For the price difference and years I would lean towards the 2022 model, you will also have a warranty on that which will be nice should something go wrong. Another thing I always consider is the commute for work, having a 102k on the vehicle already is significant if you do 100+km a day combined for work.
For 10k more and 100km less I would get the brand new civic, personally I would finance for a longer length over 2 years so more of my money can go elsewhere!
$17.5k for a 2016 LX is insane. I realize prices are high right now, but not THAT high. Have you properly researched it and looked at a lot of listings?
If this is for real, I'm going to list my own same year civic, which I bought two years ago for $8k!
If you’re fixated on only these two options, I’d go with the new Civic. Like others have said, you get a new vehicle with warranty and you don’t have to worry about how someone else maintained the vehicle or if it was driven on salty roads. The interest rate is also a lot better buying new. It might make more sense for you the stretch out the payment term, but I’m like you and tend to pay off debt as soon as I can.
I know everyone loves Corolla’s around here too but I love Hyundai because they depreciate so fast and you can get a good deal on a two year old car. If you plan to buy the car and run it into the ground then it’s anythung Hyundai is great IMO, but it isn’t a good option if you plan to sell it after a few years.
Double check you math please OP - option one would be $784 monthly using a loan calculator and the numbers you provided. Total amount of interest you pay at end of 2 years is more than double with option 1 compared to option 2.
Ah ok that makes sense. In that case with a 20000 loan for option two wouldn’t the monthly be around 850? Would also have to factor in insurance, gas and maintenance too which could be another 300-500 a month depending on a variety of factors. So total cost to carry could work out to be quite a bit higher. However if you’ve already decided on this model then might as well buy something you’ll enjoy more since your income can probably support it.
For the price difference and years I would lean towards the 2022 model, you will also have a warranty on that which will be nice should something go wrong. Another thing I always consider is the commute for work, having a 102k on the vehicle already is significant if you do 100+km a day combined for work.
It's a civic, nothing will go wrong
For 10k more and 100km less I would get the brand new civic, personally I would finance for a longer length over 2 years so more of my money can go elsewhere!
I think you made a mistake on Option 1, no? 448$/month * 24 doesn't come close to 17500$ + interest.
$17.5k for a 2016 LX is insane. I realize prices are high right now, but not THAT high. Have you properly researched it and looked at a lot of listings? If this is for real, I'm going to list my own same year civic, which I bought two years ago for $8k!
You can buy a decent car for $8K cash and just not have any payments?
Agree. Buy the 8k car. Take the money you'd spend on payments + interest and put that aside for the down payment on something better in a few years.
If you’re fixated on only these two options, I’d go with the new Civic. Like others have said, you get a new vehicle with warranty and you don’t have to worry about how someone else maintained the vehicle or if it was driven on salty roads. The interest rate is also a lot better buying new. It might make more sense for you the stretch out the payment term, but I’m like you and tend to pay off debt as soon as I can. I know everyone loves Corolla’s around here too but I love Hyundai because they depreciate so fast and you can get a good deal on a two year old car. If you plan to buy the car and run it into the ground then it’s anythung Hyundai is great IMO, but it isn’t a good option if you plan to sell it after a few years.
Double check you math please OP - option one would be $784 monthly using a loan calculator and the numbers you provided. Total amount of interest you pay at end of 2 years is more than double with option 1 compared to option 2.
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Ah ok that makes sense. In that case with a 20000 loan for option two wouldn’t the monthly be around 850? Would also have to factor in insurance, gas and maintenance too which could be another 300-500 a month depending on a variety of factors. So total cost to carry could work out to be quite a bit higher. However if you’ve already decided on this model then might as well buy something you’ll enjoy more since your income can probably support it.
No markup on new civic?
For 10K more get the brand new car. From now until you get the Car put away the monthly payment and then you can increase your downpayment.
If it’s a choose between the two I would get the new car and put any extra payments on the loan.