I just leased a car which costs almost 1000$ per month (after the down payment). Although I can do it, I still think that they are a lot of money wasted. Indeed after 3 years I have to bring back the car and I will have spent a total of 36k.
What do you think? Did you do it too? Would you?
Thanks for sharing your thoughts.
- Facebook ProbeFinancially stupid, but hey it's your life and there's far worse ways to burn your money.
- What was the reason you got it in the first place? While I agree that's a lot of money, if it provides joy is less of a waste, no?
- Hell naw. Leases are burnt money unless you buy it at the end and plan on keeping it a while after that.
If you return it you're just paying off the depreciation value for the next guy.
- What car is it?
What is the money factor?
What is the residual?
What was the MSRP and the actual sale price?
Without those details, you can’t really say if you wasted money or got a bad deal.
The only thing I can say at this point that you did wrong was putting a down payment. NEVER put a down payment on a lease. Always zero down.
I leased a fully loaded M5 a couple of years ago.
Residual of 64%
Money factor 0.0013
MSRP was about $118000.
Negotiated close to 10% of the MSRP
Lease for 36/36000 was about $1200 a month including interest and taxes
Completely worth it.
Didn’t want to deal with expensive repairs out of warranty or try to sell a extremely fast depreciating sports sedan.
- Western Digital xfcs35Typical developing country guy that comes to America and wants everybody at home to see how well he is doing. Pay the price Bud, don't complain, welcome to America!!
- SAIC ibaouw6You may have gotten a great deal - or not. Leasing books down to money factor, selling price and residual. I suggest anyone looking into leasing get the money factor and residual information from edmunds leasing forum. It's very active and informative.
- American Express D.BCooper1% rule on a good deal - 1% of MSRP per month. Mf is the interest rate. Take it and × 2400 to get the real interest rate Mf change monthly. Most dealerships mark it up the base MF for extra money. Negotiate buy price not monthly payments. Every $1000 down is lime 25-35$ off a month. You have to be savage.
I leased a Maserati due to depreciation issues on the brand and got the 1% rule on it. They tried to screw me with 5k more needed the day after the deal while I was picking the car up. I got my money back and uber'd home. I emailed Fiat's CEO at the time, Sergio Marchionne, among other leadership. Masersri US took care of it They called and redid the deal. Play hardball. I mean email CEO hardball. Walk out if you have to.
- Asurion FogMistI just ate very spicy food. Now my stomach feels funny, I think I might have a loose one. What do you think? Did you do it too? Would you?
What kind f$$$$$$ dumb question is this?
- MediaTek Go🔙I leased a fancy car about 6 months ago. I still feel like I won the jackpot every time I get in the car!