July Lease Special on the GSR Evo X
Jul 27, 2008, 11:09 PM
#16
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MSRP - $33655
Base Cap Cost - $29999
Costs added to lease - $600 acquisition fee (? not sure need to confirm)
Cap cost reduction - $1950
Adjusted cap cost - $28649
Residual - $22549 (using the June 2008 residual, so 67% after 24 months)
Money Factor - .00250 (Using June 2008 numbers)
Term - 24 months
Payment - $382.16 + $31.53 in tax (using 8.25% in SF Bay area)
These numbers are a guess.
$1950 + $413.69 + $600 acquisition fee + Security Deposit + DMV fees = $3903?
That's a huge drive off.
Compared to buying the car at 48 months with $3903 down:
$631.13 per month (ignoring DMV fees, so probably another 2% or $450ish)
You get a significantly lower monthly payment, but the cost after 2 years:
On the lease:
You've spent $413.69 * 24 + 3903 = $13831.56.
The car is probably worth more than the $22538 residual, let's say it's worth $25k sold private party, with 24k miles on it. That means that you pocket $2462 at the end of the lease for a total cost of: $11369.56 over the course of 2 years.
With the 2.9% financing:
you've spent $631.13 * 24 + $3903 = $19050.12
After 24 months of car payments, you owe about $14,750. You sell the car for $25k with 24k miles and you end up with $10,250 in your pocket. Total cost of $8800.12, or about $2300 cheaper than the lease.
Why does this work out this way? A big chunk of that is that the money factor 0.00250 works out to 6% interest. The lease is not a great deal, because of the high money factor.
Base Cap Cost - $29999
Costs added to lease - $600 acquisition fee (? not sure need to confirm)
Cap cost reduction - $1950
Adjusted cap cost - $28649
Residual - $22549 (using the June 2008 residual, so 67% after 24 months)
Money Factor - .00250 (Using June 2008 numbers)
Term - 24 months
Payment - $382.16 + $31.53 in tax (using 8.25% in SF Bay area)
These numbers are a guess.
$1950 + $413.69 + $600 acquisition fee + Security Deposit + DMV fees = $3903?
That's a huge drive off.
Compared to buying the car at 48 months with $3903 down:
$631.13 per month (ignoring DMV fees, so probably another 2% or $450ish)
You get a significantly lower monthly payment, but the cost after 2 years:
On the lease:
You've spent $413.69 * 24 + 3903 = $13831.56.
The car is probably worth more than the $22538 residual, let's say it's worth $25k sold private party, with 24k miles on it. That means that you pocket $2462 at the end of the lease for a total cost of: $11369.56 over the course of 2 years.
With the 2.9% financing:
you've spent $631.13 * 24 + $3903 = $19050.12
After 24 months of car payments, you owe about $14,750. You sell the car for $25k with 24k miles and you end up with $10,250 in your pocket. Total cost of $8800.12, or about $2300 cheaper than the lease.
Why does this work out this way? A big chunk of that is that the money factor 0.00250 works out to 6% interest. The lease is not a great deal, because of the high money factor.
Jul 28, 2008, 12:54 PM
#18
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residual is 67%
money factor 1.89
The payment I posted also includes the tax.
Try it again
money factor 1.89
The payment I posted also includes the tax.
Try it again
Last edited by SOCALMITSU.COM; Jul 28, 2008 at 01:04 PM.
Jul 28, 2008, 01:08 PM
#19
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I updated the first page with the new payment.
We can always lower the drive offs and the payments will go up. If anyone is interested, give me a scenario and I can post up their payments
Smash
We can always lower the drive offs and the payments will go up. If anyone is interested, give me a scenario and I can post up their payments
Smash
Jul 29, 2008, 03:11 AM
#24
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It's still a terrible lease in my opinion. 12k miles for a 67% residual ? Should be higher for limiting the mileage. Plus $4000 out of pocket? You're crazy to put ANY kind of money down on a lease.
Jul 29, 2008, 03:53 AM
#26
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Actually, the residuals aren't too terrible for the X. 67% after two years ain't too shabby. Granted for this lease its 12K miles, which is what I take issue with. The lease I have on my X is 67% for 15k miles.
Jul 29, 2008, 08:02 AM
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Jul 30, 2008, 10:29 AM
#30
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I never agree with a lease paying for something your not owning...so then after those 2 years you are then having to finance 23k. Not to mention wanting to modify the vehicle in any other way other then minor apperance and audio-JOEYD