EXCELLENT lease deal or are face huge fees after the fact.

Let me throw one other idea out there: you could theoretically go for a used civic for a while and save up your money. I know it's not what you want to hear, but it's a thought.

I just hate to see people be in a position where they're stretching themselves thin over a car.

 

I highly do not recomend a lease then buy deal, all hear is people getting screwed in that kinda deal. Like said above buy a Base and mod it when you have the money, i have seem some Base models that dont look like base models. Good luck.

Tyler

 

No my driving record and credit are pretty good. I got super preferred when leasing my s2000. I do not want to finance since I don't want to pay any down payment. I would rather just put 0 down on a lease and finance after. Yes my insurance is high due to driving a convertible and being a 23 yr old male with 1 speeding ticket doesnt help either. I dont see a problem with leasing a car and purchasing after. I leased my s2000 and right now the payoff to it is ~20,000, thats about how much it is for KBB. I just want to jump into a Fit so I can save some money on a car, insurance, gas, commuting comfort. Just wondering if you guys think it is worth it.

 

Gently turn off the s2k...get out...close the door.... (hopefully you are already at the Dealer if not...start walking)....tell....the salesman you want a Fit...he will say ok...open the door to the fit... (after paying for it)
get in......close door...put key in...drive away with a big smile
....ok...OK...so I skipped a few steps...PM me if you need the OCD list on how to do it! HAHAAHAAHAHAHAHAHAHahaaaaa

That would be my advice on how to "jump" from an s2k to a Fit

I gest... but seriously...I am confused as to the bottom of your post...
I thought you owned the s2k...?

 

No I don't own the s2k. I have 12 months left on the least with a ~20k buyout.

 

You just need to get away from leasing period. If you have good credit like you've stated, you should be fine.

I walked into the dealership with bad credit, and walked back out with a monthly payment of $293/month and a brand new '07 Fit Sport... and a huge smile on my face.

 

How about you just lease the Fit and not buy it after the lease is up. once the lease is up lease a 2nd gen Fit

Tyler

 

Crixtala, that sounds like a good monthly payment. May I ask how much you had to pay to drive off?

The reason I want a Fit is to buy it and keep it for along time. When I have more money I can always buy a sports car or what not and still use the Fit for commuting. So right now everyone is telling me to finance instead of lease. May I ask what type of monthly figures I am looking at if I put $500 down? I want to put less money down as possible.

 

so sorry, I had misread and thought you didnt "physically" own it...
mybad sorry

Hey Welcome to FitFreak btw!...

 

I put $0 down and got a $500 trade-in on my '89 RX-7 (it had a salvaged title, but was damn pretty ).

Unless you're going to put $1k+ down, it's not going to make that much of an impact on your monthly payments. If you're thinking $500 down, you might as well put nothing down.

 

Im not a big fan of leases and have heard my share of horror stories. I buy all my vehicles and sell them on my own as well. hence I pay what I think its worth and sell for what I think its worth, not what a dealer says its worth. Yes its more trouble, but in the end I usually get what I want. However it also helps if you are in no hurry to change cars out after every few years. I had my Integra for 17 years before I sold it and got a Fit. Had my NSX since 99 and my truck since 2001, those two aren't in any hurry to be replaced in my life.

Leasing is for people who like to have new cars after every few years and want little hassle. Problem is the dealers that lease it to you make all the rules, which mean they make all the money and you get little value back during trade in or trade up. Just because the monthly payments are similar or less, doesnt mean its the better deal.

 

Do you happen to have an idea what I'll be looking at per month if I put 0 down? What my drive off fees will be also?

 

there are payment calculators all over the interweb, which should give you a very basic idea of what you'll be working with.

it sounds like you've already made up your mind about wanting the fit for fuel efficiency and comfort, etc. i would think that if you do want it long term (which you said you do) then leasing isn't usually the best option.

if the dealer is already willing to lease you a fit, which i didn't think many dealers were doing, use it for negotiating a better financing deal maybe?

good luck with whatever you decide.

 

thanks for everyone's input, very informative. I think I will just go to the dealers and see if they can chart out leasing vs buying for me and see the difference I will spend total.,

 

good plan

 

Both have no torque so you won't notice the difference....

 

Lol, you're right about that, but I will miss that 8,000 rpm redline and Vtec at 6,000

 

How long is the lease on the Fit? Another 36 months? $2000 + ~$350 for 36 months is basically the cost of the vehicle. How much would they charge you at the end of the lease to buy it? Be careful... you might end up spending more than you would via traditional financing.

I will say that your insurance is outrageous, though... that would pay for more than 3 years for me with my Fit. I would switch cars just for the savings there alone... and on gas. It sounds like the S2k is killing you financially, and that it's making you live beyond your means. That's a tough spot to be in, because it's hard to enjoy a car if it's stressing you out that much financially.

I've been there before, though, and well, that's part of the reason why I have a Fit. Not being upside down with my previous loan and having my Fit completely paid off within 2 months of taking delivery of it is definitely a good feeling.

-Mike

 

You can 100% finance if you have the credit for it and get a rate you like.

Seriously, leasing does not make sense for you, and leasing a fit is going to get you laughed at. You lease a car you cannot afford to buy so that you have a set of nice wheels for a short period of time, or you lease a car because you're a business and you want the write-off.

When you lease, you're financing the depreciation between when you drive it off the lot and when the lease term is up. And while the purchase price at the end of the lease may seem attractive, you can probably do better. The funniest part of it all, is that if you don't buy it, they "certify" it and then sell it at a premium with an extra warranty.