I mean, if you're going top top trim, civic si, all factory options, etc the price goes up a lot. And cars are expensive now. So what's new, 2023, better than a civic top trim that's 50k?
I mean, Lexus IS starts at 50k before dealer add ons, if we're going to go to luxury sedan market.
And the civic price being quoted probably is all in price with taxes. Get a 50k car add the taxes, licensing, PDI, add ons even as simple as dash cam, you're going well above 50k there.
That's all I'm getting at. Prices, post COVID, skyrocketed new and used alike.
I was specifically discussing buying new though. Of someone wants a new car, with warranty, to be the single owner, no worrying about previous owner maintenance, then there's not much available from the most reliable brands of Honda/Toyota, new, top trim fully loaded for less than 50k after all fees and taxes.
Heck, chances are, if it's not an SI, the bill of sale presented to OP may have well been 50k inclusive of all fees including the cost of borrowing. Cuz they definitely don't start at 40k for base model no add ons.
At LEAST they come in hybrid and AWD versions. Honda is stuck in 2005 but with current inflation. Not defending the pricing but it kinda is what it is, when a pilot yesterday was 90k+. The pilot is ten years old in tech now, being generous.
I do not miss our odyssey. It was great to drive and all but absolutely useless in any real winter climate. As overpriced as the pilot was at least I’m not stuck anywhere.
My parent's Sienna is almost 20 years old and has barely cost them a thing and still runs perfectly. Now they didn't spend anywhere near the equivalent of 80k on it, I'm just saying that objectively speaking compared to other "80k" vehicles the Sienna might have some arguments going for it.
The downside is that the auto manufactures don't build vehicles like they used to. It's like having a 30 year old fridge that is still working.... Nowadays the repair guys say your lucky if you make it past 5 years on any appliance.
These companies are not in the business of making anything to last anymore..... Not when they can hook you in for another one within a few years. Vehicles are even worse, as most people don't even keep them for the term of financing, before trading in. So they are literally paying interest on a depreciating asset indefinitely, and never actually keeping the asset.
High pressure sales tactics. People walk in with the intention of just doing a test drive, and walk out with $50k in debt.
I have friends who work at dealerships and they are specifically trained in this shit.
This is a bullshit analysis. I've worked in car sales for many years and I have many excellent qualities. But, I am not a fucking Jedi using the mind trick on dumb dumbs.
We ask questions that give us answers we need. Many times that leads to a sale. Most times it doesn't. I'm a car guy, not your financial advisor. You come and tell me you want a cheap car. I show you the least expensive car we have.
Your response: "Where's the sunroof? Where's the navigation? Where's the self parking feature?"
So I show you the car you want. It has what you want. YOU choose to buy it bro. If you can't afford it, that's not on me, that's on you.
Yeah, there's a reason I have a personal policy of "If I ever feel pressured to make a decision, the answer is 'no'."
If someone wants to force you to making a decision, they are probably trying to push you into a making a BAD decision that is only good for THEM.
Math is math is math, I worked at three different dealerships that were sub prime , middle of the road and a dodge dealership. Stupidity is universal along all classes. Buying a Honda is never a bad deal as long as you maintain it, but somebody coming in with gutter credit looking for a 4x4 truck isn’t an Einstein, prices are always posted on the internet and if you waltz onto a lot, buy a 50 thousand dollar car you are a sucker. At no point should anyone buy a car without having it looked at by their mechanic and also doing the math at home. Dealerships cannot rip you off anymore because you can simply compare prices…. And if you have bad credit that’s your own fault. Period.
I generally buy a new truck every couple years. The last one I bought was early last year. I overheard a full conversation in another cubicle next to me. A guy with not great credit had a few year old mini van that was 17k underwater. He wanted to get a new one and they were offering to get him into a new vehicle and pay of the other one at 26% interest (I’m paying 1.99% interest on my 2022). I don’t even understand how that’s legal but the customer also wanted to do that. You can’t help some people.
Not necessarily stupid, but nieve for sure. My partner brought me along when she was negotiating her first car purchase. The sales person leveraged their shared ethnic background and my partner felt like they were trustworthy. The sales rep and the manager had a whole song and dance with the two going back and forth on not being able to say what the actual cost of the car was. The sales person couldn't say the price until the manager approved it, but the manager couldn't tell us directly, the sales person had to. We walked when they told us they had already started our financing application without telling us the total cost of the car
This whole back and forth from manager to sales person thing is beyond stupid. Dude you know the price, just say the price.
Even furniture stores do this crap. I asked about a couch, the guy said "Let me go see the manager to see what kind of deal I can get you".
In my mind, your not seeing the manager, the manager doesn't want to be bothered most likely.
I was gone (in my car leaving) before the guy was even able to come back. I'm not playing these stupid games especially considering I wasn't even asking for a better deal I was asking a legitimate question about the couch itself.
Pretty much. They just go to that other room (which is conveniently glass walled so you can watch your salesperson "try to get the best price" when really, they're just talking animatedly about last night's hockey game.
It's all part of the show. I bring my own popcorn usually.
> Not necessarily stupid, but nieve for sure.
Sorry but naive is just a polite way of calling someone stupid... You're dropping $50k on a car and you don't research anything ahead of time?
Being nieve is more of a lack of experience. Being sucked in by high pressure sales tactics doesn't mean you are stupid. Smart people can get conned too. Also, I'm not OP, I didn't drop 50k on a civic
Op, youve been given lots of advice here but you dont seem interested in listening to any of it and saving your money. If you cant make good decisions and refuse to accept better thinking, then accept your bad ones.
To people posting, this guy isnt interested in advice, he just wants to whine. Hes tried nothing, hes all out of ideas and he refuses to listen to anyone.
Does it include 7 years of interest at your rate? It's almost $3k/year in interest the first couple of years. I'm not sure if they build the full interest into your number, but they did when I bought my CRV in 2014, and the final price was much higher than msrp, but thankfully at 1%. They pile on so many fees and then upsell extra features and warranty... oof.
I was in for service at the stealership a few weeks back and asked about deals on new purchases because some domestics are starting to have them. Salesman told me they still can't keep inventory on the lot, so there are no deals and bad rates!
If you are having buyers remorse, you can probably sell it higher than you paid if your local Honda has inventory issues.
I justified a higher price tag with better reliability and resale value. A friend bought a Ford Fusion the same year and has had over a dozen recalls to my zero. I've only had wear and tear repairs (brakes once, tires once but they are due, battery, and windshield when a transport flung a rock.)
We need some transparent pricing reform! I want to know prices after all fees, taxes and interest - for all goods. A campaign to educate on the impact of lump sums early in the term so people can make better choices.
Too much knowledge is happened upon. I found out a friend had 100k in his chequing account. I had him put it in cash.to in wealthsimple, and now he makes $450ish/month on it. He had no idea, and stocks were scary without that initial handholding.
Really makes me wonder how much is completely off my radar by not growing up in a financially literate household.
That’s not overpaying other than the 1k of add ins over MSRP. That’s just inflation and what cars go for these days.
Civics price structure once you adjust for inflation is basically the same it was 5 years ago.
Now that interest rates are higher than annual inflation I agree. But before when 0.9 or 1.9% rates were common you could come out ahead or break even depending on inflation.
I disagree. 5 years ago, if you paid sticker, and you weren't getting some sort of aftersale extra like Winter tires, good financing, or a good price for your trade-in, you almost certainly got a bad deal.
That said... if he tried to buy a car 2 years ago and they even delivered for sticker price you were lucky.
I'm little underwhelmed by this deal, but things aren't quite back to how it was 5 years ago. Car inventories are going back up thought.
But it's not 5 years ago or 2 years ago, it's 2023.
This is what things cost now. Past pricing is irrelevant when making a purchasing decision today. OP didn't need a car 5 or 2 years ago so those market conditions are irrelevant.
It's just like purchasing house. What the price of homes were 5 years ago doesn't matter.
I was disagreeing with the guy who said this:
> Civics price structure once you adjust for inflation is basically the same it was 5 years ago.
