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Message
Never leased a car before
Posted on 10/17/18 at 6:47 pm
Posted on 10/17/18 at 6:47 pm
I've always bought.
Wife wants a '19 Acura RDX. leasing seems like maybe the better option.
I want to put down a max of 7500 and the note would be in the 320 range for 36 months. 15000 miles per year.
To buy with 15k down, would be 5 years at 480 or so per month.
This was at Walker Acura. We plan to go up to BR soon.
Typically, we have kept cars 6 or so years, but I am not married to that idea.
Thoughts on leasing?
Wife wants a '19 Acura RDX. leasing seems like maybe the better option.
I want to put down a max of 7500 and the note would be in the 320 range for 36 months. 15000 miles per year.
To buy with 15k down, would be 5 years at 480 or so per month.
This was at Walker Acura. We plan to go up to BR soon.
Typically, we have kept cars 6 or so years, but I am not married to that idea.
Thoughts on leasing?
17
Posted on 10/17/18 at 6:55 pm to Tiger Attorney
quote:
I want to put down a max of 7500 and the note would be in the 320 range for 36 months.
Are you good with paying over $19k to drive the car for three years and have nothing in it at the end? And how sure are you that you can stay under 45,000 miles over three years?
I’ve leased a vehicle through work before. I don’t think I’d consider leasing personally. If I ever did, I wouldn’t put money down.
Posted on 10/17/18 at 7:04 pm to lnomm34
The 19k with nothing to show 3 years later was the tough part to wrap my head around.
Posted on 10/17/18 at 7:23 pm to Tiger Attorney
quote:
I want to put down a max of 7500 and the note would be in the 320 range for 36 months. 15000 miles per year.
Do the opposite. Put the minimum down and have a higher monthly note. Put the difference in a Vanguard fund. What happens if you put that money down and then the car gets wrecked..that down payment is lost.
Posted on 10/17/18 at 7:27 pm to iAmBatman
Now I'm thinking of putting 20k down and getting a 36 month note at 0.9%
Posted on 10/17/18 at 7:29 pm to Tiger Attorney
quote:
Thoughts on leasing?
I financed my current car at 1% APR and it has a note of about $400/month for five years. It will have a note of $0/month for probably a good ten years after that.
Leasing is terrible financially. Sure, you get to drive a nearly-new car around for awhile but those first three years are the most expensive for a car due to depreciation.
If you have money to burn though and having a new car is that important to you, it's your money.
Posted on 10/17/18 at 7:33 pm to Tiger Attorney
quote:
Now I'm thinking of putting 20k down and getting a 36 month note at 0.9%
For the love of God. Why would you put down $20k if you can finance at nearly 0%?
Posted on 10/17/18 at 7:48 pm to lnomm34
Do not pay $20K down. That’s ludicrous.
Posted on 10/17/18 at 8:02 pm to lnomm34
Otherwise the interest rate is much higher
Posted on 10/17/18 at 8:04 pm to Tiger Attorney
quote:
The 19k with nothing to show 3 years later was the tough part to wrap my head around.
And rightly so.
I will never lease.
This post was edited on 10/17/18 at 8:07 pm
Posted on 10/17/18 at 8:07 pm to weagle99
Shopping new houses in old metairie at the moment.
Can afford.
Eta: my reply was to your now edited statement
Can afford.
Eta: my reply was to your now edited statement
This post was edited on 10/17/18 at 8:09 pm
Posted on 10/17/18 at 8:23 pm to lnomm34
quote:
Are you good with paying over $19k to drive the car for three years and have nothing in it at the end?
You could easily lose as much in depreciation over 3 years on a new Acura SUV
Posted on 10/17/18 at 8:25 pm to foshizzle
quote:
I financed my current car at 1% APR and it has a note of about $400/month for five years. It will have a note of $0/month for probably a good ten years after that.
That's pretty similar to a car loan that I had a few years ago. I got 5 more years out of it after paying it off. I still have the car but it's in my garage not being used right now.
Posted on 10/17/18 at 8:30 pm to Powerman
Luxury cars do little for me. My car was 0% and paid off 2 years ago. I plan on at least one more year.
My wife has more expensive tastes. I'm sure some of you can relate.
My wife has more expensive tastes. I'm sure some of you can relate.
Posted on 10/17/18 at 8:42 pm to Tiger Attorney
Leasing for an individual without a big tax write off is a looser. You are paying a lot of money (including depreciation) to basically rent a car. The dealer loves it because he sells it to the lease company at full retail. Don't be a sucker.
Posted on 10/17/18 at 8:58 pm to cajuncarguy
I would run it through one of my businesses.
Posted on 10/17/18 at 8:59 pm to cajuncarguy
quote:If I walk into a dealership and want to lease, lets just say an Audi. I negotiate $5k off the sticker price and decide I want to lease. VAG financial pays the dealer full MSRP for the car? Pretty sure that's not how that works.
Leasing for an individual without a big tax write off is a looser. You are paying a lot of money (including depreciation) to basically rent a car. The dealer loves it because he sells it to the lease company at full retail. Don't be a sucker.
Posted on 10/17/18 at 9:00 pm to cajuncarguy
A lot of misconceptions in here.
There’s a few good threads on leasing in the sticky.
Leasing is simply an alternative way to finance. Think of it more like a balloon payment loan with a guaranteed “buyback” at the end.
None of what you stated in the OP is a good idea or candidate for leasing.
There’s a few good threads on leasing in the sticky.
Leasing is simply an alternative way to finance. Think of it more like a balloon payment loan with a guaranteed “buyback” at the end.
None of what you stated in the OP is a good idea or candidate for leasing.
Posted on 10/17/18 at 9:12 pm to Tiger Attorney
quote:You probably should keep it that way.....
Never leased a car before
Posted on 10/17/18 at 11:55 pm to Tiger Attorney
I’ve looked into leasing for similar reasons. I don’t care for luxury cars but my wife is ready for a step up in auto class.
My limited understanding is to put as little down as possible and live with the high note. You can remain invested during the term and make a decision on a purchase when the lease is up. This is the primary advantage of the lease option. If you’re in the Nola area, driving is limited and you can use your vehicle for longer trips. This helps remain under any mileage caps.
I was able to convince my wife to stick with a fairly economical VW SUV with a 7 year warranty. I’m trying to finish up all of our student loans until she upgrades which will take another 6-7 years. We may lease the next vehicle so we can stay invested while we save/look for a major home purchase.
My limited understanding is to put as little down as possible and live with the high note. You can remain invested during the term and make a decision on a purchase when the lease is up. This is the primary advantage of the lease option. If you’re in the Nola area, driving is limited and you can use your vehicle for longer trips. This helps remain under any mileage caps.
I was able to convince my wife to stick with a fairly economical VW SUV with a 7 year warranty. I’m trying to finish up all of our student loans until she upgrades which will take another 6-7 years. We may lease the next vehicle so we can stay invested while we save/look for a major home purchase.
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