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Lease price too much?

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ra1211

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Discussion starter · #1 ·
Ok i came back from a dealership for 2019 DDSRT msrp$ 70,060

Down payment:$6000
Trade in:$3000

Early lease trade i own:$2400
Plus tax destination:$3000

He also said he took like $5000 OFF from incentives (couldnt tell me what they were)

$850 for 48 months.

I feel i can do better



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#2 ·
Shop around.

Leasing is nothing more than paying off the depreciation on a car. So, if MSRP is $70K, maybe you could buy it for $64K. Add tax, title, fees, and other stuff, add ~$4k. So you are OTD at $68K. Figure a 50% 5 year retained value, so you'd lose ~$34K if you sold in 5 years.

So this lease will cost you $9k in trade and downpayment, plus 48 payments of $850, which is $40,800 plus $9K, so you would lose $49K in 4 years with the lease. This is playing loose and fast with the numbers, and perhaps I misunderstood your numbers, but this sound like "No thanks." One of many reasons why I prefer to buy not lease....but I am sure that you could do better than this. If not.....why lease? Am I misunderstanding your deal?

Selling my 2017 Suburban this weekend (to a reseller) for $39K (yeah i could probably get $42K-$44K if I wanted to deal with tire kickers, which I don't). It cost me $59K out the door (heavily discounted). I have owned it for 26 months.

Edit: What incentives? I picked mine up on Saturday and there were no incentives......and I checked the interweb before i picked it up....
 
Discussion starter · #4 · (Edited)
If theres nothing problem with the car, i would love to buy.

I have 2015 rt that has 4 payments left with $2400, so adds to the sticker price to 72,460 plus $3000 tax. So that's $75,460.

I'm putting down 9000

Total $66,460

It seems 850/48 months too high. Also, i want to keep my payment low so that's why im doing big DP

Location: nyc


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#5 ·
Yikes! $850 is a house payment for me!
 
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#7 ·
I may get grief for this but it worked for me and my situation so you need to keep that in mind. Nearly two years into the lease and maybe I should have kept the cash on hand but I wanted that car and another guy was trying to get it and at the time (10/17) who knew if there would be a lot to be had at this point and time. Leased my 18 SRT, 71K was my number, 7k trade, 13k down, 3 year lease, 12,000 a year, payment is $545, Plan to purchase at the end of the lease. Buy out is 30,500. Plan to keep this thing at least 10 years in total unless a supercharged version comes out. Love the car, no regrets, tows great, fun to drive and perfect with the kid, dogs and wife for trips.
 
#8 ·
Too many variables in leasing. You really should understand how leasing works to figure out if it is a good deal or not or if they are padding the money factor on you. You basically negotiate a lease the same way as a purchase, you negotiate the price of the car. Just go on Edmunds lease forums and you can find out the money factor and residual and then you can figure out your payment using a lease calculator. I leased mine and the dealer tried everything in the book to work me over and I just kept pushing back and showed him exactly what my payment should be given the purchase price of the car and the other factors until he finally gave in.
 
#11 ·
I just leased mine. They were running incentives on leases and when i compared to buying, it was cheaper! In other words, lease amount times 36 + doen paymrnt + residual in 36 months was lower than diwn payment + 66 times monthly payment, ignoring interest. I plan on buying it in 3 years. Btw, the sum of down pmt + 36 times lease + residual was equal to the undiscounted price of the car, so i’m ok with that. I guess my point is that the big missing data in your analysis is the residual purchase price in 48 months. Also, If you want low payments, ask for a low mileage lease.
 
#13 ·
bbuff4 said:
I would NEVER put money down on a lease. You’re better off putting that cash elsewhere. Buy Bitcoin.
Click to expand...
I agree. I have become very good at knowing when theres a good lease and when theres not. You should never put any money down on a lease PERIOD! If you were to get in a crash and the SUV is totaled then you will never get the down payment money back, its gone! Id save that down payment money in your bank and just pay the higher monthly rate.
 
#14 · (Edited)
Well, I agree with you that you can find better offer. I really know loan business and conditions of your bank are awful. If you really want to get a good personal loan just take my advice. In UK there is a very helpful company which offer a really protected long-term loan with low monthly payments. It is really cool if want to borrow much money for mortgage or to buy a car for example. They will help you with documents and will explain you everything if you don't. On those website you can find all about advantages of long term loans and to compare it with short term credits.
All information is here https://usave.co.uk/loans/
 
#15 ·
My huge problem with the SRT over the R/T is it really worth all the extra cost? For me it's not. I played with this many times since my lease is coming up this year.
I'll put it into perspective. Look at your deal and now look at mine. In 2017 I got Leased a R/T Black top Tow Tech Sunroof packaged Durango. I put $1000.00 down and walked out with a $460 42 month lease. I get Oil changes and State Inspection coverage. I purchased an extended Warranty for $20 month with included the Oil and State inspections. My Total payment a month is $480. I put gas in it and I had to replace the rear wiper.
It goes to the dealer for it's oil changes and inspections and I get a loaner for the day. My Truck pulled a 13.8 @ 99mph in the 1/4 mile with just a CAI K&N and nothing else done. It's fun quick not fast and I get 22 mph average on the highway and 16-18 around town.
The SRT is so much more for so little in my opinion and I really wanted on badly when it came out in 2018 really just 3 months after I leased my R/T in July 2017. My neighbor has the Jeep SRT and he complains about the gas mileage. It's horrible as a daily driver especially if you have to travel to work everyday in it.
I know having a SRT Durango is super attractive, I still get butterflies in my stomach when I see one and a huge part of me wants to say EFF it and get one this year. BUT the cost of owning one, the amount of joy its going to bring I'm not convinced it worth it.
I keep telling myself to buy my 2017 Durango and then get a Challenger SRT and leave that in the garage and bring it out when I want to have fun.
Daily Driving a 6.4 will cost you a ton of money in gas alone. One of my clients wife got a SRT and traded it back in after a few weeks. She actually took it in for a fuel leak she didn't have. She couldn't believe how fast the gas went down and swore it must be leaking out somewhere. She didn't even put the pedal down .
That conversation made me start thinking that lusting after the SRT was not for me. I'm not trying to convince you not to get it but just something to consider if your gonna drive it everyday.
The R/T gets pretty good gas mileage for what it is and you still can have some fun.
 
#16 ·
In general if you lease a car and argue that the total would be close to buying it at the end......can you afford the final residual payment of say 30k....or would you need to finance that...in the end you may be surprised at all the dough that leased car cost to buy...
 
#18 · (Edited)
A couple of time ago I was looking for a new car and I started to save money for this car. It took me over a year to have all the necessary money for this car. But, when I was almost ready to buy it, I found a better model and I thought it would be nice to have it. The problem was that I had all the money except 4 or 5 thousand. That's why I thought it would be nicer to have a credit rather than having a lease. A lease would take me a lot of time, and a bigger % to pay. More than that, I found a great offer on this site https://foxycredit.com/se/monetti-lan and I could not resist. I took 5000$ for a 3 month term with a 12% payment. I think this is a very good option and I could not find anything better
 
#19 ·
Authortity said:
Well, my question is next one, I want to buy a car, I have two available options, A loan and A credit from a third-party company. So which one is the best?
Click to expand...
You give no information as to the terms of either option...Thats like me asking the internet which rock is better, this one ...or that one....
 
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