Hi all,

I'm a newbie here. After extensive research online, I decided to trade in my leased 2003 Honda Civic and get an IS 250 AWD with Navigation System, Cargo Net, Trunk Mat, Wheel Locks, and Rear Lip Spoiler. I probably rushed into it a little bit, and though I know there's nothing I can do about it now, I'd like to know what you think of the deal I got. If I've made some mistakes, I'd like to correct them next time.

My '03 Civic had a payoff of $13,851 -- it was pretty high because the car I traded in on it was a lemon and I took about a $4500 hit on it. I checked the trade in value of the Civic on KBB, and it was $12,500. I thought if I could get that, that would be pretty good since I was $4500 in the hole at the outset.

So anyway, I traded the Civic in at Kuni Lexus in Littleton, CO for the IS 250 described above in Glacier Frost Mica. The MSRP of the car was $37,974 with all the equipment I got. I received full KBB trade-in for the Civic (12,500), but the additional $1,351 was obviously added to the cost.

Here are my numbers:

MSRP - $37,974
Gross Capitalized Cost - $35,510
Cost after Civic Lease Payoff - $36861

Capitalized Cost Reduction - $365.65
Security Deposit - N/A
Title Fees - N/A
Registration Fees - $9.50
License Fees - N/A
Tax on Capitalized Cost Reduction - $25.23
Acquisition Fee - $600
Doc Fee - $399
Sales Tax - $45.79
Total of above (including First Payment) - $2000

Residual Value - $19,366.74
Depreciation and any Amortized Amounts - $17,128.61
Rent Charge (?) - $7507.68

Lease Payments (48 Month Lease) - $513.26
Sales Tax - $41.57
Total Monthly Lease Payment - $554.83

How did I do? What should I be more aware of next time? Thanks for your input.

 

congrats on your new car.

payment is a little high, but you're in a great car....enjoy it!

 

Thanks, Bagwell. Anyone else have opinions? The payments do seem higher than others I've seen, though I did only put about $365 down and was almost $1400 in the red on my trade.

 

Doc fee is high! Ours is only 45.00.. Nice car though!

 

I am getting almost the exact spec car ($38k+) for $550/mo, $1500 down and $1600 in fees including 1st mos payment. 30 months, 10k miles. Trading in my 04 RX330.

 

GET THIS ONE...

I bought a new 2005 IS300 in February 2005 and traded it in for an IS250 in October 2005. Since the IS300 had negative equity from my Mercedes (S***BOX) and that the IS300 was a lease (lease break penalty), I had to put down $10,500. My c-note is $598.25 for a (4) year lease.

Yeah I know that I got raped right up the bum without lube, but I wanted the new IS ...

 

You put 10k down on a lease??? You better hope the car doesn't disappear (i.e. fire, theft, totalled). Because that 10k is gonzo if it does.

 

The good thing is that it is covered by "Gap" through Lexus and I purchased an additional line item on my car insurance "stated value". That is I said the car is worth $50,000 and if it becomes totalled or stolen, I report it to my insurance company and they pay "stated" value - not retail value (Blue Book).

 

Yeah, but you're paying even more money for gap insurance, which makes it even more upside down.