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· Time for change
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14,584 Posts
Discussion Starter · #1 ·
Looking for best lease special. Payments under $320 if possible. Less money down = best.

I'm trying to keep some money liquid for some major electrical work to be done on the Supra.
 

· Time for change
Joined
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14,584 Posts
Discussion Starter · #3 ·
Well. I live in NY, and right now I'm at a crossroads where I either spend $5500 on a POS beater car that I won't like, I'll be throwing money at and want to get rid of in a year or so, so that I have enough money to work on my Supra and get it running to where I was promised it ran back when I first bought it...

OR.


I can lease again like I did before, had the confidence of a new car under warranty, not be embarassed driving it, and enjoy getting into the car and driving again.

I'd like the payment to be under $300-$320 a month, preferable $500 down or less. The point of this is to try and keep liquid money for the thousands I'm about to drop into the Supra to do the electrical right by a Naval EE, who wires hotrods and imports with aviation spec wiring proceedures and components.

While that is being done, and I won't have the Supra to drive AGAIN for the third summer in a row...

I need something that I'd have fun driving now. Something I can throw an intake and exhaust on, or chip if its a turbo, but I know there are limited options.

A friend told me he thought he saw a Cobalt SS turbo 0 down, $270 something a month, I called BS on that, but it got me thinking. What's out there.

I prefer a stick if possible. I don't care who makes it, as long as it's not a Kia, Huyndai, Suzuki, Chrysler product, as none of those companies have anything that compell me in my price range.

I need some help gang.
 

· Aspiring viking
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3,013 Posts
A friend told me he thought he saw a Cobalt SS turbo 0 down, $270 something a month, I called BS on that, but it got me thinking. What's out there.
I think a lease for your purposes can make a lot of sense. It may not be the absolute lowest cash outlay over the allotted time, but is otherwise a good compromise. I'm not sure I'm on board with modifying a leased vehicle, though.

I would be very surprised to find a lease on a Cobalt given that it is (A) a GM, (B) a D3 compact, and (C) a model about to be replaced. I would think all three of those things would hurt depreciation over time and that's the primary driver of lease payments - the differential in purchase price and expected residual value at the end of the term. I was actually under the impression that the D3 had discontinued leasing for most or all of their products.

You'll also have a harder time finding 24 month leases with nothing due at signing.

All that said, check out the regular websites for info on lease deals: Edmunds, Autos.MSN.com, and even Autotrader's new portal site. I'd be curious as to what you find.
 

· !black
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10,248 Posts
1) Pick a car you like.

2) Find out the residuals issued by the manufacturer for the term you want and the annual miles. There are plenty of sites that publish this, or just ask a dealer...it's not a secret, but does vary a bit due to any lease programs they may be running (see #5)

3) Check the current money factors for 3rd party lenders, typically manufacture-based finance is a bit lower. This is a variable, but it's going to be competitive. Figure around 5%

4) Find out what the invoice on the car is w/ options (edmunds.com is easy to look up).

5) Check for any manufacturer based lease program incentives -- they often inflate the residual to make leasing more enticing. If you have no plans to keep a car - this can work out HUGE in your favor. Also note that these numbers are based on MSRP... which you won't be paying ;)

The amount you are leasing is your *negotiated* final sales price, less the factory-stated residual in the next X years. That spread is what is financed. You can pop that number into any amortization calculator for what xxxxx is over the next 36 months at @ X.X interest rate. Any money down just buys down the loan... typically you want to put as LITTLE MONEY AS POSSIBLE into a lease.

When you're ready, go to the dealer and negotiate on the vehicle like normal - do not mention lease. After you guys get the final number nailed down, state your intent to lease
 

· BPU is so 1997
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6,833 Posts
Leasing is a terrible idea.

Not to mention, you sound broke. Let's be realistic.


I'd rather be debt free driving a beater than strapped for cashing and making payments on something I can't afford.
 

