Did I get a good deal (2011 lease)?
03-19-2011, 11:02 PM
#1
Did I get a good deal (2011 lease)?
Just leased a 2011 with tech because my lease ended on an 08 TL Type S. IIRC we got it for around 34 and change (can't remember exact number), my monthly is coming out to be around 370. They gave us 1500 cash back and we had to put 1400 down. Only dealer embellishment they gave us was free wheel locks... I was wondering if this was average or a good deal as to what other members here paid for their's or offers being given by the dealer..
TIA.
TIA.
03-20-2011, 12:00 PM
#3
Suzuka Master
Well.. you leased.. IMO, that was your first mistake unless you own a company and can write off. Leasing a car is a great deal.... for dealerships! You are basically renting the car and have restrictions to boot.....
You asked....
You asked....
03-20-2011, 12:38 PM
#4
In my last lease I had tinted the windows and put in a remote starter
03-21-2011, 09:29 AM
#5
Three Wheelin'
I'd say you did really well. I leased a 2010 Tech back in October for $451 per month with $500 down. To comment on leasing vs buying, yes leasing is the more expensive way to own a car but, as you said, you get a new car every 3 years for a lower payment and if you should be unfortunate enough to get into a wreck you simply return the car at lease end with no disposal headaches. PS - I use mine for business so it's a 100% writeoff.
03-21-2011, 09:29 AM
#6
Racer
My question is, if you finance a car for 5 years, do you really own it? No, the bank does. So what's the difference if you lease? If you add the cost of leasing over 3 or 4 years, and the residual value after the leased term, it totals to pretty much the exact same price as if you were to finance right fromt he get go.
So in my opinion, it's better to lease. After your lease, you can decide if you want to buy it out. Or give it back. Don't have to worry on the hit you get when you trade in a vehicle. Gives you flexibility.
03-21-2011, 09:55 AM
#7
Suzuka Master
You can defend all you want but it is still waste of money. Lots of people drink the kool-aid dealers give them... go ahead and throw your cash out the window because that is what you are doing... but, in the end, it's your money.
Look it up. Ask any finanacial advisor if it's a good deal.
You do own you the car after 5 years. At the end of the 5 years, you have something worth some $$, with the lease.. not a dime but you can certainly OWE more if you break any clause of the contract... also, if you own the car.. you put as many miles on the car as you want... anyway.. no matter, dealers love people to lease.. they can charge whatever APR they.. just so you pay $350 a month... LOL.. /endrant
Look it up. Ask any finanacial advisor if it's a good deal.
You do own you the car after 5 years. At the end of the 5 years, you have something worth some $$, with the lease.. not a dime but you can certainly OWE more if you break any clause of the contract... also, if you own the car.. you put as many miles on the car as you want... anyway.. no matter, dealers love people to lease.. they can charge whatever APR they.. just so you pay $350 a month... LOL.. /endrant
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03-21-2011, 02:09 PM
#8
You can defend all you want but it is still waste of money. Lots of people drink the kool-aid dealers give them... go ahead and throw your cash out the window because that is what you are doing... but, in the end, it's your money.
Look it up. Ask any finanacial advisor if it's a good deal.
You do own you the car after 5 years. At the end of the 5 years, you have something worth some $$, with the lease.. not a dime but you can certainly OWE more if you break any clause of the contract... also, if you own the car.. you put as many miles on the car as you want... anyway.. no matter, dealers love people to lease.. they can charge whatever APR they.. just so you pay $350 a month... LOL.. /endrant
Look it up. Ask any finanacial advisor if it's a good deal.
You do own you the car after 5 years. At the end of the 5 years, you have something worth some $$, with the lease.. not a dime but you can certainly OWE more if you break any clause of the contract... also, if you own the car.. you put as many miles on the car as you want... anyway.. no matter, dealers love people to lease.. they can charge whatever APR they.. just so you pay $350 a month... LOL.. /endrant
The two major cons would be is your mileage is controlled, however, if you lease from Acura they will forgive up to half of your overage and only make you pay the half thats left. On my last lease I was under the mileage so whatever I didn't use got rolled over to the next lease so it worked out perfectly for me.
