How Much Do You Owe On Your Fit?
#61
05-04-2008, 09:18 PM
I think I owe 13 and change?? 
Have to wait until I get the next bill. I could pay it off but I have my money sitting in the different investments and banks. I have always found it much easier to save money (or more money) when you already have some put away. So taking a chunk out to pay the Fit off in cash didn't really appeal to me. Call me odd, but would have bothered me to see $20K (rounded up) vanish from my accounts, so I financed.
Have to wait until I get the next bill. I could pay it off but I have my money sitting in the different investments and banks. I have always found it much easier to save money (or more money) when you already have some put away. So taking a chunk out to pay the Fit off in cash didn't really appeal to me. Call me odd, but would have bothered me to see $20K (rounded up) vanish from my accounts, so I financed.
#62
05-04-2008, 09:30 PM
i think your scenario in this economy is absolutely what everyone is striving for. but that's exactly it, it's extremely surprising to me that everyone is in the same situation as you are. i know many people that have high paying jobs, college education, savings, etc. and still have to finance their vehicles.
i'm not saying i look down on anyone at ALL for paying off a car in full, in fact i highly respect that you're able to do so.
FWIW (and to keep this on topic
), i drive a stock AT with VERY minor mods (the most expensive being the body side moldings which were for practicality's sake, not appearance). and my payments are $300/month for a 6 year term. i am too young to have much in savings or stocks or anything, and need to build my credit, and also needed a good reliable car for work, so that is my reasoning for buying the fit.
i'm just saying that this car was basically created as a (relatively) cheaper intro to the honda line, and i'm surprised that more people on this board are not in the same situation as i am, where financing is your only option to have a new car.
i'm not saying i look down on anyone at ALL for paying off a car in full, in fact i highly respect that you're able to do so.
FWIW (and to keep this on topic
), i drive a stock AT with VERY minor mods (the most expensive being the body side moldings which were for practicality's sake, not appearance). and my payments are $300/month for a 6 year term. i am too young to have much in savings or stocks or anything, and need to build my credit, and also needed a good reliable car for work, so that is my reasoning for buying the fit. i'm just saying that this car was basically created as a (relatively) cheaper intro to the honda line, and i'm surprised that more people on this board are not in the same situation as i am, where financing is your only option to have a new car.
Those of us who did pay cash were also in your position when we were younger. I have financed quite a few cars, and had the good fortune to have jobs that provided 6 different company cars over a 14 year period. You do need the credit rating that paying for your Fit will bring you. None of us, in an easier financial position, are trying to put those who are financing their cars down at all. Car payments are part of anyone's life, until they are no longer necessary. You'll get there.
#65
05-04-2008, 09:47 PM
What you will find in the next year is that people who in the past would be driving very expensive cars are going to pile onto the Fit. Traditionally cars this size have been entry level new cars for younger owners. This isn’t the case anymore, there’s a major social move going on right now to be "Green". My fit didn’t cost me 1/10th of my yearly income and I still bought it because I wanted to. Hell, the gas doesn’t even hurt me, I could be driving a hummer 100 miles a day if I wanted to.
My neighbors today were kinda swooning around it. My $48000 Lexus is still in my garage (handing over to buyer next Friday) and sure they were saying "you really want to do that" and I said hell yes. Some of the smarter guys were saying "you'll start the new trend in the neighborhood".
You'll find a lot of people who can buy the Fit strait up getting into one. You will find your resale’s value absolutely skyrocket if gas prices continue up for a few years and theres no reason to think they wont.
Even if you can barely afford a Fti, you are doing yourself very good right now owning one. However, if you own a big truck or a big SUV, you wont be able to sell the thing.
1 in 5 cars bought right now are in the Fit’s class and large truck and SUV sales are down over 20% this year already.
My neighbors today were kinda swooning around it. My $48000 Lexus is still in my garage (handing over to buyer next Friday) and sure they were saying "you really want to do that" and I said hell yes. Some of the smarter guys were saying "you'll start the new trend in the neighborhood".
You'll find a lot of people who can buy the Fit strait up getting into one. You will find your resale’s value absolutely skyrocket if gas prices continue up for a few years and theres no reason to think they wont.
Even if you can barely afford a Fti, you are doing yourself very good right now owning one. However, if you own a big truck or a big SUV, you wont be able to sell the thing.
1 in 5 cars bought right now are in the Fit’s class and large truck and SUV sales are down over 20% this year already.
#68
05-04-2008, 10:05 PM
Join Date: Aug 2006
Location: Orlando, FL
Posts: 8,956
Hell, I got a few years just to pay mine off.
#71
05-07-2008, 01:43 PM
Payoff for me is around $24k
Extras on car, plus negative equity really jack up the finance amount. Payments for 72 months are around $411. In the end, barring anything happening to my Fit, the payments all together will total over $29k.
I think it will be worth it, though. I'm in something safer and should be more reliable. Gas mileage is a plus, too!
Extras on car, plus negative equity really jack up the finance amount. Payments for 72 months are around $411. In the end, barring anything happening to my Fit, the payments all together will total over $29k.
I think it will be worth it, though. I'm in something safer and should be more reliable. Gas mileage is a plus, too!