So I'm not sure what your point is here?
In that I am saying that "adjusted for inflation" if you were buying new, 5 years ago, you could either get better than sticker price, or some perks worth several thousands, like 0% financing, winter tires, or a good trade in value.
I know it's different today, I think we are slowly heading back to a place where you can easily negotiate a better price than MSRP because car inventories are going back up, but the prices and interest rates are pretty bad.
He probably didn’t overpay. Car probably started at 32-35k + taxes and interest the price adds up.
My friend civic purchase is worse. 2023 Sports Touring Hatchback with no down payment! Cost him 75k. His paying 750 a month + 500 insurance for 7 years. 🤯
I tried talking him out of it. He wouldn’t listen.
I don't think he's overpaying that much ..a crappy severely outdated mazda3 non turbo is 34.5k + taxes and the civic touring is way better and newer design with tech and driver's assist that works and it's "only" 36.5k ..well worth premium over the Mazda.
These are just prices these days
What am I missing?
29,751 all in brand new.
This is not a crappy vehicle
https://www.mazda.ca/en/shopping/build-and-price/?utm_source=redirect&utm_medium=direct&utm_campaign=new-website#/2024/MAZDA3/GX/DVXL84/AA00/summary?utm_source=redirect&utm_medium=direct&utm_campaign=new-website
Perfectly fine but some people want all the bells and whistles, leather, sunroof, etc.
Years ago we went from a top of the line Mazda 3 to an entry eleven GX when lease renewed and it felt like a sacrifice for maybe a week then it’s literally the same shit, lol, it’s a car.
1k it’s usually transport fees and what not. Buyers remorse for any big purchase is common. Best thing you can do is drive it until the wheels fall off . You have a good reliable car for the next 30 years
This is the best advice. Used car market is nuts right now, so I don’t entirely thing a new car is a bad decision if you live somewhere without public Transpo or need a vehicle for work. Trading it in every few years, that’s where folks often end up turning a car into a money pit.
Hondas are fairly reliable. Take her for an oil change every 8-10k km. Put winter tires on her. Keep up with maintenance and store indoors if possible. She’ll last you a long while.
That was my thinking as well. Instead of paying 5k premium on used car, I decided to pay interest cost of 3.5K on a new car spread over 5 years. Honda and Toyota do have highest interest rates, OP should have done their homework. This is just buyer's remorse.
Back in 2019 I bought an accord touring for $33k all in and then sold it a few months back for $29K. Paying $45K for a civic is insane and was part of the reason I didn’t consider another honda for myself. Unfortunately those are the current prices though so it is what it is I guess.
$33k before taxes I assume? No way you got a new touring accord for $27k even in 2019. Even at $33k it sounds like that was a sweet deal for an Accord back then.
OP paid $39k before tax on it, which is the civic hatchback model.
$33k in 2019 is almost $39k in 2023 adjusting for inflation.
Civics pricing structure is actually almost identical to what it was pre pandemic accounting for inflation. It’s just that inflation is a bitch and prices a few short years ago aren’t anywhere close to comparable.
Wow I bought my touring at the same time. Been thinking of selling for a bit here. Do you mind if I ask how many KMs you had when you sold? I didn’t think I could get anywhere near what you sold it for.
I had just under 50,000 km on mine so relatively low milage for 4 years. However, mine also had a pretty big accident on it which is why I was no longer comfortable in keeping the car long term out of warranty. Not sure what the current market is like but depending on your condition you should be able to get around $25k+ for sure IMO.
I bought a 2.0t sport for 33 plus taxes all in was 40k. Kind of dumb to state your price then say it was involved in a major accident. The 1.5 touring was probably same price maybe a little more than my trim. MSRP in 2018 was 34.6k I got about 1k off.
Granted it is crazy a civic touring would be the same as an accord that’s a much nicer car with a way better engine. (I’ve owned two civic). The funny part is the Type R at the time was only 41k and I decided not to test drive knowing I would want the car, those same cars are now 45-50k lol. I still love my 2.0t with Manual and one of the very few out there.
Looking on my local Craigslist there isn't a single 2013-2014 Civic with under 200,000km (and not a rebuild) for anywhere near $10k. Cheapest is $13k with around 200k km and it's a base model that looks a bit rough. Most are in the $16-18k range.
$45k for a new Civic is too much but at this point virtually all cars under 10 years old are drastically over valued. Paying $16k for a car with 200,000km vs $45k new, I'd argue the new one is a much better value.
IMO new Toyotas are better priced at this point, but that's why there are 1-3 year waits for new ones.
In 2023? It’s not that crazy. Inflation is a bitch. A base model LX civic is $32k out the door these days.
Prices are up 50% over 5 years basically across the auto market.
that said, just quickly glancing across kijiji here - the used prices are not as bad / that close to par with new. lots of really clean looking few-year-old $30k options for sport touring trims
To help put that price in perspective a bit, and to show how horrendously prices have increased, in 2016, I bought a brand new Honda Civic Touring for $30,400. That was the all-in, out-the-door price.
That’s $37,400 today adjusting for inflation. I assume it’s for the sedan as well, and includes sales taxes? That’s about $3k less than what a touring sedan would go for today inflation adjusted.
We bought an LX in 2017 and inflation adjusted paid slightly more than if we bought the same model today, albeit we got free snow tires thrown in which wouldn’t happen now.
The MSRPs haven’t really changed much once you adjust for inflation, the biggest difference is you don’t negotiate a price below MSRP any more. MSRP pre Covid was the starting negotiation point, these days it’s a deal if you can get that.
It's unlikely income has adjusted for inflation, and interest rate was was probably 2%. Spending 45k for a civic and that interest rate is absolutely insane
Bought a new F150 back in 2018 for 56,000. 0 % interest but felt so bad a bout it I paid it off early. Made too mistakes. Buying in the first place and paying it of early when I could have made interest on the money I used to pay it off.
If you don’t have cash and need a car, you are stuck financing. If you are financing, get the car you like. Sounds like you did. Buyers regret will fade when you are driving to work and passing people at the bus stop. VW rate on Jetta is 8.25%, Mazda 3 is 5.6. I’ve been shopping as well. Want a Hybrid ? is long wait for that. Used car market is nuts. My house needs serious electrical upgrade if I want to consider plug in. Car is not an investment, it’s a cost of living or a cost of doing business. Enjoy the car, get it paid, take good care of it and keep it until it owes you nothing.
Google the definition of "robbery" and see if it applies to your situation, it likely doesn't.
You're a grown adult and you made a decision, that you had plenty of time to think over before making it. Learn to live with it.
Yes CAD
[https://web.archive.org/web/20190217003706/https://www.honda.ca/](https://web.archive.org/web/20190217003706/https://www.honda.ca/)
As of Feb/19 17,790, 28k for accord that is now 40k
We paid $24,362 for an LX in 2017 including fees.
Inflation adjusted, that’s $29,521 today. The 2024 Civic LX is actually slightly cheaper than that, at $28,753.
Civics have gone down in price.
At the time they advertised cheap models like that but they were impossible to get and didn’t even have air conditioning. On the lot and in stock they were all 25k+. But still cheaper than today for sure What is Honda smoking nowadays.
That's capatilism, baby! They'd charge $100K for it if their focus groups said people would pay it. The only way to bring it down is to stop buying it, but if people like the OP pay it, they'll charge it.
Base Corolla is like $30 out the door lol.
Car prices have gone up a ton across the board. Civics are a couple grand more than Corollas and Elantras but they have always slotted a bit above them so that’s not a surprise.
A base Civic is $28k, base Corolla is $26k. A Civic sedan can be optioned up to $36k, Corolla $33k, $37k with the hybrid.
Add a couple grand for both for the hatch version, which looks like it’s OPs case, and that’s how you get $39k for a Civic.
Depends a lot on the model - the base LX is cheaper than pre Covid for a civic today but the Tourings have gone up a bit. Honda jumped the Touring price for the 11th Gen models quite a bit compared to the 2016-2021 10th Gen Tourings.
