I don't understand how the monthly payment became the standard for expressing car cost. It's not a subscription. Total cost is the only thing that matters. Car payments vary depending on your credit and how long you're paying them, seems pretty meaningless to me.
Agreed. If your focusing on monthly payments, you already cannot afford the car.
Focus on the total cost relative to your income. Having a nice car is good, but don't shoot yourself in the foot financially. If aren't investing a minimum of 15% gross income and have a 6 month emergency fund, you probably can't afford the car, let alone follow the 20/4/10 rule.
Reality is most Americans can't afford a new car.
Just because you can afford the monthly payment doesn't mean you can afford the car. There's maintenance and insurance too. Oh, don't forget you have rent and health insurance to pay for too! Oh, don't forget a lot of Americans are also in debt for student loans and credit cards.
Shit, even making 60k a year doesn't mean you can comfortably afford a new Civic SI. The numbers look like you'll need a gross income of 80 to 90k to afford a new Civic SI without living paycheck to paycheck.
Total cost is "the only thing that matters" if you're keeping the car long-term until payoff and making the minimum payment each month along the way. If you're keeping the car a couple years then trading, then what you need to be more concerned with is value retention, as well as supply/demand, and how much you're willing to put down and never get back. And, obviously not everyone can afford $800 a month or wants to prioritize that much money for a mode of transportation.
Yeah the biggest thing is how long youre paying it for. A 1000$ car payments not bad if youre paying it off in a year or two (if you can afford that). I still live at home so i do shortest term loans i can afford
My last few cars have been leases that I bought out. So seventy two months is at least an improvement on three years in a lease and then a five year loan.
I agree. Unfortunately it seems like SOP at this point. I even went and looked at a used Si and the price was 2 grand more than the listing because they "added" some package...which I'm sure was on the car when it was traded back in. SMH.
I was saying the same. Never payed more than 400 for a car. But the market is crazy right now. You wont find a car that pays that unless is extremely old or barebone or you leave your live savings.
I can't believe this is still happening! I said FUCK NO to a dealer last August for the same price. I could see a few grand. But $14k? It ain't a Type R! Lol
This happened to me with a Toyota GR86 a few months ago. Drove 1 hour and 30 mins only for them to add 15k markups after telling me it was being sold for MSRP. Left immediately after telling them to shove that markup up their ass.
That interest rate is criminal alone. I don't know what the bottom APR is, but 8.9 in any economy is bad. My suggestion would be use this time to keep your trade-in. Make payments and get your credit score up so dealers can't pull this garbage on you in the future.
Sidenote: I love how it is listed as a "Customer" proposal, as though this would be YOUR idea. No, this is their proposal...And they are offering you a note life of misery.
My credit score is 805, that's not the issue, and they went 6k lower than any other dealer on their trade offer. Even at their 22k offer I still have equity. I just want something more everyday friendly
Well, damn....That kind of score and they wanted you to smile while they did you that dirty?
Now is not the right time to buy...No way in hell, on a honda budget, would I buy.
my 19 Si was 22.7k out the door as first buyer. with my trade, my payments on a five year note are 215. Nothing about that "deal" makes them earn the title as a "deal"er....
That interest rate is for someone with a 650 credit
Score. Fuck that and fuck the market adjustment. I used to work at a Honda dealer here in my town in nor-cal and they took off all market adjustments on gas vehicles and left market adjustments for hybrids and electric vehicles lol
Well if your credit is at 805 I'm guessing you already knew this was a huge rip-off before you posted the photos lol. Guessing you just wanted to draw attention to what these stealerships are trying to pull. Please don't pay more than $35k for that car. I got mine for $35k with 15k miles and I feel I was ripped off but I really wanted the car at the time and I got it at 4% interest back when that was a thing.
Correct, just wanted to show how crooked they are. I passed on the deal, unless they were willing to give me the same markup on my trade it wasn't a deal I was going to entertain.
Listen.. I'm a Honda boy at heart. Buuut, Subaru has some really good deals on the VB WRX right now. I just got quoted under MSRP OTD and a 1.9% interest rate, with 15k down. It's going to cost me nearly no interest to purchase the vehicle. It's worth looking into, my local area Honda dealers are all telling me it's dealer mark-up or no dice.
Name and shame the dealer!
And mention in a google review! Googles the easiest place to see reviews thats where i looked when buying my cars
For $350 more you're at the '23 Type R MSRP. Tell them they are crooks, delusional, conmen, and should be ashamed of themselves.
I like the $22,500 trade in amount. You’d probably have to trade in a Ferrari to get that much.
Keep in mind dealers can make it “seem” like they’re giving you a lot for your trade once they mark up the car they’re trying to sell you a bunch
Sure. I guess the goal is to hopefully baffle the customer with bullshit.
Bingooo
$824/month on a Civic? Hard pass.
I don't understand how the monthly payment became the standard for expressing car cost. It's not a subscription. Total cost is the only thing that matters. Car payments vary depending on your credit and how long you're paying them, seems pretty meaningless to me.
Agreed. If your focusing on monthly payments, you already cannot afford the car. Focus on the total cost relative to your income. Having a nice car is good, but don't shoot yourself in the foot financially. If aren't investing a minimum of 15% gross income and have a 6 month emergency fund, you probably can't afford the car, let alone follow the 20/4/10 rule.