Second is you can't do any major modfications. I still got away with tinting the car, adding a remote starter and putting in a custome sub/amp combination (which I took back when the lease was over).
In the end you have to do what's best for you. I wanted a new car but with low montly payments. In another year or so I'm going to go back to the same dealership and see if I can get out of this lease and get in to an SH-AWD one.
03-21-2011, 03:01 PM
#9
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You can defend all you want but it is still waste of money. Lots of people drink the kool-aid dealers give them... go ahead and throw your cash out the window because that is what you are doing... but, in the end, it's your money.
Look it up. Ask any finanacial advisor if it's a good deal.
You do own you the car after 5 years. At the end of the 5 years, you have something worth some $$, with the lease.. not a dime but you can certainly OWE more if you break any clause of the contract... also, if you own the car.. you put as many miles on the car as you want... anyway.. no matter, dealers love people to lease.. they can charge whatever APR they.. just so you pay $350 a month... LOL.. /endrant
Look it up. Ask any finanacial advisor if it's a good deal.
You do own you the car after 5 years. At the end of the 5 years, you have something worth some $$, with the lease.. not a dime but you can certainly OWE more if you break any clause of the contract... also, if you own the car.. you put as many miles on the car as you want... anyway.. no matter, dealers love people to lease.. they can charge whatever APR they.. just so you pay $350 a month... LOL.. /endrant
I have leased several cars and owned several cars. Currently, I lease one and own two outright. The formula is pretty simple. If you choose to lease, stick to mainstream cars that are reliable and hold their value well. If you understand the leasing lingo, then you should be able to get a deal on par with financing. If you choose to finance, plan on keeping the car for 5 years minimum and you will be fine.
03-21-2011, 06:02 PM
#10
Agreed...to each his own! Leasing works for some and doesn't for others. It's that simple. Now to answer the OP's question. I think you got a good not great deal. Anyone looking to get an '11 TL should get a good deal based on that $1500 extra off, right off the bat. I don't quite get the $1400 down though if they gave you $1500 off (which is from Acura btw).
I was told I could lease an '11 TL base tech for $399 w $575 down ($339 for non-tech). Did you get extra miles or something?
I was told I could lease an '11 TL base tech for $399 w $575 down ($339 for non-tech). Did you get extra miles or something?
03-21-2011, 10:11 PM
#11
Suzuka Master
I have to respectfully disagree with your view on leasing. It is clear that you have no concept or understanding of how a lease works. It is not my place to educate you.
I have leased several cars and owned several cars. Currently, I lease one and own two outright. The formula is pretty simple. If you choose to lease, stick to mainstream cars that are reliable and hold their value well. If you understand the leasing lingo, then you should be able to get a deal on par with financing. If you choose to finance, plan on keeping the car for 5 years minimum and you will be fine.
I have leased several cars and owned several cars. Currently, I lease one and own two outright. The formula is pretty simple. If you choose to lease, stick to mainstream cars that are reliable and hold their value well. If you understand the leasing lingo, then you should be able to get a deal on par with financing. If you choose to finance, plan on keeping the car for 5 years minimum and you will be fine.
If people want to throw their money away, it's their business but when asked my opinion, I give it. Why is it that one of the most respected financial advisors, Dave Ramsey, in the US scoffs at "fleecing" a vehicle if they are such a good deal?
Anyway, to each their own. I can say I tried to educate. Over and out.
03-21-2011, 11:43 PM
#12
Agreed...to each his own! Leasing works for some and doesn't for others. It's that simple. Now to answer the OP's question. I think you got a good not great deal. Anyone looking to get an '11 TL should get a good deal based on that $1500 extra off, right off the bat. I don't quite get the $1400 down though if they gave you $1500 off (which is from Acura btw).
I was told I could lease an '11 TL base tech for $399 w $575 down ($339 for non-tech). Did you get extra miles or something?
I was told I could lease an '11 TL base tech for $399 w $575 down ($339 for non-tech). Did you get extra miles or something?
03-21-2011, 11:52 PM
#13
Suzuka Master
I'm starting to think I got ripped on then. Granted I put about ZERO research going into the deal so I probably desereved it. But I think the deal was something like 2900 down, 1500 of which came from the "acura thank you" and 1400 from us. That brought the montly down to 370. I'm thinkin now I could have maybe gotten into a '11 SH-AWD for around the same cost.
