Which is the better purchase value? 4-year old Honda vs new Hyundai.?

Question

Hi,

I'm in the market for a car, and I've narrowed it down to two choices & trying to determine which of the following is the best value... (all prices are in Cdn$). In either case I'll be selling my existing car for roughly $5000.

Option 1: Lease a 2008 Hyundai Santa Fe. 0% for 4 years. Car goes for $29,500 + tax. $5000 from old car towards it. Leaves me with payments of about $310/month for 4 years. I get 24,000km/year (about 15,000 mi/year). 5 year / 100,000km (62,000 mi) warranty. At the end of the 4 years I'd have the option to buy it out for just over $10,000. If I go over the 96,000km / 60,000 miles I pay 10¢/km (16¢/mi).

Option 2: Buy a 2003 Honda Pilot with 100,000km (62,000 mi) on it for $14,000. Again, 0% interest, and $5000 from the old car goes towards the cost, reducing the price to $9,000. Which works out to monthly payments of $188. At the end of the 4 years the car is mine. No warranty obviously.

I very much appreciate your opinion. Thanks!

Answer 1

Go for the Honda, its the better vehicle, You can easily do 200-300K trouble free miles on the Honda.

Answer 2

even though Honda is a better car maker over all, a new car is always the best choice..  if you buy the Honda expect to throw some money at it the second you get it. while the new less respected car maker Hyundai will at least be a brand new car..

Answer 3

Leasing is always the most expensive route in the end.

I would get a Honda, smaller than the Pilot, but maybe you have many children and need a big SUV for that. The way gas prices are going, I woulnd't get an SUV at all.

Answer 4

Go for the Honda Pilot.  Any honda will hold their value extremely well, and that is an EXCELLENT price for one with 62k miles on it.  Also, they are better on gas.

Answer 5

I would go for the used Pilot. I don't know if it's the same in Canada as in the US but try checking out Kelly Blue Book and do a little research. Which one has better resale value? Which one has better crash test ratings? Would you rather own your car after you pay off the loan, or have to extend the lease or buy it when the lease is up or lease something else? Which one did you enjoy driving more? Usually when you purchase a used car from a dealership you can purchase a warranty as well.

Answer 6

I would definately go for the honda pilot. It has already lost a good portion of its resale value, so you can't lose as much on it, and its a honda so it will go for a long time.

Good luck

Answer 7

obviously, honda! better car, holds its value over time, you'll have no problem selling it for good bucks when you're done with it.

Answer 8

buying is always a better deal than leasing.

the Hyundai is a fine vehicle but will not have the same resale value as a Honda or Toyota.