Hey guys'/gals, I have a question for you. I just joined this site as I'm looking to become a Z driver. I've been working with my dealer and want to see if anyone can give me some input on their lease offer on a 2005 Enthusiast coupe w/ 6 speed. MSRP of 30,800: Here's the details:

$2,000 due at lease signing
$490/mo. for 39 months
15,000 miles a year

Does this sound like a decent deal. I've never done a lease before, so any input is greatly appreciated...big thanks!!!

-Tom

 

I don't think your getting a good deal but it also depends on the bank rates were you live. I'm in NY and i can def lease one cheaper than that prolly should be around $430.00 a month with a total of 2k down.......

 

Might be better to buy. I looked at the numbers and if you financed over a 5 year period with the above conditions you would still be better off selling the car after 3 years for more than you owe. (If resale holds, as it should)

Might want to look into the numbers yourself. I used your 2k down and a 6% rate. I dont know if 6% is even right for you but I think that is what the going rate is for good credit. Payments were a little more but you can work a loan in your favor I would think.

 

i dont know a ton when it comes to finances, but that does not sound like a good idea at all. why would you want to pay that much for something every month, especially when in the end you still will not own it.

i would consider other options like:

1) get better financing
2) look at the buy option
3) go used (best option of all)

 

my Z was $31000 including all tax and fees, no money down and my payment is $514 for 72 months unlimited mileage and I will own it.

 

that's not a very good deal... they can do a lot better than that on a lease... 490 for a lease seems on the high side, you could get them futher down than that imo.

 

Yeah man, you could buy the Z for an extra like 50 bucks a month. I'd definately go that route...

 

I was thinking 490 seemed awfully high, just wanted to confirm. Does anyone else lease? Seems to me that most people just buy the Z...that's probably the way to go, afterall, in 3 years I should definitely not have any negative equity anyways...any other insights?

 

Not sure about that deal. When I bought my '05 Enth 6MT, I had them give me a lease quote even though I was buying. They wanted $445 a month for 48 months with $500 down.

 

$2000 at lease signing is too high...they can do better.

 

Just for comparison, I got my 05' performance for $450 a month, - 39 months, 12k/year, $2500 down.

 

Here's some basic rules on leasing:

1. If you have a business you will use the car for, part or all of your lease expense can be written off. Mileage expense is also an allowable deduction.

2. If you don't have a write-off, consider how long you want to use the vehicle. If it's one of those "I'll buy this and keep it forever." purchases, then don't lease. You are paying a higher rate on the cost of money to lease than purchase. If you just like to turn over cars every 2 to 3 years, leasing is an inexpensive way to get into a car. Just remember, there's no equity (value) in your pocket when the lease is over.

3. If you lease, don't tell them up front that is your intention. Negotiate the price of the vehicle (called "capital cost" in lease terms), negotiate the trade-in value of your other vehilce if you are trading in one, get the best price then tell them you want to lease. If they tell you they can't do a lease except under the terms of MSRP pricing then walk away.

4. Pay special attention to the numbers. The numbers should add up or subtract correctly (capital cost - residual = depreciation) and determine if they are correct. If they don't come out right, they are playing games.

5. Check your end-of-lease options. Can you buy the car? (You'll pay residual value - this value is sometimes negotiable) Can you simply walk away from the lease at the end of the lease term? Will they arrange financing for the residual value if you decide to purchase the vehicle? What is the cost per mile over 15K per year? 10 cents is the usual figure. If it's higher, negotiate it down.

6. If you own a home, and qualify for a re-finance in 1 to 2 years, buy the car then get a home equity loan. Pay off the car. You'll pay lower interest on the home equity loan than the vehicle loan and the interest may be tax deductible unlike the interest on your car loan. That will reduce your tax liability and get you more back on that return.

It's a tricky business, this buying and leasing cars. But I have some skills in that area and would be glad to help you squeeze the bastids 'til they give in. Just PM me.

 

Leasing isn't for everyone. People who travel around the world and stay for a couple of years like to lease then give the vehicle back. It's always more expensive in the long run. Be careful !!

 

Last month I leased a 2005 Grand Touring. 36 months, no money down, NY taxes in the lease payment for $582.00 per month.

 

You're almost always better off buying unless you only keep your cars a couple years or it's a business expense. The car companies want you to lease because they make more money off the cars and you get the general feeling that you're getting a car you might not have been able to afford otherwise. Kind of like an interest only mortgage.

 

I just leased an 05 6sp enth with 200.00 out of pocket and 369.00 a month for 60 months 12,000 miles a year