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Car lease advice
Posted on 7/11/14 at 9:07 pm
Posted on 7/11/14 at 9:07 pm
Considering leasing a car. Any pointers?
Do they use MSRP to base the lease or is there areas for negotiation. Called a few dealers and am getting the run around as expected.
TIA
Do they use MSRP to base the lease or is there areas for negotiation. Called a few dealers and am getting the run around as expected.
TIA
This post was edited on 7/11/14 at 9:08 pm
9
Posted on 7/11/14 at 9:07 pm to foj1981
Yes.
Don't lease.
Don't lease.
Posted on 7/11/14 at 9:24 pm to VetteGuy
quote:
Don't lease.
This
Posted on 7/11/14 at 9:26 pm to foj1981
Leasing is for people that want to drive something they can't afford
Posted on 7/11/14 at 9:29 pm to foj1981
Why would you want to lease instead of buying?
Posted on 7/11/14 at 9:51 pm to foj1981
Leases are good for people who can write off the lease. Or if you're the type of person who wants a new car every 3 years.
Anyway, don't go into a dealership telling them you want to lease a car. Negotiate a price of a car you want first and then you can talk lease.
Anyway, don't go into a dealership telling them you want to lease a car. Negotiate a price of a car you want first and then you can talk lease.
Posted on 7/11/14 at 10:00 pm to yellowfin
quote:
Leasing is for people that want to drive something they can't afford
exactly. dont do it.
Posted on 7/11/14 at 10:01 pm to Sho Nuff
It is for my daughter. She is 17, so no pics you pervs.
She is funding this car on her own, her decision. Originally she was going to drop 2k on a junker and be done with it. Told her it would be a money pit. As an option put 2k toward lease and pay 150/mo for a new car under warranty that won't leave her on the road. She really can't afford a down payment and higher note on a purchase. Just looking for a viable option to get her through school.
She is funding this car on her own, her decision. Originally she was going to drop 2k on a junker and be done with it. Told her it would be a money pit. As an option put 2k toward lease and pay 150/mo for a new car under warranty that won't leave her on the road. She really can't afford a down payment and higher note on a purchase. Just looking for a viable option to get her through school.
Posted on 7/11/14 at 10:02 pm to foj1981
quote:
Considering leasing a car. Any pointers? Do they use MSRP to base the lease or is there areas for negotiation. Called a few dealers and am getting the run around as expected. TIA
Don't get your advice here. I wouldn't lease, but there are guides for when it does and doesn't make sense that you can research (from professionals who aren't just trying to be smartasses).
If you're fairly well off, take good care of cars, keep your driving to 10-12,000 miles per year, and like the idea of having a new car everything 3-4 years, leasing is a viable option.
Posted on 7/11/14 at 10:04 pm to brbowhunter
If you can write it off with a business then yes do it. If not, then don't make that mistake
Posted on 7/11/14 at 10:06 pm to foj1981
quote:
It is for my daughter. She is 17
Well then no. Leasing is not for her.
Posted on 7/11/14 at 10:09 pm to foj1981
Seriously, take this question to the money board. The OT is not the bastion of good advice, but baseless opinions.
Posted on 7/11/14 at 10:10 pm to foj1981
You can negotiate just like you're buying the car. You'll save a shitload more per month for every $1,000 than you would with a traditional 60 month loan. If you are reserved to always having a car payment and like switching vehicles every 2-3 years with low mileage on the trades (30-40k miles in the same 2-3 period) then it may make sense for you to check it out.
Side note: they won't have the price you're paying anywhere on the contract, just the residual amount, so be sure to get all of that information before you sign up anywhere. It's easy to take a price and shop it on leases, it's all payment based anyways
Side note: they won't have the price you're paying anywhere on the contract, just the residual amount, so be sure to get all of that information before you sign up anywhere. It's easy to take a price and shop it on leases, it's all payment based anyways
This post was edited on 7/11/14 at 10:11 pm
Posted on 7/11/14 at 10:10 pm to HubbaBubba
quote:
Seriously, take this question to the money board. The OT is not the bastion of good advice, but baseless opinions.
Generally agree. See my first post. But leasing is not for a 17yo about to start college unless daddy's just eager to waste some money.