The only advantage have right now is that I am in Russia anf can't just go buy the car I want. I ahve had to prepare.
How long is your lease for? Breaking one can be expensive!
03-22-2011, 02:43 AM
#14
Please don't feel alone or bad... many people buy cars that way, sort of on impulse.. hell, it's a fricken HIGH to sit in that chair as the papers are being prepared.... knowing you get to drive THAT CAR today/tonight! OMG, there is no feeling quite like that.
The only advantage have right now is that I am in Russia anf can't just go buy the car I want. I ahve had to prepare.
How long is your lease for? Breaking one can be expensive!
The only advantage have right now is that I am in Russia anf can't just go buy the car I want. I ahve had to prepare.
How long is your lease for? Breaking one can be expensive!
Anyone know how much it is to break a lease? I'm thinking maybe in another year or so I'll try to get out of my lease early and go the 2012 SH-AWD. Or maybe just leave Acura all together and jump on the new IPL G37, they made a ridiciously amazing car even more ridiculous.
03-22-2011, 02:55 AM
#15
I'm a finance/accounting guy so I know what all the numbers mean. And like the person above you said you can buy the car at the end of the lease for a residual value which will make the cost of owning the car EXACTLY the same as financing it from the beginning.
The two major cons would be is your mileage is controlled, however, if you lease from Acura they will forgive up to half of your overage and only make you pay the half thats left. On my last lease I was under the mileage so whatever I didn't use got rolled over to the next lease so it worked out perfectly for me.
Second is you can't do any major modfications. I still got away with tinting the car, adding a remote starter and putting in a custome sub/amp combination (which I took back when the lease was over).
In the end you have to do what's best for you. I wanted a new car but with low montly payments. In another year or so I'm going to go back to the same dealership and see if I can get out of this lease and get in to an SH-AWD one.
The two major cons would be is your mileage is controlled, however, if you lease from Acura they will forgive up to half of your overage and only make you pay the half thats left. On my last lease I was under the mileage so whatever I didn't use got rolled over to the next lease so it worked out perfectly for me.
Second is you can't do any major modfications. I still got away with tinting the car, adding a remote starter and putting in a custome sub/amp combination (which I took back when the lease was over).
In the end you have to do what's best for you. I wanted a new car but with low montly payments. In another year or so I'm going to go back to the same dealership and see if I can get out of this lease and get in to an SH-AWD one.
03-22-2011, 08:03 AM
#16
Hey don't feel too bad at all. It's not a bad deal, as far as leasing by any means. As long as you stay within your miles and don't owe them anything after the 3 years, it's fine.
03-22-2011, 08:43 AM
#17
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This is the part lease defenders never bring up, are you going to have the full amount of the residual value in cash at the end of the lease? If not, then you are going to finance it. Now you finance a few more years on top of the last 3 years of renting the car. Also since you are financing a used car the APR is higher. So how exactly does that work out to be the same cost as having financed the car from the beginning? If it's a business write off it makes sense.
I am going to share the analysis on my wife's Lexus as it is a good example of how leasing can be ok. We have had her car for 5 years this month.
Lexus RX330 2006:
MSRP: 44,500
Cap cost: 40,000
MF: 0.00100
42 months at 12kmiles/yr
Residual: 21,000
Down payment: 0 (0 due at signing, they paid 1st months payment)
monthly payment: 600
Total of payments for 42 months (41 payments at 600, Lexus made 1st payment): 24,600
We purchased car in cash at 42 months for 22470 (21k + 7 %tax)
We are now 60 months in, edmunds private party value is 20k.
To date, total of payments is 784.50/month (24,600 +22,470 )/ 60 months
If we had financed new with purchase price of 40,000 plus tax at 7% it equals 42,800 financed for 60 months at 3.9% (we have 800 fico), our monthly payment would be 786.30 and we would have paid it off this month (March 6th to be exact).
In summary:
Lease then purchase for 5 years at 784.50 /month or
Finance for 5 years at 786.30 per month
So if you lease and/or purchase correctly the math is the same!!!
