Lease Deal: Good or Bad
Apr 19, 2010, 07:10 AM
#1
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Lease Deal: Good or Bad
Looking into leasing a 2010 Evo X GSR with SSS Pkg and Navi
$390 month 48 months 12k miles a year
$5,000.00 total walk out that includes everything & plates, walk out i mean nothing more then that.
They gave me the car for $39,000.00 total with tax
So basically i will be paying $23,720.00 total after the lease is finished, and buy out will be $15,280.00 that includes tax but no APR , thats if i want to buy it or if im not happy with it ill just return it.
So deal or no deal
$390 month 48 months 12k miles a year
$5,000.00 total walk out that includes everything & plates, walk out i mean nothing more then that.
They gave me the car for $39,000.00 total with tax
So basically i will be paying $23,720.00 total after the lease is finished, and buy out will be $15,280.00 that includes tax but no APR , thats if i want to buy it or if im not happy with it ill just return it.
So deal or no deal
Apr 19, 2010, 07:30 AM
#2
That's an eye watering down payment on something you might turn in!
Not sure on NAVI exactly, but you ought to be able to get that car for $33500 from SCM here:
https://www.evolutionm.net/forums/hu...ead-smash.html
39k is way too high, IMO.
Not sure on NAVI exactly, but you ought to be able to get that car for $33500 from SCM here:
https://www.evolutionm.net/forums/hu...ead-smash.html
39k is way too high, IMO.
Apr 19, 2010, 09:27 AM
#6
You are paying a barely a little more for the car via a lease, but it does give you a lower monthly payment.
If you take that same 5k, put it down on on 39k and finance the remaining 34k, the lowest payment you would get would be around $560 a month (72 months @ 6%).
If you do a 4 year lease and 3 year finance at the end of the lease (if you buy it), you are probably about the same money wise. However, interest rates for lease buy outs are generally 2-3 points higher than a standard auto loan, so factor that in.
Another thing to factor in is this: your buy out at the end of 4 years is only $15k. You can't go get a 4 year old Evo now for even close to that, meaning the market value of the car will exceed your purchase price. That's good. At the end of the lease, in essence, you will have the option to buy a 4 year old evo that is a single owner, maintained, still under warranty, driven however you drive it, for $15k. You'd be a fool not to buy it, even if you just turn around and resell it.
Also, you will usually have to carry a minimum of 100k liability insurance to satisfy a lease.
I say go for it. New lease programs are great (since the old ones were so bad the banks all screwed themselves). You can trade it in, sell it, buy it out at any time. They really are a nice option if you can qualify for one.
If you take that same 5k, put it down on on 39k and finance the remaining 34k, the lowest payment you would get would be around $560 a month (72 months @ 6%).
If you do a 4 year lease and 3 year finance at the end of the lease (if you buy it), you are probably about the same money wise. However, interest rates for lease buy outs are generally 2-3 points higher than a standard auto loan, so factor that in.
Another thing to factor in is this: your buy out at the end of 4 years is only $15k. You can't go get a 4 year old Evo now for even close to that, meaning the market value of the car will exceed your purchase price. That's good. At the end of the lease, in essence, you will have the option to buy a 4 year old evo that is a single owner, maintained, still under warranty, driven however you drive it, for $15k. You'd be a fool not to buy it, even if you just turn around and resell it.
Also, you will usually have to carry a minimum of 100k liability insurance to satisfy a lease.
I say go for it. New lease programs are great (since the old ones were so bad the banks all screwed themselves). You can trade it in, sell it, buy it out at any time. They really are a nice option if you can qualify for one.
Last edited by ikt; Apr 19, 2010 at 09:29 AM.
Apr 19, 2010, 10:02 AM
#7
I'm leasing and def paying a lot more but I didnt put as much down. Keep in my mind my credit is shot but I can afford the car with my job. I say if you cant afford to buy it out right go with the lease and maybe you can save up the money to buy it out in the end.
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Apr 19, 2010, 10:07 AM
#8
You are paying a barely a little more for the car via a lease, but it does give you a lower monthly payment.
If you take that same 5k, put it down on on 39k and finance the remaining 34k, the lowest payment you would get would be around $560 a month (72 months @ 6%).
If you do a 4 year lease and 3 year finance at the end of the lease (if you buy it), you are probably about the same money wise. However, interest rates for lease buy outs are generally 2-3 points higher than a standard auto loan, so factor that in.
Another thing to factor in is this: your buy out at the end of 4 years is only $15k. You can't go get a 4 year old Evo now for even close to that, meaning the market value of the car will exceed your purchase price. That's good. At the end of the lease, in essence, you will have the option to buy a 4 year old evo that is a single owner, maintained, still under warranty, driven however you drive it, for $15k. You'd be a fool not to buy it, even if you just turn around and resell it.
Also, you will usually have to carry a minimum of 100k liability insurance to satisfy a lease.
I say go for it. New lease programs are great (since the old ones were so bad the banks all screwed themselves). You can trade it in, sell it, buy it out at any time. They really are a nice option if you can qualify for one.
If you take that same 5k, put it down on on 39k and finance the remaining 34k, the lowest payment you would get would be around $560 a month (72 months @ 6%).
If you do a 4 year lease and 3 year finance at the end of the lease (if you buy it), you are probably about the same money wise. However, interest rates for lease buy outs are generally 2-3 points higher than a standard auto loan, so factor that in.
Another thing to factor in is this: your buy out at the end of 4 years is only $15k. You can't go get a 4 year old Evo now for even close to that, meaning the market value of the car will exceed your purchase price. That's good. At the end of the lease, in essence, you will have the option to buy a 4 year old evo that is a single owner, maintained, still under warranty, driven however you drive it, for $15k. You'd be a fool not to buy it, even if you just turn around and resell it.
Also, you will usually have to carry a minimum of 100k liability insurance to satisfy a lease.
I say go for it. New lease programs are great (since the old ones were so bad the banks all screwed themselves). You can trade it in, sell it, buy it out at any time. They really are a nice option if you can qualify for one.
Apr 19, 2010, 12:59 PM
#12
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not planing to mod it want to leave it stock for daily use have my 04 evo 8 to play around with mods, but thank you all for your opinions, still thinking what to do, again thank you.
Apr 19, 2010, 02:08 PM
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never put anything down on a lease, roll it all into the payment, if u crash it you lose all that cash. $400/month zero down not even taxes or tags, thats fair. but u wont get it because they are shady scuumbags, and wont use the residual value, they know it will sell easy. Good lease deals are on crappy selling cars or mass produced, jeez when acura was in the final years of that same TL design that didn't change for 7 years they were giving them out.