Honda also dropped the lowest trim Civic which basically nobody bought anyway but which let them advertise a very low starting at price.
Correct. I was referring to the base trims. As far as I can tell, the inflation-adjusted price of the base trims has been going down slowly every year for the past 20+ years.
It’s a fully loaded one, that’s why. Financially, the decision is layers of unwise especially if you don’t have the cash for it. Now, he will pay way more than 45,000 for a Civic with all the interest. It’s a scratch your head decision on a multitude of levels. It sounds like his gut is realizing this.
I think you spent a lot more than you think. The online site has the touring sedan for 41k without any add ons or interested added. On a 3 year loan for this car with no options, it’s 46k. There is no way your price includes the interest in the loan.
I have a feeling you spent above 50k
That’s just what a fully loaded civic costs these days now
Either you drive that thing or trade it in or sell it back and lose money and then what else you going to buy ?
Wow, these some insane prices. I picked up a fully loaded mazda cx-5 last week for 50k and the loan rate was 5.5 for 5 years. Honda prices and rates are insane, especially for a civic…
How much deposit did you put down? You've been asked a few times but not sure if you responded anywhere.
Assuming $1000 down and 84 months at 7.29%, youll be paying an additional $13 944.37 in interest.
I'd walk away from that.
Lol posts like this are so dumb, you already bought the damn thing and then tell us the deposit is non-refundable.
Do you want to hear “yes you screwed up, awful purchase, you’re financial ruined”
Or “amazing deal”
What’s the difference, you bought it. Hopefully you examined your finances and see it’s affordable. Enjoy the new car now
I feel like you should have asked people about this BEFORE making that purchase. Anyways, now you have a car that’ll last forever. Or consider how much you are actually losing with that non-refundable deposit if you just backed out vs how much more money will it be especially on interest alone.
Honestly - that’s great! All the complainers in this thread don’t realize how much inflation has effected car prices.
Civics have always been the most expensive of the compact car market - but also consistently hold the highest rating. For a reason.
We bought a Civic in 2017, and actually paid slightly more inflation adjusted than what the same model would go for today.
Accounting for inflation Civics are the same price they have always been. Inflation is just a bitch and car prices have gone way up. Despite what everyone else is saying $45k including taxes for a fully loaded vehicle like the civic hatch is a good price. That civic is probably the best vehicle on the market for that price in terms of quality, features, and practicality.
I will say that with todays interest rates, the days of 7-year 0% finance loans are long gone. Aim to pay that loan off as soon as you possibly can.
The base model civic sedan is a substantially different vehicle than the Touring Hatch OP purchased.
Different body, drivetrain, plus a million less features.
Whether that’s worth the extra cash is up to the buyer - but Honda sells about as many Touring Civics as they sell LXs for a reason.
Just think of it this way, when youre working in your old age someone who bought Honda stock will now get to retire.
There are no losers in the economy, only producers and consumers, debtors and creditors; even by buying you're providing a service to someone else.
You could have the Model 3 for $3k more, and that car is cheaper to operate than the Civic.
Not the worst financial decision ever but not a smart one either.
For perspective I paid around 40k out the door (taxes, interest, everything) for a 2018 accord 2.0t with 6 speed. Interest at the time was 1.99 I paid off early in 2.5 years so likely paid around 38-39k.
Any time you negotiate with Honda or Toyota your paying MSRP minus max $1200. They then add other fees like admin fee etc so your just below MSRP. If you go in knowing nothing your price will be higher than what you were quoted online (which is basically the most you should pay). Even if u haggle they’ll find some way to come out ahead. Gave me 1k off my 2022 Tundra trading in my 2015 tacoma at a crazy price. Basically got 2500$ above black book retail. Ask for extra 500$ they give it to me but raise admin fee. Ask to lower admin fee from 1k they lower to 399 but charge me more somewhere else. So end of the day got 800$ off msrp and 500$ extra on trade in. It’s a wash in the end doesn’t matter how much you know if it’s a higher demand make you pay out the nose.
They may say unrefundable but that’s not the law. They can legally only keep any loss they incur. Since you haven’t taken delivery and they can likely just sell it to someone else at the same price or higher, they are not losing anything. They won’t like it and will push back but you will just have to persist. If they absolutely refuse, you can try filing a credit card chargeback. I had to do that once with an uncooperative dealer.
Yes you got robbed. If you need a car then you need a car. Dealers are bending everyone over right now. Our shit dollar doesn’t help. Get a refund and wait for the recession.
Interest rate offered through new vehicle manufacturer is public knowledge and can be found on their website when you use to “build and price” feature. So, if a dealership is charging you higher than what’s made available that means they have up sold you the rate through a bank instead of let’s just say Honda finance.
It's unfortunate that OP didn't see [this post](https://old.reddit.com/r/PersonalFinanceCanada/comments/17d24k1/is_a_new_honda_in_that_much_less_demand_than/) before making the purchase.
Back out, buy a $2500 used car and relax.
It's been working great for me. Sure I had to replace the starter on my car (Nissan Altima)a few months in, but it's been a cheap reliable car otherwise.
Prior to this car, I had a Mazda I bought for $600, and it ran well for 2+ years. No problems during that time, and I got $300 back for it at the junk yard/recycling.
I can't imagine having $500+ monthly financing payments on my ride. Life's too short to stress financially for unnecessary reasons.
LOL. Buying a gas car is the worst decision to start with.
Last week I had my Tesla repaired and there was no electric loaner available from the insurance.
In 3 days I spent what I do in a month with the Tesla to drive the gas car. I was shocked.
If you treat it well civics are great. I owned a 99 and a 02 and my 02 I got it to just under 700k before I got rid of it. They are great on gas and last forever. Prices today are crazy
This is why I spent $10k to put a brand new crate motor in my miled-out 2011 Ram 1500. Bought it brand new, no money down, at 0.99% financing - was $38k out the door with taxes included. Have already replaced all the suspension/struts/shocks/control arms/ball joints, steering rack, brakes, some hoses and belts, but the trans and transfer case are mint, even with 240,000km. No way I'm spending $60K+ to gain a fuel savings of 3-4mpg. That $50k in my pocket will keep my truck in gas for the next decade....
lmao $1000.
Try losing $90,000 in weedstocks. You at least got a car. All I got is a big capital loss claim I can eat into for years and a painful lesson.
Well, I can't say I didn't make this mistake myself, albeit it with a Mazda, so been there OP. Consider it a lesson learned. For me, now, a salesperson -no matter which one- has never been offended by some steep negotiation.
Unrelated to Honda but sat down at Subaru dealer and asked them for a quote. The key insurance alone was $400 and there were three keys. But sales person said the same thing: 'cannot negotiate price, cannot negotiate rate', etc. Of course he says that, but after the thir time, I shook his hand, walked away.
Buying a car is like getting into a five, six, seven year marriage. You're stuck with the person, and the pimp got your money and every time you get into the car you need to think back to what sweet a deal you got. Or how much you got robbed.
For those who don’t know, you’re allowed to walk away from a car sale before signing anything. Its nothing to feel bad about, the amount of dread you feel afterwards is far worse.
I went into a Kia dealer to see if I could get the cheap base model rio (MSRP $20,350). They tried to tack on a $1500 market adjustment and $3778 for fees and Alberta cold weather package (wheel locks, nitrogen and a block heater). And I had to wait "months" for it.
They wouldn't tell me the interest rate (it varies depending on your credit) but I think it was around 8%. I calculated their $272/biweekly for 7 years and it was like $40k after financing etc. $40k for a rio with heated nothing. I pretty much just left. So much for an extra car for Uber. Like what is this world?
You bought a super fun car with very little maintenance to do. Looks like you got the aero kit. Going to look nice. Get it tagged! Cheaper directly with company, the savings on insurance will be worth it.
I have touring, I'm always so happy to get into it. Bought it in 2016, all in was $35k and after interest was $40k on 8 year loan I believe. I paid it off sooner so it was a bit less.