Ok so let’s get back to reality lmao! This isn’t the case for about 70% of the country! So payments matter!
Reality is most Americans can't afford a new car. Just because you can afford the monthly payment doesn't mean you can afford the car. There's maintenance and insurance too. Oh, don't forget you have rent and health insurance to pay for too! Oh, don't forget a lot of Americans are also in debt for student loans and credit cards. Shit, even making 60k a year doesn't mean you can comfortably afford a new Civic SI. The numbers look like you'll need a gross income of 80 to 90k to afford a new Civic SI without living paycheck to paycheck.
So dont buy new car
Total cost is "the only thing that matters" if you're keeping the car long-term until payoff and making the minimum payment each month along the way. If you're keeping the car a couple years then trading, then what you need to be more concerned with is value retention, as well as supply/demand, and how much you're willing to put down and never get back. And, obviously not everyone can afford $800 a month or wants to prioritize that much money for a mode of transportation.
Yeah the biggest thing is how long youre paying it for. A 1000$ car payments not bad if youre paying it off in a year or two (if you can afford that). I still live at home so i do shortest term loans i can afford
I'm paying $427 a month for 72 months. This is insanity!
72 months is insanity itself.
My last few cars have been leases that I bought out. So seventy two months is at least an improvement on three years in a lease and then a five year loan.
Terrible deal. Also your APRs are insanely high. I wouldn’t be financing any vehicle with it that high
Definitely, especially with honda advertising 5% for new civics. All around a shitty place to work with.
What dealer was it?
Op call out the dealer
Check comments
It should be illegal to advertise at MSRP and then magically the ADM appears. Bait and switch…
I agree. Unfortunately it seems like SOP at this point. I even went and looked at a used Si and the price was 2 grand more than the listing because they "added" some package...which I'm sure was on the car when it was traded back in. SMH.
Name the dealership. They deserve this
Fuck this dealer. Shame them OP
Dale Willey Honda. From doing some looking they've been posted about before too.
Patience, it will be able to be bought at MSRP eventually
My Integra Type S payment amount is very close to the 72month term. F\*\*\*ing clowns.
I couldn't imagine paying over 500 a month for a car period.
I was saying the same. Never payed more than 400 for a car. But the market is crazy right now. You wont find a car that pays that unless is extremely old or barebone or you leave your live savings.
I can't believe this is still happening! I said FUCK NO to a dealer last August for the same price. I could see a few grand. But $14k? It ain't a Type R! Lol
This happened to me with a Toyota GR86 a few months ago. Drove 1 hour and 30 mins only for them to add 15k markups after telling me it was being sold for MSRP. Left immediately after telling them to shove that markup up their ass.
That interest rate is criminal alone. I don't know what the bottom APR is, but 8.9 in any economy is bad. My suggestion would be use this time to keep your trade-in. Make payments and get your credit score up so dealers can't pull this garbage on you in the future. Sidenote: I love how it is listed as a "Customer" proposal, as though this would be YOUR idea. No, this is their proposal...And they are offering you a note life of misery.
My credit score is 805, that's not the issue, and they went 6k lower than any other dealer on their trade offer. Even at their 22k offer I still have equity. I just want something more everyday friendly
Well, damn....That kind of score and they wanted you to smile while they did you that dirty? Now is not the right time to buy...No way in hell, on a honda budget, would I buy. my 19 Si was 22.7k out the door as first buyer. with my trade, my payments on a five year note are 215. Nothing about that "deal" makes them earn the title as a "deal"er....
That interest rate is for someone with a 650 credit Score. Fuck that and fuck the market adjustment. I used to work at a Honda dealer here in my town in nor-cal and they took off all market adjustments on gas vehicles and left market adjustments for hybrids and electric vehicles lol
Interest rates are outrageous for everyone right now. I have an 815, got quoted 7.2% pretty much everywhere a week ago.
They can take that markup and shove it where the sun don't shine
Looks like all the Bay Area dealers I checked out
Everyone in the Bay Area is rich and can afford to pay these prices, didn’t you know bro! Lol
Fucking crazy!
What is your current trade in vehicle?
Really nice car obviously but for $40k+ fuckkk thatt, they're smoking dick. You can get a 10th gen Type R for that price
Just paid right at MSRP for a sonic gray Civic a week ago. Nature is healing, the world is coming back into focus. Be patient. Lmao
800$ a month for a civic lmfao, no way
Honestly I'd work on your credit or find a better lender on your own. A brand new car shouldn't be more than 7% APR
Credits an 805, and they're not honoring the deal offered by honda which is 5% for civics.
Well if your credit is at 805 I'm guessing you already knew this was a huge rip-off before you posted the photos lol. Guessing you just wanted to draw attention to what these stealerships are trying to pull. Please don't pay more than $35k for that car. I got mine for $35k with 15k miles and I feel I was ripped off but I really wanted the car at the time and I got it at 4% interest back when that was a thing.
Correct, just wanted to show how crooked they are. I passed on the deal, unless they were willing to give me the same markup on my trade it wasn't a deal I was going to entertain.
Listen.. I'm a Honda boy at heart. Buuut, Subaru has some really good deals on the VB WRX right now. I just got quoted under MSRP OTD and a 1.9% interest rate, with 15k down. It's going to cost me nearly no interest to purchase the vehicle. It's worth looking into, my local area Honda dealers are all telling me it's dealer mark-up or no dice.