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Pick one: Toyota 4Runner v. Honda Ridgeline + downpayment question

post #1 of 28
10/2/09 at 5:52pm
Thread Starter 
In the market for a car/SUV and these two are the choices I've come down to. I plan on buying used (06-08) and around 19-22k on the price.

I do a fair amount of outdoors type stuff so it will definitely come in handy, but neither is my dream vehicle. They are merely good, reliable vehicles that should get me through the next few years of life with a relatively low payment as I save for a house. I would just get a beat up used civic, but I can't bring myself to that.

Does anyone have any experience with either one? People I ask somehow manage to consider each a bit of a 'tool' car, but I've found you get that with almost any vehicle.

A plus to the ridgeline is the massive in bed trunk that I will use as a massive self-draining cooler when camping, perfect for beer etc.


Edit: Also, I've never financed my own car and would prefer not to put a big downpayment. I don't know if that would affect my deal, but as I said I'm working toward a house and the thought of throwing 5-10k cash to a down makes me sick. Even a reasonable 3k seems lame to me. Is there a rule of thumb to how much down?

Thanks for all responses.
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post #2 of 28
10/2/09 at 6:30pm
Quote:
Originally Posted by rjmaiorano View Post
Edit: Also, I've never financed my own car and would prefer not to put a big downpayment. I don't know if that would affect my deal, but as I said I'm working toward a house and the thought of throwing 5-10k cash to a down makes me sick. Even a reasonable 3k seems lame to me. Is there a rule of thumb to how much down? Thanks for all responses.
I don't believe the size of the down payment is very relevant as far as the interest rate is concerned, whether you are financing a new or used car. What I observed in most cases, the financing terms on a new car are much more favorable than a comparable used model. Since you mentioned you were considering a '08 model, I would check the monthly payments on comparable brand new '09 and '10 models. You may be surprised to find the payments similar. On a new model, the APR is several percentage points less, plus in current economy there are various cash incentives or free option package even amongst brand that don't traditionally offer these, like BMW. Some manufacturers may also offer "Lease Support" on new models, which means inflated residual values and low money factor (aka the interest rate of the lease). IMHO, It still makes a lot of sense to get a 2-3 year old car since you will be saving a lot and getting a car with plenty of life left but only as long as your paying cash. Once financing is brought into play the difference is not as crystal clear. If you do finance a used car, credit unions often have the best rates.
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post #3 of 28
10/3/09 at 2:05am
Thread Starter 
Quote:
Originally Posted by Dmax View Post
IMHO, It still makes a lot of sense to get a 2-3 year old car since you will be saving a lot and getting a car with plenty of life left but only as long as your paying cash. Once financing is brought into play the difference is not as crystal clear.
If you do finance a used car, credit unions often have the best rates.

Interesting. Yes, this will probably make things a little more confusing.
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post #4 of 28
10/7/09 at 12:32pm
From what I remember from car mag reviews the ridgeline has a FWD bias, so it's like an AWD system where the rear drivetrain only engages if needed. The 4runner has a new design coming out soon, so you may be able to get a good deal on the current model with a much lower interest rate than a used car loan -- but don't buy new unless you plan to keep it for 5+ years. It sounds like you want a temporary solution.
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post #5 of 28
10/7/09 at 9:27pm
Thread Starter 
Quote:
Originally Posted by greg_atlanta View Post
From what I remember from car mag reviews the ridgeline has a FWD bias, so it's like an AWD system where the rear drivetrain only engages if needed.

The 4runner has a new design coming out soon, so you may be able to get a good deal on the current model with a much lower interest rate than a used car loan -- but don't buy new unless you plan to keep it for 5+ years. It sounds like you want a temporary solution.

4Runner is pretty much decided.

Yea new models just released... which should bring down used prices. There must have been a very small # of 09's made cause I can't find a new one at any local dealer.

Part of the reason I'm getting a new car is to develop a stronger credit history to get a loan for a house. Plus I need a new car, so a 4Runner for a few years with a relatively low monthly fills both needs. Buying new is a difficult swallow for me, given the whole 'depreciating asset' thing.
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post #6 of 28
10/8/09 at 6:53pm
Uh... why not take out a loan from your bank for a used car and pay for it to build your credit history that way? New cars = lol.
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post #7 of 28
10/8/09 at 9:14pm
Ridgeline. Everything about Toyota these days is so vanilla and unremarkable. The Ridgeline broke the pickup truck mold in a huge way when it was first unveiled. Beer cooler IN the bed?! I'll take one in every color.
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post #8 of 28
10/9/09 at 2:28am
Quote:
Originally Posted by greg_atlanta View Post
From what I remember from car mag reviews the ridgeline has a FWD bias, so it's like an AWD system where the rear drivetrain only engages if needed.

The 4runner has a new design coming out soon, so you may be able to get a good deal on the current model with a much lower interest rate than a used car loan -- but don't buy new unless you plan to keep it for 5+ years. It sounds like you want a temporary solution.

I kinda like the ugliness of the upcoming 4runner

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post #9 of 28
10/9/09 at 4:03am
Thread Starter 
Quote:
Originally Posted by Mr. Moo View Post
Uh... why not take out a loan from your bank for a used car and pay for it to build your credit history that way? New cars = lol.

When I said 'new' I meant 'new to me'. What you said is what I intend to do.
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post #10 of 28
10/9/09 at 4:05am
Thread Starter 
Quote:
Originally Posted by Boddington View Post
Ridgeline. Everything about Toyota these days is so vanilla and unremarkable. The Ridgeline broke the pickup truck mold in a huge way when it was first unveiled. Beer cooler IN the bed?! I'll take one in every color.

I kinda agree about the vanilla-ness of toyota, but it is solid and holds. value.

The beer cooler in the back of the ridgeline is seriously the only benefit left tying me to the it.
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post #11 of 28
10/9/09 at 11:17am
4Runner all day.
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post #12 of 28
10/9/09 at 12:44pm
Do the 4Runner. The 4.0L V6 in the last gen was a great engine, very strong and comfortable enough for day to day driving. The Honda Ridgeline is ugly as sin and had a serious leak problem with that trunk (like water leaking into the trunk) as well as a few other problems IIRC in the early years.
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post #13 of 28
10/9/09 at 12:49pm
4Runner was the right choice. Have an 05 V8 4WD, absolutely solid car. For the money used you cannot beat the value.
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post #14 of 28
10/9/09 at 1:37pm
down payment: sales tax+ fees, as a minimum
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post #15 of 28
10/9/09 at 8:50pm
Thread Starter 
Thanks guys. 4Runner it is. Now to the hard part of balancing of decent downpayment while not depleting savings to the end of keeping enough cash for down on a house. Trying to get in before the 8k tax credit for first time buyers disappears... I'll probably get your guys opinions on the house in another thread.
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