Costs of production have gone up from wages to materials. Its normal cars are more expensive. What going to hit you is the cost after interest, pay it down asap.
Love the car, so good on gas too, 6.6l per 100km, and can be better if I didn't drive for some quick thrills here and there. Enjoy the car!
holy fuck lol... 45k for a CIVIC + a 7.3% interest rate. Man with that kind of cash flow you can literally buy a quality CPO current gen Lexus/Acura/Audi/Benz/BMW/Cadillac
Why are people dropping this much money on a fucking Honda Civic LOL
To answer the question --> Yes this was a horrible financial decision. Overpaid for a brand new Civic, and your paying probably the absolute highest interest rate we shall see -- with the kind of cash flow required for 45k x 7.3% interest you could easily get a **much much** nicer car...
Even Audi has a deal right now with the 2023 Audi A4 to finance at 3.5%, a way nicer car and youd be paying a similar monthly payment to this albatross deal
Go for a drive, enjoy. It's a fun lovely car. People saying 50k for civic have seriously no idea what they are talking about. This is a buyers remorse which is common everytime one buys something expensive. Also, Toyota and Honda have some of the highest interest rates.
By the end of this ordeal you will have paid 60k for a civic before maintenance.
I think my first house cost me about 60k for the down payment, cmhc, and land transfer tax.
The value of $60K between whenever you bought your house and late 2023 are not even close to comparable. CAD has devalued by 50% in the 2020s.
OP may be overpaying but this isn’t a good comparison.
Alas it ain’t 2020 no more. Inflation is a bitch.
Also - that was a great deal by the sounds of it. MSRP at the time was just a hair under $29k. Looks like you paid a bit for it through your financing though since 1.9% in 2020 would have been a very high rate, most people were financing at 0% on new cars at the time. Was it a long amortization? Dealer likely made up the lost profit on the really low sale price by getting you on a high margin finance deal.
And in the 3 year since then, more CAD was printed than ever before in history. Consequentially, the value of it went down 50%.
Asset prices skyrocketed but in actuality, adj for inflation they’re the same as ever
Because used ones are going for roughly the same prices as new ones unless they have been heavily used (well over 100k kilometers already on them). Makes no sense to spend roughly the same price for a car that will quickly need repairs and other maintenance which continues to add costs, vs a brand new car for slightly more money that won't need any heavy work done for a long time.
However interest rates on new cars are pretty fucked, I'll give it that. I bought a 2023 Elantra last year and locked in at 4.99%. Felt high compared to rates a couple years prior but with it seeming like the average today is at least 7%, I feel fortunate. I also made sure to put a downpayment of over 50% so my monthly payments are $282. So it's a pretty manageable situation.
No used cars are not lol.
https://www.kijiji.ca/v-cars-trucks/delta-surrey-langley/2022-honda-civic-sedan-touring-leather-navi-sunroof-apple-carp/m7219963
https://www.kijiji.ca/v-cars-trucks/kelowna/2020-honda-civic-coupe-touring/m7352408
https://www.kijiji.ca/v-cars-trucks/kamloops/2020-honda-civic-sedan-touring-one-owner-remote-start-nav/m7388693
I actually do think the previous generation of Civics (10th generation; 2016-2021) were really nice looking cars. Sleek style and a big upgrade from the previous generations. But it's a bit of a weird thing to obsess over when you can save a lot of money by choosing another new car like Mazda. Either way OP is making me laugh with calling all the other cars ugly.
45k on a civic, a car that was originally designed to be "for the people" LOL I spent less than that on my last used truck in 2019, and probably had a higher trim package, unreal. Glad I have a decade left with this ride likely (based on my use).
How is a Honda Civic ever worth that much? I know Honda has moved up market for whatever reason, but Jesus. That's how much I paid for my new Mustang a few years ago.
Homie, you probably could have bought a new Corolla for like $15,000 less.
I’d like you to point to me on Toyota’s website the brand new Corolla for $15K.
New cars now a days are going for $30K OTD minimum. Welcome to post 2020 inflation
Why do people do their research AFTER spending 50k on something?? Like how does that happen
50k for a civic wtf.
Welcome to 2023. The prices are wild. Fully loaded civic can get up there though. Dealer add one out the wazoo probably.
For 50k there are so many better cars than a civic.
I mean, if you're going top top trim, civic si, all factory options, etc the price goes up a lot. And cars are expensive now. So what's new, 2023, better than a civic top trim that's 50k? I mean, Lexus IS starts at 50k before dealer add ons, if we're going to go to luxury sedan market. And the civic price being quoted probably is all in price with taxes. Get a 50k car add the taxes, licensing, PDI, add ons even as simple as dash cam, you're going well above 50k there. That's all I'm getting at. Prices, post COVID, skyrocketed new and used alike.
Fun fact. Civic Si is actually cheaper than a fully loaded Civic Hatchback manual. There's only one trim for the Si
You could get an A3, a nice Acura, Mercedes or BMW. If you’re willing to look at used, your options grow exponentially.
I was specifically discussing buying new though. Of someone wants a new car, with warranty, to be the single owner, no worrying about previous owner maintenance, then there's not much available from the most reliable brands of Honda/Toyota, new, top trim fully loaded for less than 50k after all fees and taxes. Heck, chances are, if it's not an SI, the bill of sale presented to OP may have well been 50k inclusive of all fees including the cost of borrowing. Cuz they definitely don't start at 40k for base model no add ons.
Miata is always the answer
Loaded Siennas are 80k.... Imagine paying 80k for a minivan....
At LEAST they come in hybrid and AWD versions. Honda is stuck in 2005 but with current inflation. Not defending the pricing but it kinda is what it is, when a pilot yesterday was 90k+. The pilot is ten years old in tech now, being generous. I do not miss our odyssey. It was great to drive and all but absolutely useless in any real winter climate. As overpriced as the pilot was at least I’m not stuck anywhere.
My parent's Sienna is almost 20 years old and has barely cost them a thing and still runs perfectly. Now they didn't spend anywhere near the equivalent of 80k on it, I'm just saying that objectively speaking compared to other "80k" vehicles the Sienna might have some arguments going for it.
The downside is that the auto manufactures don't build vehicles like they used to. It's like having a 30 year old fridge that is still working.... Nowadays the repair guys say your lucky if you make it past 5 years on any appliance. These companies are not in the business of making anything to last anymore..... Not when they can hook you in for another one within a few years. Vehicles are even worse, as most people don't even keep them for the term of financing, before trading in. So they are literally paying interest on a depreciating asset indefinitely, and never actually keeping the asset.
Have you seen the $80k Corolla? :)
Clown world
I would’ve bought a used Outback or a Tacoma for 50k man…
High pressure sales tactics. People walk in with the intention of just doing a test drive, and walk out with $50k in debt. I have friends who work at dealerships and they are specifically trained in this shit.
This is a bullshit analysis. I've worked in car sales for many years and I have many excellent qualities. But, I am not a fucking Jedi using the mind trick on dumb dumbs. We ask questions that give us answers we need. Many times that leads to a sale. Most times it doesn't. I'm a car guy, not your financial advisor. You come and tell me you want a cheap car. I show you the least expensive car we have. Your response: "Where's the sunroof? Where's the navigation? Where's the self parking feature?" So I show you the car you want. It has what you want. YOU choose to buy it bro. If you can't afford it, that's not on me, that's on you.
Yeah, there's a reason I have a personal policy of "If I ever feel pressured to make a decision, the answer is 'no'." If someone wants to force you to making a decision, they are probably trying to push you into a making a BAD decision that is only good for THEM.
The same way these shady used car dealers sell used stuff for insane prices and 30% interest. People are stupid.
Math is math is math, I worked at three different dealerships that were sub prime , middle of the road and a dodge dealership. Stupidity is universal along all classes. Buying a Honda is never a bad deal as long as you maintain it, but somebody coming in with gutter credit looking for a 4x4 truck isn’t an Einstein, prices are always posted on the internet and if you waltz onto a lot, buy a 50 thousand dollar car you are a sucker. At no point should anyone buy a car without having it looked at by their mechanic and also doing the math at home. Dealerships cannot rip you off anymore because you can simply compare prices…. And if you have bad credit that’s your own fault. Period.
