Residual values kinda suck the way my lease is looking. The buy-out at the end of my lease is quoted at $14k. I have a 2001 CLS with a 48 month lease term, 15k per year. Looks like the car will only be worth $11k.. Looks like I won't be able to sell it and make any $$.. sucks to be me I guess. I think my payment is pretty reasonable though. I put $3k down and pay $415/month for 15k miles a year.. How does that compare with everyone elses lease payments?? I was told I got a good deal, but who knows. Everyone is told that

 

Ouch man.. you took that it the pooper hard.... $3000 down, 4 years.. 415 a month... damn man... I just bought a 2003 type-S 6 speed for 6 years, no money down, and pay 530 a month....Of course I am going to double up payments since I am able to do that now, but ouch.. I would say you got hosed, unless you own your own business and you are using the car as a write off..then lease away....

 

You may have gotten 0 down, but you will pay $38,160 for that car in 6 years. I will pay 22,920 for my car in 4 years. You will be paying $6,360 per year for your car for 6 years. If you figure in my $3k down I am paying $5,730 per year for 4 years. Doubling up on payments will definitely make your deal better but if you didn't I think I got the better deal. In 6 years your car isn't going to be worth that much with the mileage and all to where it will be worth you paying an extra $15k than me. Granted you will have something to trade in for maybe $10k but you paid another $15k to have that.

 

And also, my buy-out at lease end is $14k so if you dont double up payments, I am getting the car for $1k cheaper than you are getting yours for. Plus that lease-end buy out is negotiable. And I do own my own business so it is a write off, and I also didn't want to have the car for more than 4 years.

 

Financially speaking, a car is one of the worst investments you could make. And you're leasing. There's no way the leasing company is going to set you up with a lease that will allow you to make a profit on the vehicle.

 

That is not always the case. I know some people who have bought their vehicles out at lease end and turned around and sold them for more than the buy-out. Granted this will most likely not be the case with me, but it does happen. Nobody usually MAKES money on a car -- its all about who spends less rather than who makes more because less than 1% of people out there will actually turn a profit by buying and selling a car (unless they're a dealer)...

 

I did not lease my car bud... I bought the 2003 Acura... I leased my last car. A 1999 Mitsubishi Eclipse GS 10th Anniversary Edition. I put 0 down on the Mitsu and paid 315 a month for a 4 year lease. 12K alotted. I bought the car out of its lease in year 3. Turned around and sold the car for 16,500. It had 20K on it and garaged kept. I made 3500 off the deal. BTW, you have no clue what my car will be worth because you don't know how well I treat my cars and I doubt highly I will keep the car for 6. I took it for 6 so I can get a low payment and double up on months if I wish. So I should have the car paid off in 3-1/2 years... at 5.25%. If I take it the distance for 6 years , of course I will be paying alot in interest but that is the trick... pay it down quickly, don't mess around.. it all depends on everyones individual situation at the time. Just remember if you Lease you have nothing to show in the end.. there are a few exceptions, such as what i did with my Eclipse. But I still ended up paying 7000 to rent a car for 3 years. So unless you want a new car every 3-4 years or you can write the lease off through your business, then lease away.... Just my thoughts, I will never lease again until I own my own business.

 

I understand you purchased your car and if you do as you say you will and pay it off in 3 1/2 years you most definitely got a better deal than me. I'm only 21 and I personally aren't interested in having something to show at the end cause even if I did I would just be trading it in anyway. If I could afford to double up $520 monthly payments believe me I would've definitely did the same as you and purchased one. Especially in your case as you don't put many miles on your car. I'm pushin it with only 15k a year.. I put about 18k on the first year but I had expected that with I leased it. The next 3 years I will be under. And in your case in 3 1/2 years your car will still be worth a decent amount of money..

 

Well I don't think you did really bad, but it is an individual choice. I too like you leased my car when I was 21. That is all I could afford. But when you need to decide again in a few years and your making the $, then I would seriously think about buying over leasing... and if you run the shit out of your buggie, your better off buying a used beater and keeping your Acura garaged for pimp time...I got 3 cars now. One beater AWD-(VAN) town and Country.. 1 company car (Lincoln) and my acura is garaged for fun times.. So, just think ahead before you sign away next time... I took the lower payments so if I ever lost my job (Highly doubt) i would be able to cover my expenses on umemployment..

 

2002
$1200 down
15K miles/year
39 months $420 including 6% tax

 

You have a pretty lousy deal.. my lease for a 2002 cls was for $399 no money down 15k year for 38 months. One major advantage I have with a lease over a purchase is that I deduct most of my lease from my taxes, as business expense.

 

Theres always going to be somebody out there who got a better deal. I was just curious to see what some other people were paying. I agree w/ ya smitty about my next car and havin a beater to drive every day but unfortunately at my age my insurance just on the CL runs $200/month. If I added another car I'd be at somewhere around $350/month just for insurance which is rediculous. So this is why I am left to just own one car.

 

200 hundred dollars a month.... man o day... what the hell did you between the ages of 16-21 to your freaking record!!!... damn man.... I pay 90 a month for the acura alone... Now I have renters insurance and stuff but that doesn't bring it down that much... whomever your insurance man is.... WOW.. he is standing on your poop deck with his dick in your ass... N-man get out of that insurance deal man... I had full coverage on my leased Mitsu, since it was leased, you had to have full coverage... but I only paid 700 a year on that thing... you got to find new insurance coverage...

 

SanMarinoTypeS,

I'm curious... what is your residual at the end of that lease?

 

I pay a little over $4000 a year for insurance. If there's anyone that's getting screwed, it's me. Trust me, that's the best price I could possibly get.

 

Wow, that's the cheapest I've heard for the CL-S. I've never had a point in my life and I pay $130/mo. Of course, I realize it's a regional thing.

 

My TL-S w/Navi is $530 per month for 30 months including 6% NJ tax. Nothing down except AHFC security deposit and first months payment. Is your lease through AHFC? Doesn't sound like it because AHFC usually offers fairly pumped up residuals.

 

Well, I don't know if you got a good deal or not, but you can certainly compare it to mine! '03 TL-P antracite metallic w/0 navi: 3,050 down, 350 per month for 48 months, 12kmiles/year! This is my first luxury car, and its been 3 weeks and I love it! this is also the first truly rattle free car I've bought! totally solid! I know its not a cl, but you can compare it with your deal. peace