Buy a 2009 or wait for a 2010?

[joeflyer]

I've been shopping for a GX and received 3 quotes from area dealers of $250 to $400 over invoice. But I'm also considering waiting for a 2010 model. I'll probably have to pay MSRP, which adds $2600 to the price, but when it comes time to sell, the lower depreciation will make up about half of that. There is also the matter of the Senate bill which will raise the tax credit about $1600 if and when it passes. Anybody care to comment?

[Eric Rosenberg]

Re: Buy a 2009 or wait for a 2010?

Joe,

It kind of depends on a couple of questions and their answers. Frist, how long are you willing to wait for MY10 product? Second, how long do you keep your vehicles? Both answers impact your decision.

In addition American Honda just announced a 2.9/3.9% finance program that will also impact the monthly payment amount for the GX.

It's comes down to the timeline you're working with.

Good luck and thank you for considering the GX.



Eric

[CNGfamily]

Re: Buy a 2009 or wait for a 2010?

There is also the matter of the Senate bill which will raise the tax credit about $1600 if and when it passes. Anybody care to comment?

Make sure to consider whether or not you will qualify for either tax credit... to get the credit, you need sufficient earned income (have sufficient tax liability) to get the credit, but at the same time not make "too much" income such that you get stung with AMT.

I'm not sure if 2010 is a generation changing year, but if it is, the first year of the new generation can be problematic, though maybe not as much with Honda as other carmakers.

[Eric Rosenberg]

Re: Buy a 2009 or wait for a 2010?

MY10 is not a "major model year" change for American Honda. It's a carry over year for the Civic platform. You can purchase with confidence.



Eric

[joeflyer]

Re: Buy a 2009 or wait for a 2010?

I plan to keep the car for at least 6 years, and I do qualify for the full federal tax credit. There is also a sales-tax rebate. The reasons to consider waiting for the 2010 model are lower depreciation, the cool factor of a 2010 vs. 2009, the additional tax credit if the Senate bill passes, and possible color and standard equipment changes. The downsides are higher price, the Senate bill not passing, and not being able to find a 2009.
Thanks for your input.

Joe

[sjseng]

Re: Buy a 2009 or wait for a 2010?

I had bought an '06 GX in May of '07. That means it was already out for a year. The car runs great, no major problems.

The reason I went for the '06 and not a current '07 was Tax and Licensing. I paid less tax because of the reduction in price. I also figured that I would be paying a little less Licensing every year due to the depreciation. I don't plan on selling this car anytime soon. The cars themselves of two different years were identical. So I didn't see the need to buy the year newer. Due to the lifespan expectancy (500k + miles) of these cars, one year difference is not going to be any significant issue.

Check with your Tax person early, I did not qualify for the tax rebate. Everyones situation is different, so you need to weight all the options for yourself. This is just worked for me.

Good luck!

[Johnlaroux]

Re: Buy a 2009 or wait for a 2010?

Are the new tanks in these cars good for 15 or 20 years?

If your going to take advantage of the 500k possible miles on the car you need to drive at least 33,300 miles a year for 15 years.

[sjseng]

Re: Buy a 2009 or wait for a 2010?

Are the new tanks in these cars good for 15 or 20 years?

If your going to take advantage of the 500k possible miles on the car you need to drive at least 33,300 miles a year for 15 years.

Thats not a problem. I have 20+ years left in my career. And if I do have to buy a new tank, it is cheaper than a new car. I will get boared of the car before I "need" to replace the car. That is just my point of view. And I am putting 35k+ per year on the car right now.

[ajgiorgi]

Re: Buy a 2009 or wait for a 2010?

MY10 is not a "major model year" change for American Honda. It's a carry over year for the Civic platform. You can purchase with confidence.



Eric

The new civic will come out 2011.

[CraziFuzzy]

Re: Buy a 2009 or wait for a 2010?

Also realize that if you are looking at 6 years down the road, the depreciation difference between an 09 and 10 are not as significant, as the depreciation on most cars usually levels off at about 4-5 years, then drops again abruptly after about 7... on average, and of course, this is affected by miles/condition. I wouldn't use that alone as a reasoning to hold off your purchase for too long.

[jetboatjohnny]

Re: Buy a 2009 or wait for a 2010?

My decision was made the same day I found out about these cars, although I bought a used one, like I said the same day because it was a no brainer with my commute. Just figure you could be saving around a dollar a gallon while you are waiting for your 2010 model to arrive.

[Cal]

Re: Buy a 2009 or wait for a 2010?

The primary reason that I bought a GX was to save money. Given that . . . there is no time like the present. Buy now.

[malibu]

Re: Buy a 2009 or wait for a 2010?

I am not sure that a GX will actually save money over other vehicles when you take into consideration the extra maintenance and the lower gas mileage compared to a Hybrid. Many people purchase the GXs because of the HOV stickers. Someone did a comparison here in the forum and the Hybrid won for the lower total cost of ownership.

Also, there should be no reason that a GX should be selling for over sticker now. I was told by the sales person at Carson Honda that they are selling well below sticker at this time.

[CraziFuzzy]

Re: Buy a 2009 or wait for a 2010?

I am not sure that a GX will actually save money over other vehicles when you take into consideration the extra maintenance and the lower gas mileage compared to a Hybrid. Many people purchase the GXs because of the HOV stickers. Someone did a comparison here in the forum and the Hybrid won for the lower total cost of ownership.

Also, there should be no reason that a GX should be selling for over sticker now. I was told by the sales person at Carson Honda that they are selling well below sticker at this time.

In most cases, someone purchasing a Civic GX, especially one looking for HOV access, will more than likely be driving mostly highway miles. We'll assume the EPA numbers are approximately correct:

                City   Highway  Combined
Civic GX         24mpg    36mpg    28mpg
Civic Hybrid     40mpg    45mpg    42mpg

Using Current Avg Prices: ($1.00/gge at home, $2.00/gge at station, $2.80/gal gasoline)

Civic GX (VRA)	24.0mp$  36.0mp$  28.0mp$
Civic GX        12.0mp$  18.0mp$  14.0mp$
Civic Hybrid    14.3mp$  16.1mp$  15.0mp$

As you can see, even using public fueling stations, you're looking at about the same miles-per-dollar with the GX than a Hybrid. If you go the home fueler route, it's a no-brainer. This, combined with the HOV access, and the NGV incentives still available (while most hybrid incentives are dwindling away), makes the GX still the better choice for a true commuter. Also, this is using sub-$3 gasoline. it could easily avg over $3 for the next few years, while NG is likely to stay the same, or even drop as station count increases. The home rate is unlikely to have much significant change in the next year or so.

[Curtis]

Re: Buy a 2009 or wait for a 2010?

Thanks for doing the math for me, Crazi. If you're only looking at fuel costs that's pretty close. Figure in HOV access and federal incentives, as well as the option to refuel at home and it's a no brainer. Throw in a battery replacement in the hybrid and we're way over the top. I include this because a commuter driving over 25k a year faces that probability during a 6 year ownership stint.

Malibu, this isn't a topic covering true cost to own/operate. Please try and stay on topic. You can open another thread to discuss it if you feel it's important for him to consider.

As to the "now vs later" arguement, purchasing "now" is going to save you far more money than you could ever hope to recoop by waiting for a 2010.