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Is $350 a month a lot for a 2005 honda civic?
I am asking because I just got married and my wife has a civic and that is what she pays. Thanks!
Yes it was purchased brand new and she didnt put anything down. It was her first car to purchase.
16 Answers
- bestonnet_00Lv 71 decade agoFavorite Answer
What did she pay for the car?
$350 a month doesn't answer anything.
- BoomerLv 51 decade ago
In my opinion that is not a lot for most any car. I have a 2006 Civic which I pay over $500 for. It is a hybrid and I do save in gas (about 45 MPG). We need to know if this was purchased new or recently used and what the price was at the time of purchase, the interest rate and the length of the loan. The main thing is the price and if it was fair at the time of purchase. If the interest rate is less than 8% and the length of the loan is 5 years or less, then the monthly payment is quite fair, considering many cars lease for that amount and you have to either buy or surrender the vehicle at the end of the lease period.
- 1 decade ago
WOW, a lot of people here don't know how a car payment works and what OTD pricing to TC means.
Anyways...350/mo for 60mo comes to 21k and if she has the 5yr term then she is fine. I hope it is the EX though. 66mo would be decent too with 0 down, but 72mo would be too much.
I pay 340 for my 07EX for 6 years with 0 down.
But with the sale of my old car I will make the finance charge back in stocks in 5 years and pay the car off in 5 years, not 6.
- 1 decade ago
I think it is. I have a 2005 CRV and I pay 333 per month. Are you leasing or financing? I am finacing and I made a down payment of about $5000.
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- sun_shinevtLv 61 decade ago
Sounds a little high. But I'm guessing since she didn't put a downpayment that could be part of why it is so high. It also depends what payment plan she is on, because monthly payments change depending on how many months she has to pay it off. It also depends what "extras" she had put on her car.
- gearnofearLv 61 decade ago
did she by it new? 350 is about right depending on how much she put down and the intrest rate on the loan. If it is two much of a problem, she may be able to refinance for a lower rate. I would shop around and see if thats an option.
- Anonymous1 decade ago
Depending on the length of the loan, that could be a very high amount. If it was recently consolidated, that's a little more reasonable, but generally, yes, that is A LOT per month.
- Jody DLv 61 decade ago
Depends on the down payment and even the interest rate. It sounds pretty good unless it is fir 8 years or something like that.
- 1 decade ago
Monthly payment amounts don't matter as long as you can afford them. The important ? is 'How much did she agree to pay for it, and what is the interest rate?' These will determine how much the car costs overall, which is the important thing.
Source(s): I'm an ex car salesman. - big HLv 41 decade ago
yes that would be but like you said she didnt put anything down, and im gonna guess that she made a finance and what looks lik to be around a 7% apr on aprox. 17000 dollars