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10-06-2011, 11:54 AM | #1 |
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Input on lease deal
Here is what they've offered:
2011 535xi M-Sport Premium Package Premium Package 2 Sport transmission with shift panels Heads up display MSRP $68,825 Selling Price $60,230 Residual based on 58% 3 Year lease 10,000 miles $4,187 due at signing (incl. sales tax) $750 per month Input is appreciated. Thanks! |
10-06-2011, 08:53 PM | #2 |
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So the car will cost you a bit over $71k - are you OK with that?
They love to make leases confusing so they sucker you in with a good sales price, a reasonable monthly payment and a high downpayment. So do the numbers. Take the monthly payments, add your down payment and add the residual. Add all that up and you have the total cost of your car. Another way to look at it is to take your monthly payments (36x750) and add the down for at total of about 31200 or "real" monthly payments of $866.66 a month. Are you OK with spending $10k a year for your car? That's about $1 a mile. |
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11-06-2011, 07:09 AM | #3 | |
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Well, I disagree that the total cost of his car includes the residual. Why? Because he is under no obligation to purchase the car. Thus, his only obligation here is for the downpayment and the monthly.
Next, you make an excellent point when you combine the downpayment with the monthly payments total to compute the cost of the car. The bottom line is never put money down on a lease. It usually saves you nothing since the extra in the monthly lease payment will end up nearly equaling the down payment. Plus, if you total the car during the lease then you will lose your downpayment. Adding a downpayment fools you into thinking you are getting a better deal. It is just an illusion. Put the downpayment in the bank and subsidize your monthly payments over the duration of the lease and you get to keep use of the money got a longer period. And you won't lose all of this money if you total the car. Quote:
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11-06-2011, 09:31 PM | #4 | |
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Drives: 2019 i3S REx
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Next time. |
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11-14-2011, 06:43 PM | #6 | |
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