Background Story: I wrecked my 00 Accord and I got $6900 from insurance for it. I need to purchase a new car and I have 7K to play with. I'm posting here because I just filled out a credit app at a local Honda dealership to, hopefully, buy an 07 SI from them tomorrow.

The car: 2007 Civic SI Sedan
White with ~11K miles
Only optional equipment seems to be premium sound and sun roof.
7 year 100K warranty
They were asking 19,800 and we settled on 18,500

Does this seem like a good deal? I would be putting down 7K and financing 11,500 for a car that's only a year old. Seems nice to me but I've never actually looked into this model.

I had my heart set on getting a 96-00 civic or 97+ prelude and making a long term project out of either one, but the voice of reason inside me feels like the smarter choice is to get something with a warranty that's still going to be fun to drive right off the lot. I know I don't have the time to finish a project right now (theres been a 96 H22 block and head sitting in my parents garage for 5 years now collecting dust).

So what would you do? Wait it out and bum rides until a cheap project car comes along ( has to be daily driver too). Or make payments on something for 5 years but know that when something breaks you can yell at the people you bought it from until they fix it for you?

 

go for it as long as you can afford the payments and insurance

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by VTECsam &raquo;</TD></TR><TR><TD CLASS="quote">Only optional equipment seems to be premium sound and sun roof.
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those are standard on Si's

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by VTECsam &raquo;</TD></TR><TR><TD CLASS="quote">I have 7K to play with.
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<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by VTECsam &raquo;</TD></TR><TR><TD CLASS="quote"> I would be putting down 7K and financing 11,500 for a car that's only a year old.
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<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by VTECsam &raquo;</TD></TR><TR><TD CLASS="quote"> I know I don't have the time to finish a project right now (theres been a 96 H22 block and head sitting in my parents garage for 5 years now collecting dust).
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You just answered all of your questions yourself!

Congratulations......you now know what to do.

The "voices of reason inside you" are right. Don't ignore them!

 

+1 for getting the new Si. I would if I were in your shoes.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by VTECsam &raquo;</TD></TR><TR><TD CLASS="quote">The car: 2007 Civic SI Sedan
White with ~11K miles
Only optional equipment seems to be premium sound and sun roof.
7 year 100K warranty &lt;---------------Drop this
They were asking 19,800 and we settled on 18,500 &lt;-------------if thats out the door good, if no it's still to high
I would be putting down 7K &lt;----------I would do 5k and pay for 1 year insurance in advance to get discount
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That is if you decide to go with the Si

I don't know what your credit is like but I wouldn't do a point over 9%, better yet get a loan through your own financial institution. 25% down is a great down payment.

 

For another 1000-1500, you can get yourself a brand new SI. If you're good at negotiating, a bit less especially with honda clearance running right now.

 

yeah it's by no means a "highway robbery deal" but I'm feeling good about this.

The 7K down is coming from an insurance payout on a car my dad bought me 5 years ago. I know im rationalizing it but that money doesnt even feel like its coming out of my own pocket since it was never really mine.

Im gonna be financing 11,500+ ttl for an 07 SI and thats the part im feeling good about.

I told them last night that if they get my note below $275 a month then we're good to go. If I go in today and it's more than that I'll keep shopping.

*fingers crossed* I didn't even want one of these until I drove it. Love at first sight can happen aparently, just not with chicks.

 

get a new Si for those prices, shop around

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by E-Money &raquo;</TD></TR><TR><TD CLASS="quote">get a new Si for those prices, shop around</TD></TR></TABLE>

We've got two Honda dealerships in this area and both are asking 22-24K for new ones. Not that I'm against driving a few miles to get a deal but I don't think I'll find much better.

I checked autotrader, ebaymotors, and cars.com and I found a few SI 07 sedans with with more miles asking 18,900+

I know it's not a GREAT deal I'm getting but it feels fair. It all comes down to if they can get me a $275 note tbh.

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by VTECsam &raquo;</TD></TR><TR><TD CLASS="quote">

I told them last night that if they get my note below $275 a month then we're good to go. If I go in today and it's more than that I'll keep shopping.</TD></TR></TABLE>

That better be for 48 months! That was a big mistake telling them $275 a mo. You never ever tell them a payment you are comfortable with. You tell them $275 and they will say that's no problem and string you along for 72 months and keep your down payment for themselves.

