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lease prices
Hi guys I've been looking into leasing an FRS. I just wanted to know what kind of prices everyone is getting on their lease.
Term/Monthly payment/ down payment/ 12k or 15k miles I've been getting different quotes at all the local dealerships Thanks Stan |
$6k down
15k miles annually 36 months $25,300 sticker $176 monthly payment Hope that helps man. My buyout price is $16,100 and all of this is inclusive of NY taxes and fees, etc. |
Yikes, why would anyone put $6k down on a lease? If you total your car driving off the lot, it's a complete loss. Never put money down if you can avoid it.
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1. Trade-in vehicle on the lease 2. Makes for very low monthly payments. For someone who cannot afford/does not want the $300-500/month car payments, or do not wish to have those payments, this is a reasonable option to own a car you could otherwise not afford. By saving up an initial payment you can get the car sooner, and at a lower cost. And it is not a complete loss, you typically need full insurance coverage on a leased car no? I suspect the insurance payout would be enough to get another car. |
Save some more and finance the car... You'll end up driving more than 15k miles per year. It's just that fun. I bought mine in April and 4 months later... already reached 10k haha
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I didn't want the burden of a high monthly payment in the event that something happened to my job. And it would not be a total loss, the car is fully insured. Furthermore, I'm buying the car out at the end. I'll have graduated law school at that point and will be have a career, not just a job.
And to the point about driving more than 15k a year, I have 1275 miles on the odometer and I've had it for 7 weeks now. That puts me under 9.5k a year. I don't see much changing in my driving habits between now and then. I guess for some people leasing isn't an option due to long commutes. Fortunately, I don't fall into that category. |
I looked into leasing since my mileage would be low as I commute on my motorcycle. However unless you have excellent credit or a hefty down payment, the payments won't be much lower than just financing it. I have above average credit, was going to put 2,500 down and my payments would have been 350-375 a month...
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And again, whether you're financing or leasing, you'll be required by your lienholder/leaseholder to maintain full coverage anyway. Even if you pay cash, you should still get it anyway. But remember that leasing typically requires you to carry liability limits of 100/300/50 or greater, which is well above the state minimum requirement in all states. If you already have that liability limit or higher, then it's not a big deal, but for some of the minimalists who only go for the absolute minimum required, it might catch you off-guard when you have to go from 15/30/10 to 100/300/50 and your insurance rates go up a big chunk. |
I've got another car. So this would be my second car. Thats the reason I wanted to lease it. I also switch cars ever couple years.
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$3800 or so down? only $500 was cash. $250 a month
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I know some people aren't great at budgeting so I totally understand why someone would do this up front, however it seems foolish on the outside.
Devil's advocate tho...if you're not trying to lower the overall debt on the car for future sale options then the money would be more useful in your savings account. For instance savings can pay higher car payments or cover the payments if you're out of work or pay the deficit in the event of a total loss. The only reasons I can see for leasing a car is if it gets covered by your employer (they lease it for you but you can pick). I've never really believed any of the other reasons (lower payments, service plans, etc.) were worth the hassle. |
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What leasing does is a few things. It allows you to get into a car you normally probably couldn't afford. You're only paying for the diminished value of the car for the number of years you drive it plus fees and interest. Some cars hold their value very well, and it is much cheaper to "rent" it for 3 years instead of buying it. It also eliminates the possibility of negative equity in your car. This is especially important for people that get new cars relatively often. A lot of times, if you finance the car, the amount you still owe by the time you go to trade it in is more than what the car is worth. That's negative equity. Leasing eliminates this risk. If your car is in reality worth less than what the dealer quoted your residual at the end of the lease, the dealer takes the hit. On the flip side, if it's worth more, you walk away with some money in your pocket because you overpaid for your lease. It's a win win situation if you like to change cars every few years and can't afford to finance the car you really want. It's also not a hassle at all to lease a car. My experience was very pleasant. It all depends on the person. Leasing and financing both have pros and cons. It really just depends on the person and situation as to what is better. |
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The real issue is whether or not people know how to invest and manage their money. |
But we're not really talking about investing, as that is a whole new can of worms that doesn't need to be opened in this discussion. At the end of the day, the difference wouldn't be significant anyway.
