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Subaru Impreza. Great resale (residual), so they lease very well. Don't put any money down, you can't get it back if the car is totaled. Should be able to get a nicely equipped Impreza for $250 or less with sign and drive, assuming you have excellent credit.
A Hyundai Elantra Limited should be able to be leased for $250 as well.
Leased a 2013 Elantra GLS (base) last night Jan 2014 in Socal
MSRP was 18,870
what I got: $0 down 36 months 12k miles a year 60% RV 0.00051 money factor (w/ a 720 creditscore) $210.37 a month including tax with 1st months paid and 35 payments remaining.
I think the final MSRP on the car was 17,500-17600
The only time you should get out your checkbook when leasing is if you do a MSD, Multiple Security Deposit. You get a cheaper finance rate by giving the bank your money to use for the term of the lease. You get the money back after the lease is over. Guys leasing Q50's are seeing a reduction in $50+/month by doing this.
one can normally negotiate part or all of the down payment into the lease as well, telling them you want a payment quoted with only "x" amount given total (including any fees, title, etc) or nothing out of pocket. They can bury the rest in the payments; of course variables such as the mileage one needs per year, as stated their credit score, etc all come into play.
OP mentioned that he can put up to $1,500 down, the offer was for $0 down...so I can read...
I still think CT is one of the best value/$ leases...
your quote said $299 a month which is more than $250
he said up to $1,500 down. I assume ALL IN at 1500.
I just leased a lexus last December & there is a real hurdle to leasing the best deal
assuming he can have at least a 740 FICO score & income, can he afford the cumulative
-bank fee
- 36 mos X his state sales tax
- dmv fee, registration fee, etc
I am betting its well over 1500 out the door. So if he strict in 1500, its no chance the $ above I listed will be below 1500.
Also this deal is only for IL....so you have 1 in 50 chance OP lives in IL
Let's be honest.
If the OP only has $1500 to put down and can only afford $250 a month - there is no way the OP should be leasing OR buying a new vehicle! Buy a CHEAP, USED vehicle and SAVE UP for a new one, much later.
If you're going to lease, you don't want to put anything down if you don't have to. Putting money down prepays depreciation, and while it lowers your payment, if the car totals, its gone. A lease is simply paying the depreciation of the car from purchase price to a projected residual value, plus the money factor, which works like interest and is how the bank profits off the deal.
Negotiate your lease as such; the purchase price, and the money factor. Trying to get you to talk about down payments and monthly payment throws mud into what's happening. For every $1,000 down, roughly $30/month lower payment.
Let's be honest.
If the OP only has $1500 to put down and can only afford $250 a month - there is no way the OP should be leasing OR buying a new vehicle! Buy a CHEAP, USED vehicle and SAVE UP for a new one, much later.
Yup.
He should wait. Find the right vehicle and pay cash for it.
But he wants a new car. Once new car fever sets in, there is no stopping people.
At the end of his lease he will have nothing. No equity to trade in. So he will lease again. And again.
But the leasing companies know this.
Leasing rocks. I have the $ to buy a car with cash, but why would I take it out of mutual funds?
I lease a nice $35k car for $400/month with $0 out of pocket. 10 years, that's $400x120, or $48,000. If I paid cash, I'd have a $35,000 car that's worth $10,000 after 10 years and buy another new car for $35K in cash. $35,00+$35,000-$10,000 = $60,000 of cash invested in two cars. Doesn't include maintenance and repairs an older car requires. I'll be on my 4th new car after year 10. Having a car paid off does me no good, my money is better off in investments.
My original $35,000 over the 10 years, making 5% a year, has now grown to $57K. Pretty soon, this money is going to pay for my leases, so I'm driving a car for free practically.
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