Buying a car - Nissan Sentra SE-R Spec V
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dcg

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Well, the old '89 Mustang is finally just about dead, and I need reliable transportation to get to and from work. I started off looking at used cars, but I don't really have money for a down payment and I can lease the sentra for 3 years for about $300 a month (4.9% interest rate, 0 down). Or I can but for about $330 a month for 5 years, but I don't want to keep this car for more than 3 years, and while I would be a little ahead at the three year point if I chose to buy instead of lease, I'd prefer to just be able to hand it over and be done with it than have to look for a buyer and go through all of the hassle. At any rate, $300x36=$10,800, which is the range I was looking for a used car in, and I'd rather have a new car with a warranty. My concern is that since I don't have money for a down payment, if anything were to go really wrong with the used car I'd be out of luck. I know, if I got the used car I could get a warranty and I'd own it and therefore be able to sell it after three years, but I don't think I'd save all that much and would just rather be driving a new car than a used one. I do have a job and the payments shouldn't be a problem. So, I'm pretty much looking for people's opinions on both the car and also to some extent whether there are any compelling reasons why I should buy instead of lease.
 
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grinch

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six-speed eh? damn i wish i had one of those in my wrx, the stock transmission definitely leaves something to be desired in that car..

i've heard plenty of people talk back and forth over the loan vs. lease thing. it really just ends up what you want personally. personally, i fall in love with cars and would like to own it. this way i can do whatever i want to it (which means better stereo, etc.) without care or worry (I AM NOT A RICER!!!!!!!). however, i also heard a great argument for leasing the other day: after three years, you'll have paid about ~$10k and that is how much the car will be worth if you sell/trade it at that period. so most times, it seems worth it. just depends on your personal feelings on it..

that nissan looks cool, although i've never really been a fan of them. for the ~$17k price i'd look at a vw golf/jetta or possibly a mini cooper! the impreza rs is a fine car too (same transmission as wrx, but shouldn't matter as much considering it's got 60 less horse power).
 
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andrzejpw

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Does the fact that I want one count?


It looks like a pretty good care, even though some parts of the engine are less desireable. Nissan has really cheapened it down from the old sr20de engine. Now, give me one of those! My favorite car is the silvia.
 
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srapps55

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I would work thru the numbers a little more, leasing is nearly always more expensive than buying.

For this car, my expectation is that you would be better off BUYING the car since it is a limited edition, and the resale on this model should be good, much better than other Sentras.

Assuming you pay $330 for 36 months, that = $11880
The lease is $300 * 36 = $10,800

Difference = $1080

However, at the end of 3 years, based on a amort schedule with 4.9% interest (which i think Nissan is running right now), you would owe around $7550 on the car. This car will likely be a desirable used car, and should easily fetch $10-11K after 3 years.

Assuming a worst case scenario of $10,000:

Sale Price - Balance of loan = $10,000 - $7550 = $2450

Then going back to your original lease scenario, you would be ahead $1370 if you buy.

Another thing to consider is the various penalties you pay when you return a lease vehicle, the biggest of which is the mileage overage. I assume they give you 12K miles a year, but charge for every mile over, which is very easy to do these days. Also, charges for wear and tear are tricky items, open to opinion, and this car, because of what it is, is a likely target for excess abuse (you're buying the performance model cuz you drive in the slow lane, right?)
 
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andrzejpw

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strapps55 has the right idea. The spec V should have a higher resale value than compared to other nissans(which are known to sort of drop like stones). Also, watch out for those miliage limits!
 
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dcg

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Quote:

Originally posted by grinch
six-speed eh? damn i wish i had one of those in my wrx, the stock transmission definitely leaves something to be desired in that car..



hmmm....wanna trade


Quote:

Also, charges for wear and tear are tricky items, open to opinion, and this car, because of what it is, is a likely target for excess abuse (you're buying the performance model cuz you drive in the slow lane, right?)


umm....yes?


Actually work is only 1.5 miles from home, so I'm not terribly worried about going over on the mileage. Good points about the buy vs. lease though, maybe I will end up buying. I'll have to think about it some more.
 
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