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$775 down
380 per month 404 after the 2 year service thingy. Pretty damn fair!!!!!!!!!!!! |
Start a "business". You get to deduct your lease payments directly off your business income and you can buy out the car for personal use after your lease expires. That's why most corporations lease computers, equipment, and etc.
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Leasing makes sense if you are the type of person who trades-in a car every 2-3 years and is fickle. But there are other factors. Leasing, on paper, is not quite as straight forward as buying and you need to understand all the terms and conditions of the contract. For example, with buying you know the interest rate over the life of the loan. It is black and white. With leasing you need to figure out what that rate is based on money factor. There are other fees as well such as the acquisition fee. The out the door price of the car is a big factor when leasing (price you pay after price of the car, all fees, and all taxes).
People who just focus on a monthly payment (especially when putting large sums down on a lease) are more than likely to end up paying a lot more long term. It is the worst way to negotiate with a dealer. |
If your leased car is totaled, the insurance company pays the leasing company, not you. Your contact is then cancelled. You don't get anything back, even with a down payment.
You can't be upside down on a lease in the case of an accident. You have gap coverage for that, I believe it's mandatory and included in most states. If you want a lower payment, put the money you were going to use for the down payment in an account and use it to make part of your monthly payment. Leasing can make sense if you want a new car every 2-3 years and your mileage is predictable. If you know you're going to buy at the end of the lease, you're generally better off buying and financing. |
Leasing is .... horrible....
It's pretty much renting a car on a contract. The thought of it makes me cringe. |
Buy the frs put 2k down. If anything were to happen with your job you basically have 4k in the bank to make 8 months of payments if worst case happened
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"Leasing helps someone get into a car they otherwise couldn't afford..." if they can't afford it they can't afford it...this is where the "hassle" comes in because these type of people find themselves sunk when they have to settle up at the end of the lease or they have an accident in the car. *2 cents* |
Gilt- I'm a firm believer in at all times have 5k in the bank and 500 dollars in cash hidden in the house. 500 cash in house can get me to a bank during national disaster and 5k ensures security.
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Cash is king? I disagree. I'm relatively young (29) for what I have and I never have held a lot of cash in a bank account and I have $15 bucks on me right now. My retirement funds are all in the stock market, and any extra cash I get goes straight into my mortgage. In 3 years I've been able to pay my mortgage half down, which allowed me to refinance and save $1000 a month in interest, which allowed me to buy my v10 R8 NEW. What happens in an emergency you say? That's why I opened up a HELOC which is just as good as cash. I can write a check, get money from the bank as if it's a very large savings account, if I ever need it in an emergency! Pay off your debt first, save your cash later. Credit is just as good as cash in an emergency, and your money sitting in the bank is losing value!
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As far as leasing goes, head down to the cars for sale forum on here and pic up a nice used FRS for close to 20k. My local credit union is offering 1.9% on USED cars, that's close to borrowing money for free. Remember, the cost of a car isn't what you buy it for, it's what you buy it for minus what you sell it for (depreciation). So let's say you buy a used FRS for 20k, sell it for 15k 3 years later, you only payed $139 in deprecation per month. Much less than the lease.
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Turk- I max out my 401k at work, I am putting an extra 200 dollars on principle for mortgage to make it a 15 year loan vs 30year. I have a zero balance credit card with 8k limit. But again emergencies like a hurricane I was in once, no debit no credit and no checks. Used cash to get to a town 5 hours away got 2k out to last me 2 weeks at time I didn't know how long
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Different living conditions I suppose, I live outside of Chicago. The worst we'll see is a blizzard or tornado which is typically only a few days of problems and very isolated (tornado).
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If you lease through Toyota, it's a set chart of rates based on your credit score. They showed me the chart. There really is no tricky business with a Scion lease (at least at the dealer I used), so long as you avoid the extra stuff they try to sell. Get GAP. Make little to no down payment. Have good credit. Scion had a three years, $300 a month lease when I got mine.
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