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Started By
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 7:23 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 7:29 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 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 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.
Posted on 10/18/18 at 3:42 pm to Tiger Attorney
quote:
Never leased a car before
Don't do it now
Unless this is a business lease it is not a smart move
Posted on 10/18/18 at 11:16 pm to Tiger Attorney
Under no circumstance do you put $7,500.00 down on a lease. Should you total the car after a month you have lost all $7,500.00
Posted on 10/19/18 at 12:25 am to Tiger Attorney
quote:
Attorney
Can you share which law firm you work out of so I can avoid that place like the plague?
quote:
Shopping new houses in old metairie
quote:
Wife wants a '19 Acura
This is just a disaster. You must be trolling
Posted on 10/19/18 at 7:33 am to Tiger Attorney
If you want to lease a car, don't put ANY money down. I lease and they put the TTL into the note. The first time I leased, I paid the first month with nothing down and that was it. Now I don't put the first month down on a new lease.
If you are going to put $20,000 down, you might as well buy the car. If you put $15k or $20k down for a lease, you don't get that money back.
If you are going to put $20,000 down, you might as well buy the car. If you put $15k or $20k down for a lease, you don't get that money back.
Posted on 10/20/18 at 9:04 am to Tiger Attorney
Sink 20k into a car you’ll never own. Don’t lease
This post was edited on 10/20/18 at 9:06 am
Posted on 10/20/18 at 10:17 am to Tiger Attorney
People that lease typically don't look at it as a financial savings tool. The ones I know like keeping a new car, and it saves them the hassle of buying/selling. Typical profile is a person who is financially secure.
Posted on 10/24/18 at 3:54 pm to Tiger Attorney
quote:
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?
Everyone has their opinion, but I spent 27 years in the luxury car business and know leasing. Happy to help, fire your questions away, as I am PRO leasing.
Posted on 10/26/18 at 11:21 am to Tiger Attorney
$7,500 down is a LOT for a lease. You are not required to put money down, but your note will obviously be higher. It is also my understanding that if you total the car, you don't get the downpayment back from the insurance company.
Also, make sure you are still negotiating the sale price of the car. They might make it sound like the lease price is fixed, but it's not. You still need to settle on the sale price on the car, so be prepared to play hard ball. Finally, find out what the money factor is, set by the manufacturer. The dealer will mark it up obviously, but see if you can negotiate that as well. They aren't going to give to the minimum money factor, but you can at least try to talk them down a bit
Also, make sure you are still negotiating the sale price of the car. They might make it sound like the lease price is fixed, but it's not. You still need to settle on the sale price on the car, so be prepared to play hard ball. Finally, find out what the money factor is, set by the manufacturer. The dealer will mark it up obviously, but see if you can negotiate that as well. They aren't going to give to the minimum money factor, but you can at least try to talk them down a bit
Posted on 10/26/18 at 5:27 pm to Tiger Attorney
I would talk to my insurance provider and have him/her weigh in on this. Not exactly sure how insurance companies look at leased vs financed, but I would expect there is more risk in leased vs owned.
Posted on 10/27/18 at 7:50 pm to Tiger Attorney
WTF. 20K Down on a lease ......Are you really an attorney.
This post was edited on 10/27/18 at 7:51 pm
Posted on 10/28/18 at 10:27 pm to Tiger Attorney
Never leased before but know some people who swear by it. I am a car person so I belive in purchase with intent to keep & basically 'get my money's worth'. But then, new car prices today are absurd, so I have stuck to buying used & have been very happy.
This post was edited on 10/28/18 at 10:28 pm
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