Alright so i'm 22 years old, and my lease on my current vehicle is coming to an end this March. I have a few topics i'm concerned with or need information about listed below. Thanks in advance for your advice and input.

1. My registration is in December, and I'd rather not pay for it and trade in my Lease and buy a Lightning.

Does anyone know how this works? (If it works at all.) Does the dealer I buy the Lightning from take what I owe on the Honda and add it to the total cost of the Lightning?

2. How much do 2004 Lightnings sell for? Would you suggest Used?

3. Does anyone know how much Lightning Insurance is in California? (Orange County, for a 22 year old with 1 ticket ((should be wiped, did traffic school.)))

4. Any general advice on getting a good deal?


Feel free to add any other input/wisdom that you feel neccessary, and thanks again guys, I can't wait to be a part of the Lightning community, even if ford isnt going to make them for awhile. (Grr!)

- Mike

 

Te lease could be tricky, you may have to get someone to buy it out. The new dealer may be able to or you may have to go back to Honda.

Insurance isnt that bad, I had my L when I was 22-24...

 

Could you explain how Buying out works? (Sorry, I've never bought a car before.)

 

I'd go new if I were you. The prices on new 04's up here in the northeast are insane!! It has nothing to do with snow cause they've been like that. I've seen 04's on the lot for 26,900 new!!!

Figure in a used price, the beating it's probably already took, and what your final payment will be on used financing rates and you'll find new is the best way to go. Only downside is excise tax but the new vehicle with new warranty is the piece of mind.

Good luck, you'll love it!!!

 

Hey Throwdown, im in the process of selling my price... I know your in CA, but it is heavily modded if you are interested. Shoot me an email at eluzion@comcast.net

 

Thank you for your offer, I am going to start fresh, and buy new.

 

How much longer is left on your lease?

I pay $100 full coverage for my L in california (I'm 25 w/ no tickets...)

 

4 months in december, what company are you with?

 

As far as insurance cost for you the only way to know is for you to call your insurance agent. We can all speculate as to what your insurance will cost but until you give all the detail to an insurance agent you won’t know what your rates are. It is always better to find out BEFORE you buy something what it will cost for insurance.

However, the Lightning is not bad for insurance at all because, as far as I know, it is NOT considered a high performance vehicle like a Mustang, at least not to insurance companies. Also CALL AROUND to different insurance companies because you would be surprised at the cost difference from one to another. Stay with a well known insurance company and not some fly-by night company offering really cheap insurance because when you need them they are usually not there for you. They have either gone bankrupt or won’t cover the claim or just screw you around.

If you only have 4 months left on your lease then I would go for it with a NEW Lightning as was mentioned. What is a buyout? When you lease you basically promise that you will keep the vehicle for a specific amount of time and then you make lease payments for that time.

For example, if your lease was for 3 years it means you are obligated to make 36 payments on it. To “buy out” the lease you have to pay ALL 36 payments. So in your case there is 4 payments to go that have to be paid for one way or the other. Either you can pay them off or what usually happens is the dealer you trade it in at will pay it off and tack it on to your loan and the new vehicle. Either way the lease gets paid off. So all you need to do is add up your 4 existing payments and that PLUS any early lease termination fees (usually not more then $100 - $500 or so, you can find that information in your lease agreement or by calling the lease company) and that is what the dealer will tack on to your loan for a new Lightning.

So first thing to do is call around and determine your insurance cost based on your driving record and where you live. Next figure out what you still owe on your lease, including early termination fees, if any and then go price a new Lightning and see if that all fits into your budget.

I can tell you one thing for sure:

YOU WILL LOVE THE CHIT OUT OF YOUR LIGHTNING!!!!!!!!!!


Edit: I should have added that if your leased vehicle is in really great condition with low miles sometimes you might just break even or in other words not have to pay out much in the “buy out” and termination fees.

 

damn dude, thanks alot for the info and advice. My car only has like 18k miles on it, im well under the limit they gave me, 36k miles.

 

You are not limited to what is available in Southern California. I bought one from a dealer in Ohio and had A-1 Auto Transport bring it to South El Monte for $800.00. I did the whole thing by mail and would do it again in a heartbeat. The first thing you need to do is to off your present car. At worst, you can make the 4 lease payments that are due and give them the car back now.

Then you'll just need to find the vehicle you want. This forum can help.......You can e-mail me for more details. Buying out of state was sweet!

 

USAA

 

Off topic question, how do you like living in OC? Is it anything like the tv shows?
By the way, good luck with the Lightning. Buy a new one.

 

I like living in orange county, and no, its not like the tv shows, except for the girls, the girls are just as hot.

 

one other factor to consider is the gas milage. it is the only complaint i have about the truck is it is expensive to keep gas in the tank, especially if you drive a lot like i do (2 tanks per week). i know, i can't have a high performance truck and get good gas milage, so i am not complaining, you just have to get into the deal knowing about what gas will cost.

with that said, i jumped in head first knowing it. as i told my father when he suggested i get a honda or something that got good gas milage, "i would rather be broke and drive a lightning."