#73
05-07-2008, 03:01 PM
Not to contribute to this straying off-topic, but to "defend" my position a bit...
I paid cash for my Fit because I could, and I saw no reason to have a loan I don't need. I have no need for a luxury car, or a "race" car for that matter. I'm a married guy in my thirties with two kids. The Fit is a great, dependable car for my day-to-day travels to work. It gets great MPG and is still fun to drive. It remains basically stock (*gasp* heaven forbid!) except for tint and slight drop in the future because the money that could go toward a worthless intake or exhaust system goes to my kids' 529 accounts or my retirement fund. You guys with your $2k+ wheels and such don't have those responsibilities, and more power to you...ten years ago, I was one of you. But to look down on those of us who simply didn't wish to buy more car than we truly needed, or don't wish to throw money into a car knowing that it's a poor investment to do so? That's harsh, guys.
I don't want to come across as a prick, but I don't think it's any coincidence that a lot of us who had the money to pay cash for our cars are the same folks who don't see a lot of value in customizing them with expensive parts that don't do much for the car's value, and thus leave them stock.
I paid cash for my Fit because I could, and I saw no reason to have a loan I don't need. I have no need for a luxury car, or a "race" car for that matter. I'm a married guy in my thirties with two kids. The Fit is a great, dependable car for my day-to-day travels to work. It gets great MPG and is still fun to drive. It remains basically stock (*gasp* heaven forbid!) except for tint and slight drop in the future because the money that could go toward a worthless intake or exhaust system goes to my kids' 529 accounts or my retirement fund. You guys with your $2k+ wheels and such don't have those responsibilities, and more power to you...ten years ago, I was one of you. But to look down on those of us who simply didn't wish to buy more car than we truly needed, or don't wish to throw money into a car knowing that it's a poor investment to do so? That's harsh, guys.
I don't want to come across as a prick, but I don't think it's any coincidence that a lot of us who had the money to pay cash for our cars are the same folks who don't see a lot of value in customizing them with expensive parts that don't do much for the car's value, and thus leave them stock.
Last edited by facade; 05-07-2008 at 03:04 PM.
#75
05-12-2008, 12:48 PM
wow, i'm suprised at how many high rollers we have around here!
its cool to have a nice economy car thats paid off though, i wish i could say the same, i'm in the negative equity camp as of right now. after some bills get paid down, i'm going to rock that principle like a mofo. (the ONLY benefit i see out of being in the hole is that this deters me from trying to get myself into another car.
)
i owe just over 20.
some of that (just over a grand) is the extended warranty tho. i would love to keep my baby for forever, so in the end it'll work out. We had negative equity on our rabbit, and as much as i loved that car, at that point a year ago, i needed a car that could be serviced for 40 bucks a pop, instead of over 150. (the gas wasn't all that great either, but still comparable to say owning a 2.3 mazda or an accord.)
my payments come in at 435.
its cool to have a nice economy car thats paid off though, i wish i could say the same, i'm in the negative equity camp as of right now. after some bills get paid down, i'm going to rock that principle like a mofo. (the ONLY benefit i see out of being in the hole is that this deters me from trying to get myself into another car.
)i owe just over 20.
some of that (just over a grand) is the extended warranty tho. i would love to keep my baby for forever, so in the end it'll work out. We had negative equity on our rabbit, and as much as i loved that car, at that point a year ago, i needed a car that could be serviced for 40 bucks a pop, instead of over 150. (the gas wasn't all that great either, but still comparable to say owning a 2.3 mazda or an accord.)my payments come in at 435.
#77
05-12-2008, 01:11 PM
I owe the entire amount.
I don't have a payment for 3 weeks and I don't get my Fit until tomorrow.
No down payment.
I plan on taking the $140 a week I was spending on gas (V10 F250) and putting it against the fit.
In 3 years I will have another car and my truck.
I don't have a payment for 3 weeks and I don't get my Fit until tomorrow.
No down payment.
I plan on taking the $140 a week I was spending on gas (V10 F250) and putting it against the fit.
In 3 years I will have another car and my truck.
#78
05-12-2008, 04:19 PM
Well, I put 0 down, and financed for 6 years...and i bought it in january...so i probably still owe darn near the bottom line price for it...
#79
05-12-2008, 04:34 PM
Wahoo! They finally go my registration straightened out.
Here comes the first post:
I don't own a Fit... yet, but do own my other two cars outright and will pay cash for my next car. To the guys who are financing, the ability to pay cash was generated a long time ago. I started off with payments and kept my cars longer and longer.
After I paid off a car, I kept it for a few years, but kept making the equivalent payments... to myself. Then I had more $$ to put down on my next car. Soon enough, I was able to pay cash.
Sure I could take the cash and put a large down payment on a more expensive car, but that kind of thinking does not result in me having no car payments.
Here comes the first post:
I don't own a Fit... yet, but do own my other two cars outright and will pay cash for my next car. To the guys who are financing, the ability to pay cash was generated a long time ago. I started off with payments and kept my cars longer and longer.
After I paid off a car, I kept it for a few years, but kept making the equivalent payments... to myself. Then I had more $$ to put down on my next car. Soon enough, I was able to pay cash.
Sure I could take the cash and put a large down payment on a more expensive car, but that kind of thinking does not result in me having no car payments.