How to buy a car the cliff notes way.

Negotiate price of car and car only, never mention anything but what the dealer is selling the car for. Never mention a trade or how much money you are going to put down. In fact don't mention any money down until you are signing papers.

Never agree to pay the doc fee unless its under $100. I still wouldnt pay it.

Negotiate price of trade (not applicable in your case). They will try to give you 2-3000 back of book value no matter how good of condition its in. In fact they are trying to get you to agree to trade your car in at wholesale/auction value. They will try to sell your car on their lot and if they do thats a huge profit for them, if not they will take it to auction and prolly make $100-$500 bucks or break even in worst case scenario.

Negotiate finance rate. They will pull your credit and "say we can get you financed at xx.xx%." Ask if thats the actual rate. Sometimes there is a wholesale rate or buy rate, lets say for this arguement its 7%. They then finance you at 10.99, they just made 3.9% profit on you.

Then drop the bomb of "oh, by the way, I have $7k for downpayment" in the finance office

Never ever ever ever negotiate car buying by what monthly payment you can afford. You are asking for trouble unless you are on too much car. For example you are trying to get a New Si for the Payment of a Fit, then its ok to negotiate like that lol.

Well maybe this isn't the cliff notes way


Modified by Kidnkorner at 4:15 PM 8/28/2008

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by E-Money &raquo;</TD></TR><TR><TD CLASS="quote">get a new Si for those prices, shop around</TD></TR></TABLE>

lol no dealership will sell a new si for 18,500 even with clearance deals going on right now. if you can get that price, you really have to know someone within the dealership.

i say its a good price but for a little more (2-3k more?) with honda clearance coming up, you can get a new one.

 

So they let me take the car home early and I was supposed to come back today after work and sign the papers. I call them while on my way only to find out that the last guy there is closing up shop and everyone has left for hurricane Gustav....

"Just keep the car till WED and then come back" he says

So now I'm driving around and possibly evacuating in a car that for all intents and purposes is stolen (well thats how any cop who stops me is going to see it)

 

I could walk in to any dealer today and find an si sedan for 20.5k + 600 dest. Why the hell in the world would you buy a used one to save 2600 hundred?

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by VTECsam &raquo;</TD></TR><TR><TD CLASS="quote">

So now I'm driving around and possibly evacuating in a car that for all intents and purposes is stolen (well thats how any cop who stops me is going to see it)

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Here is what would happen if you got pulled over (which you probably won't, because you're so paranoid over nothing). The cop will not see the car as stolen, unless the dealership reported it stolen, which they wouldn't, because they still want you to buy the car. You tell the officer your story exactly, and you're free to go, unless they find a kilo of cocaine in your trunk or something.

 

Cars are a rip off in the NW as is but id say thats a pretty good deal for an 07. I just test drove a 08 Si sedan last night, i think sticker price was like 22k or something. Pretty impressed with the cars but working for a dealer myself i know how much scumbags the salesmen/ sales department are. Dunno if id every by a car from one. Financing with your own bank is best as it doesnt allow the finance manager to make an obscene amount of money off you.

Edit: they want 27k for an 08 Si hahahaha, told em i could get a Mugen si for that... they had never heard of one


Modified by ForceFed Motorsports at 11:18 AM 9/1/2008

 

<TABLE WIDTH="90%" CELLSPACING=0 CELLPADDING=0 ALIGN=CENTER><TR><TD>Quote, originally posted by VTECsam &raquo;</TD></TR><TR><TD CLASS="quote">So now I'm driving around and possibly evacuating in a car that for all intents and purposes is stolen (well thats how any cop who stops me is going to see it)

</TD></TR></TABLE>You will be perfectly fine, don't worry about it.

 

Just save a little more and get a brand new one. I got my car for about 21k OTD give or take. Shop around, you will find a good deal. Had to go to a few dealerships willing to negotiate with me.

btw to the post above. I actually got pulled over a few days after I got my car..cop thought my brand new si was stolen, haha.