· Working OT
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9,049 Posts
Why do you have to buy a 5,500 beater and why would it be a piece that you are going to have to put money on to. There are plenty of cars under 5k that aren't shitty. Sounds to me like you need to get another job or you need to man up and just drive a cheap beater. You aren't going to find many nice cars that you don't have to put 2k or more down. Otherwise everyone would just lease cars.
 

· greedy capitalist
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1,874 Posts
Leasing is a terrible idea.

Not to mention, you sound broke. Let's be realistic.


I'd rather be debt free driving a beater than strapped for cashing and making payments on something I can't afford.
Leasing can make sense for some.

a couple of points I've considered lately.

You don't own a depreciating item
Minimal money out of pocket to start = more in the bank or to invest in something that pays a dividend ect.
normally lease payments are cheaper than financing outright considering the same cash down.
I can walk away in 3 years and not have to worry about selling the depreciated asset in this economic climate.
You don't have to worry about maintanence outside of warranty.
 

· Time for change
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14,584 Posts
Discussion Starter · #13 ·
Honestly for those who are trying to computer jockey my finances for me, or try and put me down for exploring options especially without knowing my financial situation can really just stay out of the thread. Mind your own business. HUA, I don't like you, never did. So simply lose yourself, thanks!

I'm incredibly picky about cars, finding a decent car under $5000 is nearly impossible for me. If you have any suggestions that would be welcome.

The reason for the lease is that my financial situation will be far superior in the next year. But buying and driving a car for < $5000 that will depreciate further, and something that I will likely have to put more money into in the meantime doesn't add up.

My reasons for leasing.

#1 I can drive a much nicer car problem free for less money monthly. This monthly income mitigates wife's less income in summer (teacher) allos me to continue paying off my unsecured debt from wedding loans (almost done!)
#2 I don't have to worry about it depreciating
#3 I don't have to worry about buying a lemon which is more and more common when you like any other cars other than other popular commuter cars. Which is what happen when I leased my '06 6MT 2.0T Passat which the stick killed itself at 2700 miles, and the mechanical fuel pump destroys the follower and cam at 40K miles which is what I turned the car in at :} Glad I didn't buy THAT one eh?
#4 If I bought a $5000 car and sold it in a year, assuming I didn't have to put any money into it, there is a high likelyhood of the car getting a problem in that time, and I cannot in good concious sell a car with a problem to somone, and if it does have a problem and the buyer knows about it, I cannot in good concious try and convince them it's an easy fix just to off the car on them, I don't play used car salesman well.... at all....
#5 Respect. To some thats more important :]


So anyways, I couldn't find lease deals on edmunds, what am I missing?
 

· Registered
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18,343 Posts
Not sure if it's still available but Hyundai had lease deals on the V6 Genesis Sedan for $399 a month (yes I know is more than $320 but not by much), not sure if it required money dow (I think it did)
 

· Registered
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104 Posts
You aren't going to find many nice cars that you don't have to put 2k or more down. Otherwise everyone would just lease cars.
I beg to differ. Leasing typically requires no down payment. Just pay the license fees, taxes (if required by your state), etc up front.

Leasing works great for some people. Works even better if its corporate lease. For those that don't hold onto a car for more than 3 years, it simply makes sense.
 

· Ludicrous speed! GO!
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2,559 Posts
You say you want to save money so that you can pay off debt and have money to work on the Supra, but don't want to make sacrifices to do so.

See where your problem is? You want to lease a car--which is basically renting the car for a number of years--and at the end of that rental period, you will have nothing to show for it and you have even less money than when you began.

If you really want to save money, you have to make some real sacrifices. Getting a leased car isn't a real sacrifice. The thing about sacrifices is that it hurts now, but in the end you benefit from it the most and people may not understand or accept it.

A real sacrifice to save money--especially in this time and age--is to get yourself a POS Honda or Toyota for about 3k-5k, regardless of whether or not it is sporty or what you want because what you want is to have your Supra running and debt paid down.

But to each their own.
 
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