2012 Civic LX vs 2012 Mazda3 GX vs 2013 Elantra GL

[sajjadjafri]

Hello Redflagers,

I need some advice. I am deciding between the Civic, Mazda and elantra all with auto, AC, and cruise/steering wheel controls. They are all similar in price. My target is payments of 200 to 250 per month.

Putting 4k down and wand 84 mo financing. Here are the offers.

Civic - 235 Civic at 1.99%, Should I wait for the 2013, I heard a revamp is in the works? Not impressed with the interior or drive but love the residual. Good for what I need it for.

Mazda - 240 at 0%, I can probably negotiate a bit more. Really fun drive, sporty, nice interior. Adequate resale. Rust issues still?

Elantra - 232 at 1.90%, Awesome drive, awesome interior, awesome exterior, terrible resale. Only drawback is resale for whatever reason consumer preception is against hyundai but it is improving so maybe in 5 years. Plus it would be a 2013 which may help resale.

How are deals usually in August if I wait?

Any and all comments welcome, thanks very much.

[Fine_Tuning]

I really like the mazda 3 for the same reasons you said. Resale value isnt as important depending on how long you plan to keep it. For example in 10 years time the difference between the civic/3 will probably be like 1-2K at most for resale, not really worth it imho if youve gotten what you want out of the car. Sounds like your already leaning towards the mazda 3 anyway. Usually really good deals if the newer year is being rolled out. Probably better sales if the civic gets refreshed or revamped.

[Carisbrooke]

You should also consider fuel economy since the Mazda3 GX with automatic transmission uses about 20% more fuel than the Civic and Elantra GL.

L/100 km
Hyundai Elantra GL Hwy: 4.9; City: 6.9
Honda Civic LX Hwy: 5.0; City: 7.2
Mazda3 GX Hwy: 6.0; City: 8.7

[mr_raider]

Putting 4k down and wand 84 mo financing. Here are the offers.


that's a very long time to finance a compact car, and you will be upside down a significant portion of the contract. If monthly payments are a high concern, I would actually consider leasing.

[trixstar]

Mazda 3 at 0% finance is a pretty good deal. Sure it uses a bit more fuel, but its worth it for the fun to drive factor. You only live once!

[sajjadjafri]

I really like the mazda 3 for the same reasons you said. Resale value isnt as important depending on how long you plan to keep it. For example in 10 years time the difference between the civic/3 will probably be like 1-2K at most for resale, not really worth it imho if youve gotten what you want out of the car. Sounds like your already leaning towards the mazda 3 anyway. Usually really good deals if the newer year is being rolled out. Probably better sales if the civic gets refreshed or revamped.

Yes very true. after 3-4 years they all will be similar. I do like the Mazda better and the elantra.

[sajjadjafri]

You should also consider fuel economy since the Mazda3 GX with automatic transmission uses about 20% more fuel than the Civic and Elantra GL.

L/100 km
Hyundai Elantra GL Hwy: 4.9; City: 6.9
Honda Civic LX Hwy: 5.0; City: 7.2
Mazda3 GX Hwy: 6.0; City: 8.7

Thanks, didn't think too much of fuel consumption but every little helps

[sajjadjafri]

that's a very long time to finance a compact car, and you will be upside down a significant portion of the contract. If monthly payments are a high concern, I would actually consider leasing.

Yup you are right but I am pretty young and I think I will drive this 4-7 years. By upside down you mean that the financing will be front loaded with interest correct?

[sajjadjafri]

Mazda 3 at 0% finance is a pretty good deal. Sure it uses a bit more fuel, but its worth it for the fun to drive factor. You only live once!

Yes your right, Elantra has a very nice drive as well, as well as heated seats and other toys. :cheesygri

[manixc]

that's a very long time to finance a compact car, and you will be upside down a significant portion of the contract. If monthly payments are a high concern, I would actually consider leasing.

+1

Upside down means your loan cost more than the car after a few years. So even if you sell the car 4 year down the road, you won't recover enough money to pay back the loan

[thetim]

+1

Upside down means your loan cost more than the car after a few years. So even if you sell the car 4 year down the road, you won't recover enough money to pay back the loan

In addition, consider the following scenario:

Assume the car you buy costs $24,000 - so with your $4,000 down, you owe $20,000.

Say you pay zero interest. After 48 months (according to your 84 month term), you'll have paid $10,000 of the car off.

Let's assume the car at that point has a Black Book value of $7,500.

If you get in a car accident at that time, and the car is written off, then I believe you would get a cheque for $7,500 (possibly less your deductible), and you would still owe $2,500 on your loan and have no car.

[mr_raider]

Yup you are right but I am pretty young and I think I will drive this 4-7 years. By upside down you mean that the financing will be front loaded with interest correct?

You should try to pay it of quicker. 3-4 years would be ideal.

[sajjadjafri]

In addition, consider the following scenario:

Assume the car you buy costs $24,000 - so with your $4,000 down, you owe $20,000.

Say you pay zero interest. After 48 months (according to your 84 month term), you'll have paid $10,000 of the car off.

Let's assume the car at that point has a Black Book value of $7,500.

If you get in a car accident at that time, and the car is written off, then I believe you would get a cheque for $7,500 (possibly less your deductible), and you would still owe $2,500 on your loan and have no car.

Makes sense, I'll try to swing a shorter term. Thanks.

[q1w2e3]

There's no point to pay it off shorter, unless you get a lower interest rate.
In the case that you do crash the car, it's either you owe $3000, or you still have 3000$ with you in your pocket (if you had a shorter term, that would be still in your pocket rather than you paying it off already).

So 3000$ that you owe, or 3000$ that you have already paid off doesn't matter.

[Konowl]

You should try to pay it of quicker. 3-4 years would be ideal.

If it's 0% financing, don't listen to this guy. 0% is 0%, which means it's not costing you a nickel in financing charges.

[mr_raider]

If it's 0% financing, don't listen to this guy. 0% is 0%, which means it's not costing you a nickel in financing charges.

That's fine as long as you have the cash on hand to pay off the remaining balance at any time. As stated above , if your car gets totaled, and you owe more than the car is worth, you need to cough up the money.

[jmatheson64]

Think I saw a new red elantra hatchback today, looked absolutely gorgeous (very similar to the new Focus) so I'd go with that if you can negotiate a lower finance rate. All 3 cars will be cheap to repair so it'll be easy to make it last a decade.

[thrifthunter]

There's no point to pay it off shorter, unless you get a lower interest rate.
In the case that you do crash the car, it's either you owe $3000, or you still have 3000$ with you in your pocket (if you had a shorter term, that would be still in your pocket rather than you paying it off already).

So 3000$ that you owe, or 3000$ that you have already paid off doesn't matter.

I agree. No matter the months, all that money is coming out of your pocket!

[sajjadjafri]

Thanks everyone for their comments. I ended up going to Dilawri Hyundai despite their reputation. I moved up to the GLS for the moonroof and the rims and the heated back seats. :( My experience was very good, negotiated the price down to invoice from Car cost canada and got 7 year extended warranty thrown in with 5 years oil changes. Thought I did pretty well! I chose the elantra because of the drive, the price that was offered, and to get alloy wheels and a sunroof on the mazda would have been pricier. I am happy with my purchase, i think. Thanks again, cheers.

[kamilio]

OP can you break down the numbers for me please.

1. Full price
2. Monthly Payment
3. Interest rate
4. Sales person you dealt with.

I am in the same situation as you and would appreciate it if you were to lend me a hand.