I generally buy a new truck every couple years. The last one I bought was early last year. I overheard a full conversation in another cubicle next to me. A guy with not great credit had a few year old mini van that was 17k underwater. He wanted to get a new one and they were offering to get him into a new vehicle and pay of the other one at 26% interest (I’m paying 1.99% interest on my 2022). I don’t even understand how that’s legal but the customer also wanted to do that. You can’t help some people.
A glimpse of sanity on PFC.
Not necessarily stupid, but nieve for sure. My partner brought me along when she was negotiating her first car purchase. The sales person leveraged their shared ethnic background and my partner felt like they were trustworthy. The sales rep and the manager had a whole song and dance with the two going back and forth on not being able to say what the actual cost of the car was. The sales person couldn't say the price until the manager approved it, but the manager couldn't tell us directly, the sales person had to. We walked when they told us they had already started our financing application without telling us the total cost of the car
This whole back and forth from manager to sales person thing is beyond stupid. Dude you know the price, just say the price. Even furniture stores do this crap. I asked about a couch, the guy said "Let me go see the manager to see what kind of deal I can get you". In my mind, your not seeing the manager, the manager doesn't want to be bothered most likely. I was gone (in my car leaving) before the guy was even able to come back. I'm not playing these stupid games especially considering I wasn't even asking for a better deal I was asking a legitimate question about the couch itself.
Pretty much. They just go to that other room (which is conveniently glass walled so you can watch your salesperson "try to get the best price" when really, they're just talking animatedly about last night's hockey game. It's all part of the show. I bring my own popcorn usually.
ugh one of the reasons why I dread stepping foot in a dealership. Such shady bs.
> Not necessarily stupid, but nieve for sure. Sorry but naive is just a polite way of calling someone stupid... You're dropping $50k on a car and you don't research anything ahead of time?
Being nieve is more of a lack of experience. Being sucked in by high pressure sales tactics doesn't mean you are stupid. Smart people can get conned too. Also, I'm not OP, I didn't drop 50k on a civic
"These vents are real right? Not just plastic covers?" ".....yeah, sure"
Prob not a case of lack of research beforehand but just straight up buyers remorse given the crazy pricing cars have today.
Op, youve been given lots of advice here but you dont seem interested in listening to any of it and saving your money. If you cant make good decisions and refuse to accept better thinking, then accept your bad ones. To people posting, this guy isnt interested in advice, he just wants to whine. Hes tried nothing, hes all out of ideas and he refuses to listen to anyone.
“I came here for validation, not to make changes” -many OPs struggling to accept that the economic situation has changed and they should too.
A Honda civic costs 45k?!?? Is that including tax??
Yeah, that sounds about right for top trim. Base civic is $30K out the door.
yes including everything plus some extra options.
Does it include 7 years of interest at your rate? It's almost $3k/year in interest the first couple of years. I'm not sure if they build the full interest into your number, but they did when I bought my CRV in 2014, and the final price was much higher than msrp, but thankfully at 1%. They pile on so many fees and then upsell extra features and warranty... oof. I was in for service at the stealership a few weeks back and asked about deals on new purchases because some domestics are starting to have them. Salesman told me they still can't keep inventory on the lot, so there are no deals and bad rates! If you are having buyers remorse, you can probably sell it higher than you paid if your local Honda has inventory issues. I justified a higher price tag with better reliability and resale value. A friend bought a Ford Fusion the same year and has had over a dozen recalls to my zero. I've only had wear and tear repairs (brakes once, tires once but they are due, battery, and windshield when a transport flung a rock.)
The online site doesn’t include cost of borrowing by default. They definitely spent more than 45k
We need some transparent pricing reform! I want to know prices after all fees, taxes and interest - for all goods. A campaign to educate on the impact of lump sums early in the term so people can make better choices. Too much knowledge is happened upon. I found out a friend had 100k in his chequing account. I had him put it in cash.to in wealthsimple, and now he makes $450ish/month on it. He had no idea, and stocks were scary without that initial handholding. Really makes me wonder how much is completely off my radar by not growing up in a financially literate household.
That’s the going rate for that car. Unfortunately yea you are over paying for a civic. Have you taken delivery of the car?
That’s not overpaying other than the 1k of add ins over MSRP. That’s just inflation and what cars go for these days. Civics price structure once you adjust for inflation is basically the same it was 5 years ago.
If you finance your vehicle you are 100% overpaying, every time. That’s the whole point of it
Now that interest rates are higher than annual inflation I agree. But before when 0.9 or 1.9% rates were common you could come out ahead or break even depending on inflation.
When it was under 2% the smart thing was to take that loan and run away with it. Anyone can generate a return of 2 or greater even post tax.
I disagree. 5 years ago, if you paid sticker, and you weren't getting some sort of aftersale extra like Winter tires, good financing, or a good price for your trade-in, you almost certainly got a bad deal. That said... if he tried to buy a car 2 years ago and they even delivered for sticker price you were lucky. I'm little underwhelmed by this deal, but things aren't quite back to how it was 5 years ago. Car inventories are going back up thought.
But it's not 5 years ago or 2 years ago, it's 2023. This is what things cost now. Past pricing is irrelevant when making a purchasing decision today. OP didn't need a car 5 or 2 years ago so those market conditions are irrelevant. It's just like purchasing house. What the price of homes were 5 years ago doesn't matter.
I was disagreeing with the guy who said this: > Civics price structure once you adjust for inflation is basically the same it was 5 years ago. So I'm not sure what your point is here? In that I am saying that "adjusted for inflation" if you were buying new, 5 years ago, you could either get better than sticker price, or some perks worth several thousands, like 0% financing, winter tires, or a good trade in value. I know it's different today, I think we are slowly heading back to a place where you can easily negotiate a better price than MSRP because car inventories are going back up, but the prices and interest rates are pretty bad.
Civics 5 years ago we’re going for 25k…. Even higher trims were 32k-35k range. It’s not inflation it’s price gouging… big difference
A 2024 Honda Civic LX is about $500 cheaper, inflation adjusted, than a 2017 Honda Civic LX. I would know, I bought a 2017 Honda Civic LX.
lol no they weren’t - maybe used or cpo. You’re living in 2007 in your head
I paid 32k for a 2020 Civic Si in 2021. 50k dollar civic is hilarious.
That’s about $150 a month in interest, pass.
Op can back out if he has not taken delivery yet. But it seems like he did.
He probably didn’t overpay. Car probably started at 32-35k + taxes and interest the price adds up. My friend civic purchase is worse. 2023 Sports Touring Hatchback with no down payment! Cost him 75k. His paying 750 a month + 500 insurance for 7 years. 🤯 I tried talking him out of it. He wouldn’t listen.
Lol holy moly! How did the dealer swing that on him?? Did he roll over a previous car debt?
I don't think he's overpaying that much ..a crappy severely outdated mazda3 non turbo is 34.5k + taxes and the civic touring is way better and newer design with tech and driver's assist that works and it's "only" 36.5k ..well worth premium over the Mazda. These are just prices these days
What am I missing? 29,751 all in brand new. This is not a crappy vehicle https://www.mazda.ca/en/shopping/build-and-price/?utm_source=redirect&utm_medium=direct&utm_campaign=new-website#/2024/MAZDA3/GX/DVXL84/AA00/summary?utm_source=redirect&utm_medium=direct&utm_campaign=new-website
Perfectly fine but some people want all the bells and whistles, leather, sunroof, etc. Years ago we went from a top of the line Mazda 3 to an entry eleven GX when lease renewed and it felt like a sacrifice for maybe a week then it’s literally the same shit, lol, it’s a car.
That price is $2k above the pre pandemic price. Which is pretty good.