03-22-2011, 09:41 AM
#18
Racer
To the OP: To find out if you got a good deal, please provide MSRP, negotiated cap cost, residual, money factor, miles/yr, and length of term(I think you said 3 years). Then we can tell you if it was a good deal.
I am going to share the analysis on my wife's Lexus as it is a good example of how leasing can be ok. We have had her car for 5 years this month.
Lexus RX330 2006:
MSRP: 44,500
Cap cost: 40,000
MF: 0.00100
42 months at 12kmiles/yr
Residual: 21,000
Down payment: 0 (0 due at signing, they paid 1st months payment)
monthly payment: 600
Total of payments for 42 months (41 payments at 600, Lexus made 1st payment): 24,600
We purchased car in cash at 42 months for 22470 (21k + 7 %tax)
We are now 60 months in, edmunds private party value is 20k.
To date, total of payments is 784.50/month (24,600 +22,470 )/ 60 months
If we had financed new with purchase price of 40,000 plus tax at 7% it equals 42,800 financed for 60 months at 3.9% (we have 800 fico), our monthly payment would be 786.30 and we would have paid it off this month (March 6th to be exact).
In summary:
Lease then purchase for 5 years at 784.50 /month or
Finance for 5 years at 786.30 per month
So if you lease and/or purchase correctly the math is the same!!!
I am going to share the analysis on my wife's Lexus as it is a good example of how leasing can be ok. We have had her car for 5 years this month.
Lexus RX330 2006:
MSRP: 44,500
Cap cost: 40,000
MF: 0.00100
42 months at 12kmiles/yr
Residual: 21,000
Down payment: 0 (0 due at signing, they paid 1st months payment)
monthly payment: 600
Total of payments for 42 months (41 payments at 600, Lexus made 1st payment): 24,600
We purchased car in cash at 42 months for 22470 (21k + 7 %tax)
We are now 60 months in, edmunds private party value is 20k.
To date, total of payments is 784.50/month (24,600 +22,470 )/ 60 months
If we had financed new with purchase price of 40,000 plus tax at 7% it equals 42,800 financed for 60 months at 3.9% (we have 800 fico), our monthly payment would be 786.30 and we would have paid it off this month (March 6th to be exact).
In summary:
Lease then purchase for 5 years at 784.50 /month or
Finance for 5 years at 786.30 per month
So if you lease and/or purchase correctly the math is the same!!!
03-22-2011, 09:48 AM
#19
Suzuka Master
Yeah? Sure.. go for it, it's your $$ and if you feel like it's a great deal.. enjoy. As for me, I will believe the finacial advisors.
"nuff said.
7 Reasons that leasing is a bad deal:
1.If you get in an accident and the vehicle is totaled, you’ll still be responsible to pay back the full lease contract amount. Even if the insurance company gives you back less than what you owe to the dealership, you’ll be responsible for the full amount. If you do go with a lease, at least be smart enough to buy “gap” insurance which covers you for that difference that you would owe to the dealership.
2.Many times, the lease agreement will be for 5 years/60,000 miles. So, if you go over that 60,000 and keep it until the 5 years is up, you’ll pay a penalty for every mile over 60,000 miles. Think about how many miles you put on a car each year. Most people use well over 12,000 per year.
3.If you lose a job or experience a heavy time of financial hardship and cannot afford the payment anymore, the dealership will recover the car, sell it an auction, and if they sell it for less than you owe for the lease agreement, you will be legally responsible to pay the difference.
4.The car is NOT yours, yet they still make you pay for the maintenance of it.
5.Again, you can’t claim the car as an asset. It is technically still an asset of the dealership that leased it to you.
6.A lease starts a trend of perpetually paying a car payment. If you never paid a car payment and the average car payment in America was $350 a month, putting that $350 a month in a mutual fund that made 10% would become $791,171 in 30 years. That is astonishing, and what astonishes me more is that there are people out there that will continue to defend leasing cars and financing cars with no money down because the “maintenance costs” are so much lower for a new car. Give me a break.
7.If you decide to take the option to buy the car at the end of the lease term, you’ll have paid much more than the cost of the car even if you had financed it.
