Lease/BuyBack and upgrades

[Chinadian]

Hey guys,

Im from Canada and I leased my FRS for 4 years. I am planning to keep the car after the lease though. I am saving up for some small upgrades (tints, hid etc). But I am wondering 1) If buying back is a good idea 2) Will I be charged for the upgrades even if I buy it back at the end of my lease? or will it be like since I am buying it back, I could do whatever I want to it even within the 4 year lease period?


Thanks for the input!

Happy new years!

[Rayme]

I'm also leasing for 4 years. I've put 2500 down and my payments are around 413$ / month cause I'm poor lol.

It would be totally stupid to not buyout that car, my buyout is about 14 000$ and in 4 years the car will still be almost worth 19 000 - 20 000 $. So even if one doesn't want it anymore, just buy it and sell it and collect about 5000$...and don't worry about upgrades

[Braces]

This has been covered before. Not sure about Canada, but currently in the USA ... lease rates are not as good as financing or purchasing rates. If you planned to keep the car .... it would have made more financial sense to purchase the car outright. Once the lease is up ...any modifications you've made to the car are YOURS .... assuming you purchase the car at the end of the lease. If you turn the car in to the leasing company ... you will need to return the car to it's original condition.

[Turbowned]

The nice thing about buying your car out at lease end (vs. buying another used FR-S) is that you know who the previous owner was and how the car was maintained. It's not as economical as financing the thing from the get-go but presumably you leased it to keep the payments down, so it makes it more comfortable to stretch the payments out over a longer term.

[kidgogeta]

im in the same situation as you

however

i got into an accident a couple months ago (damn that curse), dodge ram crushed my passenger side door damage was worth $10,000. What would you guys do in my situation

[chenshuo]

for my BRZ, i'm on a 4 year finance with Subaru. I put $6000 down and a monthly payment of $700.

[Opposed]

Originally Posted by Braces

This has been covered before. Not sure about Canada, but currently in the USA ... lease rates are not as good as financing or purchasing rates. If you planned to keep the car .... it would have made more financial sense to purchase the car outright. Once the lease is up ...any modifications you've made to the car are YOURS .... assuming you purchase the car at the end of the lease. If you turn the car in to the leasing company ... you will need to return the car to it's original condition.

Interesting, my lease rates are half of what they offered me to buy the car. Payments went from $550/mo to $320/mo leasing. I do plan on buying it at the end...

[Braces]

Originally Posted by Opposed

Interesting, my lease rates are half of what they offered me to buy the car. Payments went from $550/mo to $320/mo leasing. I do plan on buying it at the end...

Depends on what your finance rate would have been. I have good credit and was offered a 4.1% lease rate for 36 months. I could have financed the car through Penfed at 1.49%. Lease rates are not as competative as finance rates. Especially with a new car such as the twins.

[Opposed]

Originally Posted by Braces

Depends on what your finance rate would have been. I have good credit and was offered a 4.1% lease rate for 36 months. I could have financed the car through Penfed at 1.49%. Lease rates are not as competative as finance rates. Especially with a new car such as the twins.

That's true. 1.49% is a pretty solid rate.

[Chinadian]

Thanks for the feedback guys! I had to lease cuz I don't have down payment and not enought for finance.

So just to clarify, even if I add upgrades to my car during the 4 year period, as long as I buy it back after I won't be charged n e thing right?

Thanks!

[that_one_guy]

Originally Posted by Chinadian

Thanks for the feedback guys! I had to lease cuz I don't have down payment and not enought for finance.

So just to clarify, even if I add upgrades to my car during the 4 year period, as long as I buy it back after I won't be charged n e thing right?

Thanks!

You should just email the finance/lease manager with this question, that way you have the answer in writing and should anything funny try to happen when you purchase the car, you have proof that what you did was allowed. You can't bring them a copy of some responses on a forum...

[jmaryt]

Originally Posted by ottopilot

I'm also leasing for 4 years. I've put 2500 down and my payments are around 413$ / month cause I'm poor lol.

It would be totally stupid to not buyout that car, my buyout is about 14 000$ and in 4 years the car will still be almost worth 19 000 - 20 000 $. So even if one doesn't want it anymore, just buy it and sell it and collect about 5000$...and don't worry about upgrades

how do you figure this? just curious! are you a "sharmin?" you can see into the future! (hot damn!) i want to set up a "consultation!" just sayin'

[jmaryt]

Originally Posted by ottopilot

I'm also leasing for 4 years. I've put 2500 down and my payments are around 413$ / month cause I'm poor lol.

It would be totally stupid to not buyout that car, my buyout is about 14 000$ and in 4 years the car will still be almost worth 19 000 - 20 000 $. So even if one doesn't want it anymore, just buy it and sell it and collect about 5000$...and don't worry about upgrades

Originally Posted by Turbowned

The nice thing about buying your car out at lease end (vs. buying another used FR-S) is that you know who the previous owner was and how the car was maintained. It's not as economical as financing the thing from the get-go but presumably you leased it to keep the payments down, so it makes it more comfortable to stretch the payments out over a longer term.

leasing is obtuse on a depreciating asset! buy the car and drive it into the ground.it's the only way to extract "value" from the experience. f**king around any other way is profoundly without merit,what with TOTAL costs associated with the vehicle. put a '"ton'" of miles on it,and be done with it. financing,OR leasing,either way, is a losing proposition! if ya can, BUY the f**kin' car!

[Rayme]

Originally Posted by jmaryt

how do you figure this? just curious! are you a "sharmin?" you can see into the future! (hot damn!) i want to set up a "consultation!" just sayin'

I'm a psychic, I can use the internet and look at similar priced cars, like the CIVIC SI, genesis coupe and all the other sports compact that sells for a similar price. The twins will even keep their value more than those because because they are just that popular and aren't a domestic (cough cough, anybody seen the cobalt SS resale value VS the civic SI?).

Originally Posted by jmaryt

leasing is obtuse on a depreciating asset! buy the car and drive it into the ground.it's the only way to extract "value" from the experience. f**king around any other way is profoundly without merit,what with TOTAL costs associated with the vehicle. put a '"ton'" of miles on it,and be done with it. financing,OR leasing,either way, is a losing proposition! if ya can, BUY the f**kin' car!

Well thanks I'm pretty sure anybody knows that, did you read what I wrote up there? I can't buy the car. And if somebody like me doesn't keep the car more than 4 years, leasing makes just as much sense as buying anyway.