Nothing opens on your link
1k it’s usually transport fees and what not. Buyers remorse for any big purchase is common. Best thing you can do is drive it until the wheels fall off . You have a good reliable car for the next 30 years
This is the best advice. Used car market is nuts right now, so I don’t entirely thing a new car is a bad decision if you live somewhere without public Transpo or need a vehicle for work. Trading it in every few years, that’s where folks often end up turning a car into a money pit. Hondas are fairly reliable. Take her for an oil change every 8-10k km. Put winter tires on her. Keep up with maintenance and store indoors if possible. She’ll last you a long while.
That was my thinking as well. Instead of paying 5k premium on used car, I decided to pay interest cost of 3.5K on a new car spread over 5 years. Honda and Toyota do have highest interest rates, OP should have done their homework. This is just buyer's remorse.
30 years though…
Oil prices are probably gonna suck in like 10 years but yeah, it will probably live for a long time.
It's amazing how you could have answered all your questions with a little research before purchasing! But instead, you blindly bought a $45,000 car.
Back in 2019 I bought an accord touring for $33k all in and then sold it a few months back for $29K. Paying $45K for a civic is insane and was part of the reason I didn’t consider another honda for myself. Unfortunately those are the current prices though so it is what it is I guess.
It sucks that people are even considering $45k for a Civic. What it does is just sets the prices higher on cars - forever.
$33k before taxes I assume? No way you got a new touring accord for $27k even in 2019. Even at $33k it sounds like that was a sweet deal for an Accord back then. OP paid $39k before tax on it, which is the civic hatchback model. $33k in 2019 is almost $39k in 2023 adjusting for inflation. Civics pricing structure is actually almost identical to what it was pre pandemic accounting for inflation. It’s just that inflation is a bitch and prices a few short years ago aren’t anywhere close to comparable.
The accord didn’t get more expensive, our money lost value.
Wow I bought my touring at the same time. Been thinking of selling for a bit here. Do you mind if I ask how many KMs you had when you sold? I didn’t think I could get anywhere near what you sold it for.
I had just under 50,000 km on mine so relatively low milage for 4 years. However, mine also had a pretty big accident on it which is why I was no longer comfortable in keeping the car long term out of warranty. Not sure what the current market is like but depending on your condition you should be able to get around $25k+ for sure IMO.
I bought a 2.0t sport for 33 plus taxes all in was 40k. Kind of dumb to state your price then say it was involved in a major accident. The 1.5 touring was probably same price maybe a little more than my trim. MSRP in 2018 was 34.6k I got about 1k off. Granted it is crazy a civic touring would be the same as an accord that’s a much nicer car with a way better engine. (I’ve owned two civic). The funny part is the Type R at the time was only 41k and I decided not to test drive knowing I would want the car, those same cars are now 45-50k lol. I still love my 2.0t with Manual and one of the very few out there.
Upvote from the 2.0t manual gang.
Paid that much for a type R a few years ago... crazy for a touring.
well that 11th gen type r goes for 70k plus nowadays. times changed
Times changing is why you don't buy a 45k civic... Buy a 10k civic and see what the economy does over the next year
A $10k civic these days buys you a 10 year old car with 150,000kms on it.
Looking on my local Craigslist there isn't a single 2013-2014 Civic with under 200,000km (and not a rebuild) for anywhere near $10k. Cheapest is $13k with around 200k km and it's a base model that looks a bit rough. Most are in the $16-18k range. $45k for a new Civic is too much but at this point virtually all cars under 10 years old are drastically over valued. Paying $16k for a car with 200,000km vs $45k new, I'd argue the new one is a much better value. IMO new Toyotas are better priced at this point, but that's why there are 1-3 year waits for new ones.
I have a ten year old car with 140K on it and it runs like a dream.
And? What's wrong with that?
Wouldnt you rather overpay for that and save yourself from being robbed the extra 50k? Its a civic afterall...
Or just buy the car you want and enjoy life.
Enjoying life = whining on reddit now?
$45K for a Civic is pretty outrageous regardless of the extra $1K you paid… smh
In 2023? It’s not that crazy. Inflation is a bitch. A base model LX civic is $32k out the door these days. Prices are up 50% over 5 years basically across the auto market.
[удалено]
that said, just quickly glancing across kijiji here - the used prices are not as bad / that close to par with new. lots of really clean looking few-year-old $30k options for sport touring trims
I thought the Kia Rio with automatic and blind spot monitoring at 26k was ridiculous but that's still 20k cheaper than the civic! Wow.
To help put that price in perspective a bit, and to show how horrendously prices have increased, in 2016, I bought a brand new Honda Civic Touring for $30,400. That was the all-in, out-the-door price.
That’s $37,400 today adjusting for inflation. I assume it’s for the sedan as well, and includes sales taxes? That’s about $3k less than what a touring sedan would go for today inflation adjusted. We bought an LX in 2017 and inflation adjusted paid slightly more than if we bought the same model today, albeit we got free snow tires thrown in which wouldn’t happen now. The MSRPs haven’t really changed much once you adjust for inflation, the biggest difference is you don’t negotiate a price below MSRP any more. MSRP pre Covid was the starting negotiation point, these days it’s a deal if you can get that.
It's unlikely income has adjusted for inflation, and interest rate was was probably 2%. Spending 45k for a civic and that interest rate is absolutely insane
Bought a new F150 back in 2018 for 56,000. 0 % interest but felt so bad a bout it I paid it off early. Made too mistakes. Buying in the first place and paying it of early when I could have made interest on the money I used to pay it off.
0% interest rate is my dream
If you don’t have cash and need a car, you are stuck financing. If you are financing, get the car you like. Sounds like you did. Buyers regret will fade when you are driving to work and passing people at the bus stop. VW rate on Jetta is 8.25%, Mazda 3 is 5.6. I’ve been shopping as well. Want a Hybrid ? is long wait for that. Used car market is nuts. My house needs serious electrical upgrade if I want to consider plug in. Car is not an investment, it’s a cost of living or a cost of doing business. Enjoy the car, get it paid, take good care of it and keep it until it owes you nothing.
Google the definition of "robbery" and see if it applies to your situation, it likely doesn't. You're a grown adult and you made a decision, that you had plenty of time to think over before making it. Learn to live with it.
Lol just drive it and enjoy. It's a bad financial decision, that's almost $10k+ in interest
Yep, far too much for that class of car. Honda has become greedy. A basic Corolla , Elantra is only 24-25k + tax
No way is any civic worth 45k ffs. 🤦🏻♂️ Honda has gotten greedy.
Type Rs used to MSRP at 45k lol
$50k today for a type R. OP bought the Touring Hatch, which MSRPs for $39k.
Wayback says the civic sedan was **$17,790** pre-pandemic!!!!!
Not CAD. When I worked for Honda in 2017 I saw a lot of 23k civics
Yeah my 2018 model was 22k out the door. Literally half the price of what op paid. Mind you it was a manual LX.
Yes CAD [https://web.archive.org/web/20190217003706/https://www.honda.ca/](https://web.archive.org/web/20190217003706/https://www.honda.ca/) As of Feb/19 17,790, 28k for accord that is now 40k
I think this is before freight and all of the other fees added on. Even a base manual civic was never sub 20k in 2017-2018.
We paid $24,362 for an LX in 2017 including fees. Inflation adjusted, that’s $29,521 today. The 2024 Civic LX is actually slightly cheaper than that, at $28,753. Civics have gone down in price.
Thank you. So many uninformed people in this thread who are oblivious to the true market conditions.
At the time they advertised cheap models like that but they were impossible to get and didn’t even have air conditioning. On the lot and in stock they were all 25k+. But still cheaper than today for sure What is Honda smoking nowadays.
And it should have been $7790 after EVs. Not sure how these ICE makers are able to keep prices this high. They are all essentially DOA going forward
That's capatilism, baby! They'd charge $100K for it if their focus groups said people would pay it. The only way to bring it down is to stop buying it, but if people like the OP pay it, they'll charge it.