1.If you get in an accident and the vehicle is totaled, you’ll still be responsible to pay back the full lease contract amount. Even if the insurance company gives you back less than what you owe to the dealership, you’ll be responsible for the full amount. If you do go with a lease, at least be smart enough to buy “gap” insurance which covers you for that difference that you would owe to the dealership.
2.Many times, the lease agreement will be for 5 years/60,000 miles. So, if you go over that 60,000 and keep it until the 5 years is up, you’ll pay a penalty for every mile over 60,000 miles. Think about how many miles you put on a car each year. Most people use well over 12,000 per year.
3.If you lose a job or experience a heavy time of financial hardship and cannot afford the payment anymore, the dealership will recover the car, sell it an auction, and if they sell it for less than you owe for the lease agreement, you will be legally responsible to pay the difference.
4.The car is NOT yours, yet they still make you pay for the maintenance of it.
5.Again, you can’t claim the car as an asset. It is technically still an asset of the dealership that leased it to you.
6.A lease starts a trend of perpetually paying a car payment. If you never paid a car payment and the average car payment in America was $350 a month, putting that $350 a month in a mutual fund that made 10% would become $791,171 in 30 years. That is astonishing, and what astonishes me more is that there are people out there that will continue to defend leasing cars and financing cars with no money down because the “maintenance costs” are so much lower for a new car. Give me a break.
7.If you decide to take the option to buy the car at the end of the lease term, you’ll have paid much more than the cost of the car even if you had financed it.
Last edited by Stew4HD; 03-22-2011 at 09:52 AM.
03-22-2011, 01:20 PM
#20
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Stew4HD,
1. Gap insurance is not only a good idea for leasing, the same rule applies if you buy.
2. Lease agreements are rarely for 5 years and i would never recommend leasing any car for 5 years.
3. If you lose your job, it would be harder to make the higher payment associated with financing.
4. correct, the car is not yours, but when you finance a car, it is not yours until you obtain the title, after the car is paid off, until then the bank owns the car.
5.A leased car is an asset of the leasing company, not the dealership.
6. This is the weakest point of all. A depreciating asset will cost you on a daily basis as it depreciates. Even if you pay cash for a car, you still have the monthly depreciation as an unrealized payment. Mutual funds may very well not perform at 10% per year, as they have not over the past 10 years.
7. See my analysis above and you will see the cost was the same.
Do your homework before you quote a source that has poor and incorrect information!
1. Gap insurance is not only a good idea for leasing, the same rule applies if you buy.
2. Lease agreements are rarely for 5 years and i would never recommend leasing any car for 5 years.
3. If you lose your job, it would be harder to make the higher payment associated with financing.
4. correct, the car is not yours, but when you finance a car, it is not yours until you obtain the title, after the car is paid off, until then the bank owns the car.
5.A leased car is an asset of the leasing company, not the dealership.
6. This is the weakest point of all. A depreciating asset will cost you on a daily basis as it depreciates. Even if you pay cash for a car, you still have the monthly depreciation as an unrealized payment. Mutual funds may very well not perform at 10% per year, as they have not over the past 10 years.
7. See my analysis above and you will see the cost was the same.
Do your homework before you quote a source that has poor and incorrect information!
03-22-2011, 01:32 PM
#21
Suzuka Master
OMG, what was I thinking? Stupid financial managers! Sheesh.. I should have asked you! How silly of me.
It's a wonder anyone ever buys a car these days since it costs almost the exact same to lease or buy! How could I have been so wrong?? So much for good sound common sense! You win... Buying is foolish, leasing is the only way to go!
It's a wonder anyone ever buys a car these days since it costs almost the exact same to lease or buy! How could I have been so wrong?? So much for good sound common sense! You win... Buying is foolish, leasing is the only way to go!
03-22-2011, 01:36 PM
#22
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OMG, what was I thinking? Stupid financial managers! Sheesh.. I should have asked you! How silly of me.
It's a wonder anyone ever buys a car these days since it costs almost the exact same to lease or buy! How could I have been so wrong?? So much for good sound common sense! You win... Buying is foolish, leasing is the only way to go!
