Is a $450 per month car payment for a 2006 Honda Civic worth it?

Question

for 72 month loan.

Answer 1

NO and NO, and NO!!! When you get it paid for, you will have $32,400 in this vehicle. No way is this bottom of the line vehicle worth that much money. They must be financing something else in with it such as insurance on the loan in case you default. You could find your own insurance, and come out better. At this rate, and given the normal amount of miles one drives in a year, you will always own more for the car than its book value. This will rope you into a loan that you will wish to God you had never signed up for. Plain and simple; Don't do it, or you will regret it for at least 72 months. One of liefs lessons is to learn to be more practical and less compulsive when it come to toys. Be smart with your money...Spend less than you have, and save more than you need. You got to ask yourself this; Do I want a car like this? And then ask yourself; Do I need a loan like this? To distinguish between ones wants and needs is an art. To know when you are being took to the cleaners is also an art. I'll bet the salesman said "trust me" didn't he? Walk away from this deal, NO run away from this deal, because the only one getting a deal is the dealer. If you do this deal, you will regret it, because you will always owe more for the vehicle than it books for.
Glad to help out, Good Luck!!!

Answer 2

First off, disregard anyone who is obnoxious and makes a point to say "Honda sucks" or "Ford sucks" without giving a solid reasoning. Secondly, I also own a 2006 Honda Civic. It's an Si coupe, which is the highest trim level for the Civic line-up. My credit isn't bad, but it's not great, and I only pay about $230 a month. I don't suppose to assume your credit is bad or if you just financed too much, but those payments are absolutely insane for a Civic. If you don't mind me asking, why are you sick of the Civic? I've had a few issues with mine (rattles primarily), but it has been a pretty good car overall, and I'm not sure what else there is in that class of cars that will be anywhere near the same level of quality or value. You're already paying an arm and a leg for the payment on this car. I heavily suggest you consider getting rid of the car by selling it privately (not a trade in) and paying the car off entirely so you get that ridiculous monthly payment off your back. Then consider buying a Chevy Cobalt, Ford Focus, or Toyota Corolla. I don't care for the Focus's reliability, but I hear they are solid, good little cars. The Cobalt has a lot of standard features on the base models and are relatively well priced. The Corolla is an uninspired ride, but it has stellar fuel economy and reliability, even though I don't care for Toyota. The bottom line is, don't get rid of the Civic and take a loss if you're going to lose any money: you're going to need all the money you can get for those monthly payments. I suggest looking at newer, base model cars. Ford and Chevy have done a lot to improve their vehicles since 2000, so take advantage of their affordable newer cars.

Answer 3

Well, I have a friend who pays less than that for his Lexus? I think it's worth it if you really want it. But you can buy and 2004, or 2003, Honda Civic and have just as good an automobile, for half the cost. I'd go to www.autotrader.com. I have purchased some fantastic deals through this site...reliable, screened sellers. Check it our before you get roped in to a high payment for the next 5 years. Not to mention, by the time you pay it off, you will have paid two times what the car actually sells for through the dealership. But they made a packet on YOU!

Answer 4

'06 Honda Civic, Motor Trend Magazine Car of the Year for '06. Bought one (4-dr EX, single CD, power doors, cruise) for the wife, 60 months @$429. Nothing down, no trade. Keep in mind if you keep it thru payoff the Civic will hold more residual value than any other small car in the price range. Also, great mileage!

Answer 5

There are two determining factors: How much negative equity do you have in your trade and how bad is your credit? If you are $8000 upside down on your trade and have a beacon score of 550, you're probably looking at the right payment. Also, how much cash did you put down? A higher down payment always equals a lower monthly payment. The math is real simple. Any dealer will tell you that.

Answer 6

for that kind of monthly payment you can buy a luxury car,say a bmw or lexus. That's too much for a civic. I pay $240 a month for a cr-v

Answer 7

its worth it if you want the car. I pay $480 a month for an 06 Honda Odyssey for 4 year lease. its worth the money.

Answer 8

No.

Sounds like you were unable to negotiate your trade-in and the dealer gave you some low ball amount. If it's not too late, I would cancel the contract with the dealer and start again with another dealer. Another alternative is going to Carmax.

Answer 9

dont do it to yourself! with the cost of insurance on top of that! you get a car payment so high and you cant even go anywhere with your car cause you dont have money left over to do anything. i believe you will regret it!

Answer 10

What is that like a 2 year loan?