Posted on 7/11/14 at 10:11 pm to foj1981
Check Money Talk board. This has been discussed a bit (in sticky as well).
You need to do a lot more research on leasing. It can make sense, but is not the most financially responsible. However, neither is buying a brand new car.
You negotiate all the same. Leasing is just a way of financing. Basically a balloon payment type loan. Some credit unions even offer similar style loans structured like a lease (not recommended).
You need to do a lot more research on leasing. It can make sense, but is not the most financially responsible. However, neither is buying a brand new car.
You negotiate all the same. Leasing is just a way of financing. Basically a balloon payment type loan. Some credit unions even offer similar style loans structured like a lease (not recommended).
Posted on 7/11/14 at 10:12 pm to foj1981
Giving a 17 year old a leased car doesn't sound like a great idea.
The car has to be kept in great quality, keep the miles down, and not frick the car up.
Also, you would probably have to cosign for whatever vehicle she got.
The car has to be kept in great quality, keep the miles down, and not frick the car up.
Also, you would probably have to cosign for whatever vehicle she got.
Posted on 7/11/14 at 10:15 pm to Fat and Happy
You can write off one that you buy outright just as easily.
Leasing makes literally no sense, even for low-usage drivers.
The only time it is a remotely viable option is in the case of high-end German sedans, because of their rapid and extraordinary depreciation.
Even then, in a leasing transaction, you are over-complicating the sales process. Advantage:seller.
Leasing makes literally no sense, even for low-usage drivers.
The only time it is a remotely viable option is in the case of high-end German sedans, because of their rapid and extraordinary depreciation.
Even then, in a leasing transaction, you are over-complicating the sales process. Advantage:seller.
Posted on 7/11/14 at 10:46 pm to foj1981
In Oct. '99, I purchased a new Lexus ES300. Paid $4200 down, and paid balance over four years at 2.9%.
Last I checked, the car has about 142,000 miles on it. I don't drive the shite out of a car, so have kept this car in good shape. In almost 15 years, I've paid about $47k in total (down payment, loan, upkeep and repairs). That's an average of about $3,150 per year. Now, I did pay the majority of that in the first four years, so, basically, I've paid an average of about $800 a year over the last eleven years for that car.
The problem, as my wife laments, is that you get to really liking not paying a big car note every month. Sure.... a new car would be nice, but not that car note.
Considering that I put about 10,000 miles a year on that car, it fits the 'demographics' and 'it makes sense to lease' argument. At say, a $499 a month lease, with $4k down, I'd spend $22k every three years. At 15 years, getting a leased car every three years, I'd spend $110k. Yikes!
Last I checked, the car has about 142,000 miles on it. I don't drive the shite out of a car, so have kept this car in good shape. In almost 15 years, I've paid about $47k in total (down payment, loan, upkeep and repairs). That's an average of about $3,150 per year. Now, I did pay the majority of that in the first four years, so, basically, I've paid an average of about $800 a year over the last eleven years for that car.
The problem, as my wife laments, is that you get to really liking not paying a big car note every month. Sure.... a new car would be nice, but not that car note.
Considering that I put about 10,000 miles a year on that car, it fits the 'demographics' and 'it makes sense to lease' argument. At say, a $499 a month lease, with $4k down, I'd spend $22k every three years. At 15 years, getting a leased car every three years, I'd spend $110k. Yikes!
Posted on 7/11/14 at 10:48 pm to HubbaBubba
quote:
Considering that I put about 10,000 miles a year on that car, it fits the 'demographics' and 'it makes sense to lease' argument. At say, a $499 a month lease, with $4k down, I'd spend $22k every three years. At 15 years, getting a leased car every three years, I'd spend $110k. Yikes!
But you'd be on your fifth brand-new Lexus.
I'm with you, though.
Posted on 7/11/14 at 10:54 pm to VetteGuy
quote:
The only time it is a remotely viable option is in the case of high-end German sedans, because of their rapid and extraordinary depreciation.
This.
And he isn't talking about a Three Series or a C Class.
There are many ways to get but fricked on a lease. Buy a car that will hold it's value in the range you can afford. Interest rates are absurdly low for anyone with decent credit.
This post was edited on 7/11/14 at 10:57 pm
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