It's a wonder anyone ever buys a car these days since it costs almost the exact same to lease or buy! How could I have been so wrong?? So much for good sound common sense! You win... Buying is foolish, leasing is the only way to go!
03-22-2011, 01:49 PM
#23
Suzuka Master
Dude, really.. you should think before you post.... again, I will repeat for the very last time, ASK ANY FINANACIAL MANAGER if leasing is a good deal. I take their word over yours. You can spin it any way you want to justify your decision, I don't care.
Like I said, if leasing was truly such a good deal, then no one would buy, so stop posting your DUMB comments. I have leased once and saw how bad they are, own 2 and have owned many, if you are trying to do a pee-pee contest.
I won't continue to argue with you. You seem to believe your POV.. so be it.. if you are happy then cool but I will always tell people to read up, ask questions, research and then decide when asked about leasing. If they choose to go againt good, sound advice, it's their $$.
The sad part is that true sound advice says to NEVER buy new.. only a couple years old at the latest, pay cash and then drive it till the wheels fall off save up for the next one, I don't listen to that one.. so i am bit of a hypocrite.. yikes
..
Like I said, if leasing was truly such a good deal, then no one would buy, so stop posting your DUMB comments. I have leased once and saw how bad they are, own 2 and have owned many, if you are trying to do a pee-pee contest.
I won't continue to argue with you. You seem to believe your POV.. so be it.. if you are happy then cool but I will always tell people to read up, ask questions, research and then decide when asked about leasing. If they choose to go againt good, sound advice, it's their $$.
The sad part is that true sound advice says to NEVER buy new.. only a couple years old at the latest, pay cash and then drive it till the wheels fall off save up for the next one, I don't listen to that one.. so i am bit of a hypocrite.. yikes
..
Last edited by Stew4HD; 03-22-2011 at 01:52 PM.
03-22-2011, 02:05 PM
#24
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The sad part is that true sound advice says to NEVER buy new.. only a couple years old at the latest, pay cash and then drive it till the wheels fall off save up for the next one, I don't listen to that one.. so i am bit of a hypocrite.. yikes
..[/QUOTE]
Finally something printed with a little substance and truth.
Just understand that leasing can be an equal or better alternative to buying in certain cases.
..[/QUOTE]
Finally something printed with a little substance and truth.
Just understand that leasing can be an equal or better alternative to buying in certain cases.
03-22-2011, 02:59 PM
#25
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What you are forgetting in your situation is that your lease was based off of a pretty decent money factor to begin with so when you compare it to a 3.9% hypothetical interest rate....it does look quite tempting as the results are now heavily skewed in your favor.
The only reason I am responding is bc my wife, by coincidence, also happens to own a 2006 Lexus RX330 and we were able to get a 60 month loan at 0.9% apr...which shouldn't have been a problem for you since you have a great credit score as well.
Using that 0.9 for 60 months in your 42800 vehicle the monthly payment is now $729.77 equaling out to a grand total of $43,786.20 as opposed to your lease/purchased vehicle grand total of $47,070. The difference is now $3283.80. That's a significant amount of money to me that you could have saved if you had decided to purchase from the get go.
Any logical person, like Stew, will always know that buying a car will always be better than leasing and for many different reasons, not just the one I have stated above.
Even if you go as high as a 2.9 APR w/moderate credit you will still save over $1000, but let's not inflate APR's just to try and justify your own purchase and make it seem like leasing is the better option.
03-22-2011, 03:49 PM
#26
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I understand what your saying with regards to your own scenario, but once again you are simply justifying your own purchase.
What you are forgetting in your situation is that your lease was based off of a pretty decent money factor to begin with so when you compare it to a 3.9% hypothetical interest rate....it does look quite tempting as the results are now heavily skewed in your favor.
The only reason I am responding is bc my wife, by coincidence, also happens to own a 2006 Lexus RX330 and we were able to get a 60 month loan at 0.9% apr...which shouldn't have been a problem for you since you have a great credit score as well.
Using that 0.9 for 60 months in your 42800 vehicle the monthly payment is now $729.77 equaling out to a grand total of $43,786.20 as opposed to your lease/purchased vehicle grand total of $47,070. The difference is now $3283.80. That's a significant amount of money to me that you could have saved if you had decided to purchase from the get go.
