ThaShef

I did a search but didn't really find a straight answer on it.

I have gotten a buy price of $33,000 and a lease price of $450 a month for 42 months with $2000 down. The residual was 56% and lease rate at 5%.

I am still shopping around for a better deal but just wanted to know if I should lease or buy the car.

BTW, I am shopping around in NY/NJ area, where the prices are much better than NC due to competition.

gbriank

I thought they did away with leases in NY?

Anywhooo, some good questions to answer:

1. Do you like to have a new car every few years?
2. Do you plan to drive more than 12,000 to 15,000 miles a year?
3. Do you need a lower monthly payment with little or no down?
4. Do you treat your cars well?

ThaShef

I have gone to two dealers in NY and they both said Yes to leases so I guess they are doing it. Maybe it has to do with me registering the car in NC or something. But the dealers in NJ are willing to negogiate more than dealers in NY

1. Do you like to have a new car every few years?
YES

2. Do you plan to drive more than 12,000 to 15,000 miles a year?
NO

3. Do you need a lower monthly payment with little or no down?
Doesn't Matter

4. Do you treat your cars well?
YES

My biggest question I guess is, Am I gonna loose more money in a lease or a buy considering I am gonna be looking for something new every 4 years.

gbriank

Nope. They are about even.... In your case, i'd go with the lease. Reason being, it will save you the hassle of dealing with a trade-in. And from what I have heard, Acura is pretty lenient with wear and tear. If you do go over on mileage, Acura charges .15 per mile. Best of luck and KEEP US POSTED! Everyone here WANTS to hear about your experience.

Welcome to the board!
GBrianK

G8TRacura

ThaShef - I feel your pain, my business partner and I currently have (2) 2001 CL's and our lease is up in March. I unlike you do not have the option to buy or lease but I will share my leasing findings since I've already started hitting up ALL the Acura dealers in Florida.

ed99

IMO..if you are planning to keep the car for long time I would finance the car over a lease. Their is too much stipulation in the terms of the lease and at end of the lease period you have the option of buying the TL out or giving the car back to the dealer. If you do a buyout, it works out to be a bit more expensive compare to financing. However if you give the car back, Acura will benefit for selling the car for more $$. And you can lease another new car. If you like to change cars every 2-3yrs go for a lease but if you plan on keeping the TL for more than 5yrs I would finance the car. It works out to be cheaper in the long run. I had my personal financial banker looked into this issue. But I had my finances with Honda Canada for my TL. So it depends in how long you want to keep the car????

Oswald Vater

The above about wear and tear would only be true if Honda is doing the financing. If you lease through any other agency or bank you will be subject to their particular contract. Make sure you get the lowdown on your responsibility at lease termination time. Also, be careful about early termination clauses. Finally, make sure that you get gap insurance. Sometimes its included in the lease and sometimes not. Its worth the extra if you have to pay for it.

quake97

I leased my TL. I don't like the fact that I would buy something that loses value. I consider a car something I use, so I want to rent (lease) it. The lease is basically paying for the depreciation and that's fine with me. I also don't have to worry about taking care of the car after the warranty is up. I'll never buy a car again, unless I hit the lottery. Plus, the lease payments are much less than financing. By the way, I am paying $410 a month for my 04 TL w/o Navi.

Joe

CGTSX2004

iTrader: (1)

If you're going to be looking for something new every 4 years, do the lease. You get lower monthly payments and the joy of not worrying about the depreciation should the car take a suddent downturn. And judging by your answers to the above questions, you're the perfect candidate for a lease.

spacejamz

Does the $2k down include the first month's payment? Or do you actually put down $2450 since the first month's payment is usually due at signing when you lease?

DarkWraith33

From my understanding that is NOT including the first months payment... I actually have higher lease prices than anyone here... But I didn't want to put ANY money down for my lease.... Ergo... Higher monthly payment, less $ that first day.

Brewmaster

Used to lease my other vehicles, it's a good option that allows more car for the money, with little or no down.

The probs I had with leasing were related to driving habits and equity. I hated having to figure out if I had enough miles left to take my car for a weekend trip. On the back-end, if you're looking for vehicle equity as your next down payment you're kind of boned since you'll have none.

If those aren't issues for you then go with the lease.

jhan1102

You have to check the money factor. Right now US bank offers 1.58 on the lease with 56%. Dont worry about what the car is worth. Because the rate will change your final payments.

1. Car: $34,200: $825 D.O (D.O is the 1st and last) + 15k + 48 month + 158 = $458/month.
2. Car: $33,000: $775 D.O (D.O is the 1st and last) + 15k + 48 month + 220 = $469/month.

I noticed that they drop the car value making it look alike you're getting a good deal, but they hit you with high rates to make up the lost.

HOA fin. offer 2.20% which I thought it was higher.

Ps. Look for the lease with $1500 coverage at the end of your lease. This way you walk away from all the little dents.

ThaShef

Alright guys this is the latest number i got from my dealer.

Money Factor 2.2
Out of Pocket (including first payment, doc fee, and dmv) : 2000
residual: 56%
term: 42

lease: 430 for NJ (they cant figure out how much it would be in NC)


does it sound like a good deal???

gbriank

How many miles are allowed? 12,000 or 15,000?

ThaShef

12K...

jhan1102

I got: $800 D.O (D.O is the 1st and last) + 15k + 48 month = $458/month.

Bri'sMystic

At least it sounds like the dealer has come down some (since your first post - $450 per month).

I'm assuming at $33,000 this is a non-navi TL.

FWIW, my terms were the following:

Cap cost - $31,800
Lease Term - 42 months
Total Down - $1,000
Monthly payment - $424 (+ sales tax)
Mileage - 12k per anum

I'd say that there should be more room for the dealer to move on price, but then again, I know the amounts people are paying for these cars are largely regional.

Good luck,
Brian

jhan1102

Oh, did I say I have 05 AT w/ Navi.