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getawaydriver · 01-10-2010, 09:28 PM

This site has been extremely helpful in my search for acquiring a 2010 base w/sport (6MT) via a lease (36 mo).

I had a few questions however. I am budgeting myself to maintain a 8-10% "cushion" financially. It is tight but would work. My budgeting includes the insurance rate adjustment and putting away money towards savings and creditcard payments.

I have a 2005 Legacy GT 5MT which I owe 7600 on (being paid off after purchased out of lease). It is in great condition, well maintained and mechanically sound.

KBB lists the car being worth about 11,050 in excellent. If I get this price, I will have 3450 to put down on the vehicle. This 3450 is what I would use as a down payment.

For the following calculations, I used a lease calculator on Car Lease Guide - Free Guide to Smart Car Leasing - LeaseGuide.com. I used a finance rate of 3% (middle ground between 0 and 6 percent), and, last I checked, a VA sales tax rate on an automobile of 3%.

With an invoice price w/ the sport ($30701), I can get my monthly payment down to 350 (leaving me a 6% cushion; very tight and financially irresponsible if you ask me).

With an invoice price minus 2K (28701), I can get the monthly payment down to about 254. This leaves me with a 9% cushion. Doable with that added room.

Likewise, with an invoice price minus 1.5K (29201), I can get a monthly payment down to 274. The remainder is an 8% cushion and slightly pushing it but I would take it.

My question to those who have recently purchased/leased, are these sort of "deals" doable or am I just setting myself up to not be able to do this?

I know that these guys are in their business to make a profit, but I don't want to go in asking the impossible. Also, I am not going to commit financial suicide over a car and am prepared to shelve this if it doesn't work.

Thanks again and I am hoping this works. Going to the dealer where I test drove the car to sit down tomorrow.

01-10-2010, 09:28 PM	#116 (permalink)
getawaydriver Base Member Join Date: Jan 2010 Location: NoVA Posts: 78 Drives: 2010 Z S/T 6MT Rep Power: 15	This site has been extremely helpful in my search for acquiring a 2010 base w/sport (6MT) via a lease (36 mo). I had a few questions however. I am budgeting myself to maintain a 8-10% "cushion" financially. It is tight but would work. My budgeting includes the insurance rate adjustment and putting away money towards savings and creditcard payments. I have a 2005 Legacy GT 5MT which I owe 7600 on (being paid off after purchased out of lease). It is in great condition, well maintained and mechanically sound. KBB lists the car being worth about 11,050 in excellent. If I get this price, I will have 3450 to put down on the vehicle. This 3450 is what I would use as a down payment. For the following calculations, I used a lease calculator on Car Lease Guide - Free Guide to Smart Car Leasing - LeaseGuide.com. I used a finance rate of 3% (middle ground between 0 and 6 percent), and, last I checked, a VA sales tax rate on an automobile of 3%. With an invoice price w/ the sport ($30701), I can get my monthly payment down to 350 (leaving me a 6% cushion; very tight and financially irresponsible if you ask me). With an invoice price minus 2K (28701), I can get the monthly payment down to about 254. This leaves me with a 9% cushion. Doable with that added room. Likewise, with an invoice price minus 1.5K (29201), I can get a monthly payment down to 274. The remainder is an 8% cushion and slightly pushing it but I would take it. My question to those who have recently purchased/leased, are these sort of "deals" doable or am I just setting myself up to not be able to do this? I know that these guys are in their business to make a profit, but I don't want to go in asking the impossible. Also, I am not going to commit financial suicide over a car and am prepared to shelve this if it doesn't work. Thanks again and I am hoping this works. Going to the dealer where I test drove the car to sit down tomorrow.