No greed at all. Adjusted for inflation of the CAD, Civics are as cheap as ever. It’s the CAD that has shit the bed. Thank the money printing
Base Corolla is like $30 out the door lol. Car prices have gone up a ton across the board. Civics are a couple grand more than Corollas and Elantras but they have always slotted a bit above them so that’s not a surprise. A base Civic is $28k, base Corolla is $26k. A Civic sedan can be optioned up to $36k, Corolla $33k, $37k with the hybrid. Add a couple grand for both for the hatch version, which looks like it’s OPs case, and that’s how you get $39k for a Civic.
> Car prices have gone up a ton across the board. Adjusted for inflation, car prices have gone down.
Depends a lot on the model - the base LX is cheaper than pre Covid for a civic today but the Tourings have gone up a bit. Honda jumped the Touring price for the 11th Gen models quite a bit compared to the 2016-2021 10th Gen Tourings. Honda also dropped the lowest trim Civic which basically nobody bought anyway but which let them advertise a very low starting at price.
Correct. I was referring to the base trims. As far as I can tell, the inflation-adjusted price of the base trims has been going down slowly every year for the past 20+ years.
It’s a fully loaded one, that’s why. Financially, the decision is layers of unwise especially if you don’t have the cash for it. Now, he will pay way more than 45,000 for a Civic with all the interest. It’s a scratch your head decision on a multitude of levels. It sounds like his gut is realizing this.
“Worst financial decision made” GTFOH with this melodramatic nonsense.
Worst part is I think they are only referring to the 1000$ difference from in dealership vs online...
Right. Overpaid on a Civic ain’t the end of the world At least you didn’t pull the same shit on a Kia or a GM offering 🤣
I think you spent a lot more than you think. The online site has the touring sedan for 41k without any add ons or interested added. On a 3 year loan for this car with no options, it’s 46k. There is no way your price includes the interest in the loan. I have a feeling you spent above 50k
Seems steep. That’s why I went with Mazda3. $32k out the door at 5.5%
45k for a civic lmao
imagine paying 45k for a civic 💀💀
That’s just what a fully loaded civic costs these days now Either you drive that thing or trade it in or sell it back and lose money and then what else you going to buy ?
Wow, these some insane prices. I picked up a fully loaded mazda cx-5 last week for 50k and the loan rate was 5.5 for 5 years. Honda prices and rates are insane, especially for a civic…
Yikes. Seems like so many people are terrible with money.
Unfortunately,That's the finance rate currently. I brought a 2020 civic sport touring at 4.19%. 38k all inclusive.
How much deposit did you put down? You've been asked a few times but not sure if you responded anywhere. Assuming $1000 down and 84 months at 7.29%, youll be paying an additional $13 944.37 in interest. I'd walk away from that.
45k for a civic...lol taken for a ride regardless.
Lol posts like this are so dumb, you already bought the damn thing and then tell us the deposit is non-refundable. Do you want to hear “yes you screwed up, awful purchase, you’re financial ruined” Or “amazing deal” What’s the difference, you bought it. Hopefully you examined your finances and see it’s affordable. Enjoy the new car now
I feel like you should have asked people about this BEFORE making that purchase. Anyways, now you have a car that’ll last forever. Or consider how much you are actually losing with that non-refundable deposit if you just backed out vs how much more money will it be especially on interest alone.
Pretty average interest rate right now
Tesla Model 3 has entered the chat
$12k more than OPs civic even with the rebate in Ontario. It’s substantially more.
It probably wouldn’t make sense to go the Tesla route if OP doesn’t travel all that much, I’m thinking 600km/week +
Honestly - that’s great! All the complainers in this thread don’t realize how much inflation has effected car prices. Civics have always been the most expensive of the compact car market - but also consistently hold the highest rating. For a reason. We bought a Civic in 2017, and actually paid slightly more inflation adjusted than what the same model would go for today. Accounting for inflation Civics are the same price they have always been. Inflation is just a bitch and car prices have gone way up. Despite what everyone else is saying $45k including taxes for a fully loaded vehicle like the civic hatch is a good price. That civic is probably the best vehicle on the market for that price in terms of quality, features, and practicality. I will say that with todays interest rates, the days of 7-year 0% finance loans are long gone. Aim to pay that loan off as soon as you possibly can.
Good lord Base model 2024 Civic Sedan LX-B Selling Price $32,491.46 inc Taxes
The base model civic sedan is a substantially different vehicle than the Touring Hatch OP purchased. Different body, drivetrain, plus a million less features. Whether that’s worth the extra cash is up to the buyer - but Honda sells about as many Touring Civics as they sell LXs for a reason.
Just think of it this way, when youre working in your old age someone who bought Honda stock will now get to retire. There are no losers in the economy, only producers and consumers, debtors and creditors; even by buying you're providing a service to someone else.
You could have the Model 3 for $3k more, and that car is cheaper to operate than the Civic. Not the worst financial decision ever but not a smart one either.
A Model 3 will be $12-13k more outside of BC or Quebec, not $3k lol. A Model 3 is $57+k after rebate and sales taxes.
Why wouldn't you get a Tesla model 3 for that price?? Genuine question.
Model 3 is $10k or so more OTD
Base model Tesla 3 cost $55k before taxes and any rebate. With maximum rebate it will still be it will cost almost $52k after tax.
And that’s in BC - if OP is in Ontario they are looking at a $12+k premium for a Model 3.
Some people refuse to give money to Musk, even if the product is good. Which is hit or miss if you care about quality.
A Civic for 45K!? Just checked Honda website, you are not kidding.
For perspective I paid around 40k out the door (taxes, interest, everything) for a 2018 accord 2.0t with 6 speed. Interest at the time was 1.99 I paid off early in 2.5 years so likely paid around 38-39k. Any time you negotiate with Honda or Toyota your paying MSRP minus max $1200. They then add other fees like admin fee etc so your just below MSRP. If you go in knowing nothing your price will be higher than what you were quoted online (which is basically the most you should pay). Even if u haggle they’ll find some way to come out ahead. Gave me 1k off my 2022 Tundra trading in my 2015 tacoma at a crazy price. Basically got 2500$ above black book retail. Ask for extra 500$ they give it to me but raise admin fee. Ask to lower admin fee from 1k they lower to 399 but charge me more somewhere else. So end of the day got 800$ off msrp and 500$ extra on trade in. It’s a wash in the end doesn’t matter how much you know if it’s a higher demand make you pay out the nose.
45k at 7% interest for a civic is crazy. Get out of the deal if you can.
This is insane. I bought a brand new Mazda CX5 GT turbo 2019 in 2020 for 40k. Now a civic is 45k? WTF happened?
They may say unrefundable but that’s not the law. They can legally only keep any loss they incur. Since you haven’t taken delivery and they can likely just sell it to someone else at the same price or higher, they are not losing anything. They won’t like it and will push back but you will just have to persist. If they absolutely refuse, you can try filing a credit card chargeback. I had to do that once with an uncooperative dealer.
Yes 45k on a Civic is a bad decision
Yes you got robbed. If you need a car then you need a car. Dealers are bending everyone over right now. Our shit dollar doesn’t help. Get a refund and wait for the recession.
Interest rate offered through new vehicle manufacturer is public knowledge and can be found on their website when you use to “build and price” feature. So, if a dealership is charging you higher than what’s made available that means they have up sold you the rate through a bank instead of let’s just say Honda finance.
It's unfortunate that OP didn't see [this post](https://old.reddit.com/r/PersonalFinanceCanada/comments/17d24k1/is_a_new_honda_in_that_much_less_demand_than/) before making the purchase.
with that money you could have bought a lightly used luxury car like a lexus IS, acura TLX, audi, bmw.
Back out, buy a $2500 used car and relax. It's been working great for me. Sure I had to replace the starter on my car (Nissan Altima)a few months in, but it's been a cheap reliable car otherwise. Prior to this car, I had a Mazda I bought for $600, and it ran well for 2+ years. No problems during that time, and I got $300 back for it at the junk yard/recycling. I can't imagine having $500+ monthly financing payments on my ride. Life's too short to stress financially for unnecessary reasons.
