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I'm thinking of trading in my fiesta and "upgrading" a bit by leasing a focus of the next level up or something similar. I see the prices are in the 165 ish range that I see advertised. I put a few more miles on then normal but on the ford site it looks like about 26/month extra for an 18,000/year allowance which would be good.
My question is if these prices are real or are they like the typical low finance 0% interest low cost car to get you in the door but that car doesn't exist and the credit required is only for the top .000000000001% qualified, or something like that?
My thoughts have gone to leasing because my car now has 50,000 miles on it, which isn't much, but at what pouint will it start costing? It's a family commuter car so it won't get the dings that my personal/work truck gets, something I would never consider leasing.
I'm paying 200/month on my fiesta now and put a decent down payment on it so I should get something in trade for it. (nowhere near underwater)
My thought is why not go for it if I can get something a tad bit larger, a few more options, and with more comfortable seats if I can walk out of the dealer without spending anything and having perhaps a slightly smaller payment as well?
I love cars and typically like to keep certain vehicles for a while but a commuter/grocery getter to me isn't much more then an appliance IMO and I accept the possibility of an ongoing payment in the 175-225 range for something newer, reliable and efficient to get from point A to point B.
Most of those specials include $$ down. Never put money down on a lease, always do sign and drive. That's the benefit of a lease, keep your capital in other investments that pay for your car while having a lower payment and driving a new car that is under warranty and requires no expensive maintenance.
Toyotas lease extremely well, check them out for 24 month sign and drives. You can get a Rav4 or Prius for around $280/month, $0 down with 10k mi/year. See what the residual is and you probably will be fine and have equity at the end of the lease. I know people that drive 20k miles a year but lease Subarus with 10k/yr residuals. They sell the car back to the dealer after 2-3 years with $2K in equity and lease another one. If you lease the right car and get the right deal, you'll never turn it back in. There's equity to be had by selling it and using the cash to make your next lease even cheaper or go on a nice vacation.
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