Any logical person, like Stew, will always know that buying a car will always be better than leasing and for many different reasons, not just the one I have stated above.
Even if you go as high as a 2.9 APR w/moderate credit you will still save over $1000, but let's not inflate APR's just to try and justify your own purchase and make it seem like leasing is the better option.
What you are forgetting in your situation is that your lease was based off of a pretty decent money factor to begin with so when you compare it to a 3.9% hypothetical interest rate....it does look quite tempting as the results are now heavily skewed in your favor.
The only reason I am responding is bc my wife, by coincidence, also happens to own a 2006 Lexus RX330 and we were able to get a 60 month loan at 0.9% apr...which shouldn't have been a problem for you since you have a great credit score as well.
Using that 0.9 for 60 months in your 42800 vehicle the monthly payment is now $729.77 equaling out to a grand total of $43,786.20 as opposed to your lease/purchased vehicle grand total of $47,070. The difference is now $3283.80. That's a significant amount of money to me that you could have saved if you had decided to purchase from the get go.
Any logical person, like Stew, will always know that buying a car will always be better than leasing and for many different reasons, not just the one I have stated above.
Even if you go as high as a 2.9 APR w/moderate credit you will still save over $1000, but let's not inflate APR's just to try and justify your own purchase and make it seem like leasing is the better option.
To each is own for sure, but for anyone to make blanket statements that one is better than the other is just not true.
03-23-2011, 05:23 PM
#27
5th Gear
Join Date: Apr 2008
Age: 46
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I just left my dealer in N. Virginia.. same scenario in last month of 2008 type s lease with navi
I want to get 2011 tech and they had one with the 18 inch wheels
nothing out of pocket at all i would have 42k miles over 3 years since they rolled over my unused miles.. $450 a month... i think im high now.. told them i would make my mind over night..seeing im putting nothing down. but turning in 08 what number should i shoot for? appreciate any help!
I want to get 2011 tech and they had one with the 18 inch wheels
nothing out of pocket at all i would have 42k miles over 3 years since they rolled over my unused miles.. $450 a month... i think im high now.. told them i would make my mind over night..seeing im putting nothing down. but turning in 08 what number should i shoot for? appreciate any help!
03-24-2011, 06:19 AM
#29
I just left my dealer in N. Virginia.. same scenario in last month of 2008 type s lease with navi
I want to get 2011 tech and they had one with the 18 inch wheels
nothing out of pocket at all i would have 42k miles over 3 years since they rolled over my unused miles.. $450 a month... i think im high now.. told them i would make my mind over night..seeing im putting nothing down. but turning in 08 what number should i shoot for? appreciate any help!
I want to get 2011 tech and they had one with the 18 inch wheels
nothing out of pocket at all i would have 42k miles over 3 years since they rolled over my unused miles.. $450 a month... i think im high now.. told them i would make my mind over night..seeing im putting nothing down. but turning in 08 what number should i shoot for? appreciate any help!
03-27-2011, 12:20 PM
#30
5th Gear
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I told them i was keeping my 08 type S...
today I got call back and they lowered monthly to $410 for 11 tech with 18s zero out of pocket including taxes and 42k miles over 3 years..
sounds good right?
I still am considering buying my 08 type s though ... would also be $410 a month for 4 years but end of 4 years I would have a car still worth 7-9k no? figure it would have about 70-75k mile son it by then .....
thoughts? what should I do of those 2 options
03-29-2011, 03:27 PM
#31
Finance/accounting really?...Hey young man live and learn you are not the first nor last person to be "hoodwinked" by a salesman...Learn from this and never ever lease again...j/k.. If you had finance for 4-5 years would you have taken 4-5 years to pay it off?
04-04-2011, 07:40 PM
#33
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Join Date: Mar 2010
Location: Bronx, NY
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I love leasing this is my 2nd lease I had an 07 toyota camry le. Now I have an 2010 ACURA TL W/ TECH 18" WHEELS, WHEEL LOCKS, RUBBER TRUCK TRAY, CHROME GRILLS $463 A MO WITH FULL COVERAGE THRU ACURA 3 YR 12000 MILES
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