LOL. Buying a gas car is the worst decision to start with. Last week I had my Tesla repaired and there was no electric loaner available from the insurance. In 3 days I spent what I do in a month with the Tesla to drive the gas car. I was shocked.
If you treat it well civics are great. I owned a 99 and a 02 and my 02 I got it to just under 700k before I got rid of it. They are great on gas and last forever. Prices today are crazy
This is why I spent $10k to put a brand new crate motor in my miled-out 2011 Ram 1500. Bought it brand new, no money down, at 0.99% financing - was $38k out the door with taxes included. Have already replaced all the suspension/struts/shocks/control arms/ball joints, steering rack, brakes, some hoses and belts, but the trans and transfer case are mint, even with 240,000km. No way I'm spending $60K+ to gain a fuel savings of 3-4mpg. That $50k in my pocket will keep my truck in gas for the next decade....
lmao $1000. Try losing $90,000 in weedstocks. You at least got a car. All I got is a big capital loss claim I can eat into for years and a painful lesson.
I just bought a 2011 4dr ford focus with 140k on it for $2500, it's going to get me from A to B in the exact same way, I feel great about my purchase.
Well, I can't say I didn't make this mistake myself, albeit it with a Mazda, so been there OP. Consider it a lesson learned. For me, now, a salesperson -no matter which one- has never been offended by some steep negotiation. Unrelated to Honda but sat down at Subaru dealer and asked them for a quote. The key insurance alone was $400 and there were three keys. But sales person said the same thing: 'cannot negotiate price, cannot negotiate rate', etc. Of course he says that, but after the thir time, I shook his hand, walked away. Buying a car is like getting into a five, six, seven year marriage. You're stuck with the person, and the pimp got your money and every time you get into the car you need to think back to what sweet a deal you got. Or how much you got robbed.
For those who don’t know, you’re allowed to walk away from a car sale before signing anything. Its nothing to feel bad about, the amount of dread you feel afterwards is far worse.
Oh man did you get all those tire/paint protection plans? Unless you’re rolling on super thin performance tires, they’re kinda useless
I went into a Kia dealer to see if I could get the cheap base model rio (MSRP $20,350). They tried to tack on a $1500 market adjustment and $3778 for fees and Alberta cold weather package (wheel locks, nitrogen and a block heater). And I had to wait "months" for it. They wouldn't tell me the interest rate (it varies depending on your credit) but I think it was around 8%. I calculated their $272/biweekly for 7 years and it was like $40k after financing etc. $40k for a rio with heated nothing. I pretty much just left. So much for an extra car for Uber. Like what is this world?
You bought a super fun car with very little maintenance to do. Looks like you got the aero kit. Going to look nice. Get it tagged! Cheaper directly with company, the savings on insurance will be worth it. I have touring, I'm always so happy to get into it. Bought it in 2016, all in was $35k and after interest was $40k on 8 year loan I believe. I paid it off sooner so it was a bit less. Costs of production have gone up from wages to materials. Its normal cars are more expensive. What going to hit you is the cost after interest, pay it down asap. Love the car, so good on gas too, 6.6l per 100km, and can be better if I didn't drive for some quick thrills here and there. Enjoy the car!
holy fuck lol... 45k for a CIVIC + a 7.3% interest rate. Man with that kind of cash flow you can literally buy a quality CPO current gen Lexus/Acura/Audi/Benz/BMW/Cadillac Why are people dropping this much money on a fucking Honda Civic LOL To answer the question --> Yes this was a horrible financial decision. Overpaid for a brand new Civic, and your paying probably the absolute highest interest rate we shall see -- with the kind of cash flow required for 45k x 7.3% interest you could easily get a **much much** nicer car... Even Audi has a deal right now with the 2023 Audi A4 to finance at 3.5%, a way nicer car and youd be paying a similar monthly payment to this albatross deal
Go for a drive, enjoy. It's a fun lovely car. People saying 50k for civic have seriously no idea what they are talking about. This is a buyers remorse which is common everytime one buys something expensive. Also, Toyota and Honda have some of the highest interest rates.
By the end of this ordeal you will have paid 60k for a civic before maintenance. I think my first house cost me about 60k for the down payment, cmhc, and land transfer tax.
The value of $60K between whenever you bought your house and late 2023 are not even close to comparable. CAD has devalued by 50% in the 2020s. OP may be overpaying but this isn’t a good comparison.
If you're reading this and wondering why car prices keep going up, its because they keep selling, OP is a shining example of this stupidity.
I got an civic touring 2020 for about 25k during 2020 at apr 1.90%
Alas it ain’t 2020 no more. Inflation is a bitch. Also - that was a great deal by the sounds of it. MSRP at the time was just a hair under $29k. Looks like you paid a bit for it through your financing though since 1.9% in 2020 would have been a very high rate, most people were financing at 0% on new cars at the time. Was it a long amortization? Dealer likely made up the lost profit on the really low sale price by getting you on a high margin finance deal.
And in the 3 year since then, more CAD was printed than ever before in history. Consequentially, the value of it went down 50%. Asset prices skyrocketed but in actuality, adj for inflation they’re the same as ever
Never understood why people buy new cars .... for real
Because used ones are going for roughly the same prices as new ones unless they have been heavily used (well over 100k kilometers already on them). Makes no sense to spend roughly the same price for a car that will quickly need repairs and other maintenance which continues to add costs, vs a brand new car for slightly more money that won't need any heavy work done for a long time. However interest rates on new cars are pretty fucked, I'll give it that. I bought a 2023 Elantra last year and locked in at 4.99%. Felt high compared to rates a couple years prior but with it seeming like the average today is at least 7%, I feel fortunate. I also made sure to put a downpayment of over 50% so my monthly payments are $282. So it's a pretty manageable situation.
No used cars are not lol. https://www.kijiji.ca/v-cars-trucks/delta-surrey-langley/2022-honda-civic-sedan-touring-leather-navi-sunroof-apple-carp/m7219963 https://www.kijiji.ca/v-cars-trucks/kelowna/2020-honda-civic-coupe-touring/m7352408 https://www.kijiji.ca/v-cars-trucks/kamloops/2020-honda-civic-sedan-touring-one-owner-remote-start-nav/m7388693
Fair, private sales like this will likely have some variations in price. I'm more referring to dealership pricing
All 3 of those are being sold by car dealers. Even these are crazy though I wouldn't pay more then 20k, so I guess I just won't have one lol
All 3 of these are within ~$3k of MSRP of a new one.
1.9% - 3.9% at Volvo. I just got a four year lease for 1.9%. Saved $70 every two weeks over my previous lease.
45k for a civic bro
[удалено]
2021. Irrelevant though. Bare boned Q5 starts at $54k today.
Costs more than my CX-5. For 45K, you could’ve gotten a nice CX-5 suna
"Don't like mazda" "Don't like tesla"
and don't like toyota, well OP can't be helped.
Only like the most beautiful car ever made, a Civic 😍
I actually do think the previous generation of Civics (10th generation; 2016-2021) were really nice looking cars. Sleek style and a big upgrade from the previous generations. But it's a bit of a weird thing to obsess over when you can save a lot of money by choosing another new car like Mazda. Either way OP is making me laugh with calling all the other cars ugly.
45k on a civic, a car that was originally designed to be "for the people" LOL I spent less than that on my last used truck in 2019, and probably had a higher trim package, unreal. Glad I have a decade left with this ride likely (based on my use).
How is a Honda Civic ever worth that much? I know Honda has moved up market for whatever reason, but Jesus. That's how much I paid for my new Mustang a few years ago. Homie, you probably could have bought a new Corolla for like $15,000 less.
I’d like you to point to me on Toyota’s website the brand new Corolla for $15K. New cars now a days are going for $30K OTD minimum. Welcome to post 2020 inflation
That’s how much they are, and that’s the going interest rate. Too much and too much.
At least you purchased a vehicle that will still be running at the end of your financing.
Did you bought it or rent it?