I really don't have the cash lying around right now, as I am going to pay off my wife's 2001 Olds. Alero GLS in a few weeks (0-down 0-interest deal). Therefore, I'm thinking about leasing a CL-S. I'll be up-front and say I know the basics about a lease and that's about it.

Here is what I was quoted:

CL-S w/ Navi.

5K down...

12K miles/year for 36 months --> $445/mo Residual --> $17415
15K miles/year for 36 months --> $465/mo Residual --> $16758

I'm 99% sure those monthly figures include sales tax (Indiana - 5%).

I just don't have the cash lying around for a purchase right now. Acutually, it's more about monthly payments. I'd like to keep them under 500 a month, with tax.

Does anyone have any comments on the above figures? Also, what about car insurance? Do rates differ between a loan and a lease? I have high limits of liability right now (100/300/100), which as I understand it is needed for a leased car.

Thanks for any input.

 

my monthly payment is 500 and that is buying not leasing... with 5k or more down, you should be able to manage given the interest rates that are out there.

 

Couple more questions...

Can you negotiate the cost of car before purchase? In other words, I don't have to pay sticker for a lease. Sounds like a stupid question to me, but I'd just like to know.

Is the residual negotiable?

Thanks

 

No, you don't have to pay sticker for a lease, so the purchase price is negotiable. The residual is not. No difference in insurance premiums versus financing.

 

Don't know if you want the nav or not. I just worked a lease on a 2002 non NAV. Picking it up saturday.

Bargined price of $28,900
$1500 down

Price of leased car $27,400

39 months 15K/year

I'm paying $392/month

About $416 with tax

 

whoa whoa whoa.... why are u paying off the car if it is 0 interest?!?!? I mean think about what YOU could be doing with that money right now.. you could even be making money off of it instead of forking it over to gm.. i say dont pay it off

Adam

 

My bad... It's only 0-interest for one year. I bought it in December 2000.


Thanks for the concern though!

Man, I really want a CL-S... My 11 year old Accord needs to be retired.

 

Guys,

Check Edmunds to see if there are any special/subsidized leases available in your area.

http://www.edmunds.com/advice/incentives/

FYI, here in the NYC area there's a lease special for 2002 CL's until 1/1/02 -

$349/mo 39mo $1.5k CapCostReduction 12k miles

This applies to all CL models: CL-P & CL-S with and w/o navigation.

Click here for more information.

It's also posted on www.eAcura.com

 

Interesting... I just called the dealer, and that offer only is good for CL-P's, not CL-S's...

 

Okay. This is a different angle. I figure that a typical car loan of you want to purchase is at least 9%. What I did was take $14,000 at 10% for 36 months. Payments on that is $450 per month.

With your residual of $16,758 , it makes your 'purchase' $30,758
I will assume that this is a non Nav.

Whatever you are comfortable with, I guess. Try and get them down to $15,000 for the residual or have them throw in the extended warranty with your price.

IMO, it is not that bad of a deal, considering that you get to walk away from the car after 3 years. Personally, I would never ever lease, but that is just me.

 

Dude theres a used CLS around here for 21,900

 

I've leased a lot...

You can't negotiate the residual, it is set by the market. Just pretend it doesn't exist. Negotiate the price of the car because remember you are paying for the price of the car minus the residual (plus tax).

It makes no sense to put a lot of money down because you are in effect giving up equity (cash) to get something that doesn't belong to you (the car).

The best thing to do is tell them that you want to pay $XXX per month and see what it takes to get you there. Now you can play with the length of the lease term, the purchase price of the car, and your down payment. You can even get them to roll the security deposit and all the fees into the entire term of the lease, which would lower you up front cost more. It all comes down to a cash slow perspective I guess. That's why you have to settle on a monthly payment in your mind, then do what it takes to get there.

 

So doing the math, $17415 + $5,000 down + (36 x 445) = $38435. That seems like A LOT for a CL-S NAVI.

 

Just negotiate the price down, buy the sucker, and then sell it after you're done using it. Much cheaper cost of ownership, even for 3-4 years.