new member, did i get screwed?

buddyZ · 04-14-2012, 03:25 PM

hi new z owner here, wondering if i messed up on my purchase? i have no credit what so ever, im 24. I went with the 299$ lease special, but its only offered for the 2012 Base 6mt, only one i could qualify for. Had to put down 5,000 also so the payment ended up being 380 a month.

Im kind of surprised the bank even approved the loan. Also i change my car every 3 years and dont put alot of mileage to work thats why i wanted to lease. I also figured its a good way to start building my credit.

Did i get screwed or do alright?

LakeShow · 04-14-2012, 03:39 PM

A base 6MT could be had for about 30-32k financed also possibly with 0%. Also you couldve picked up a used one with more options like a sport package or something, maybe a little less. You are paying about 20k in total at the end of your lease. Another 10k you could have owned your exact car, or bought a used one for only maybe 6-8k more depending on certain factors. Doesnt matter if you like to change cars. If it means to own the car your leasing, if it's only 6k-10k more to own it(dependent your car vs used), that's a sound investment. You are going to pay about 20k regardless so to shell out just a little more and you own it. Also if you paid 30k and decided to sell it later for let's say worst case 20k, you only lost 10k. If it cost 15k more to own it or 20k more, obviously doesn't make sense.
Too late now, just enjoy the car and congrats. Post some pics.

MacLean · 04-14-2012, 03:46 PM

Congratulations on the car....... Sounds like you did all right....... You stated that you have no credit which getting something can be hard w/o any credit. Since you dropped $5k as a down payment that helped to lower your monthly payment of the car. This will definitely help build up your credit, but make sure you make the payments on time. You also stated that you do not put a lot of miles on your vehicles which leasing would make since in a way.

Since your leasing you will never get your money back (the $5k you put down), but you could always buy the car & sell the car to a third party to make some money back. You can mod the car, but it wouldn't make any sense since your leasing the car & you will return it w/i 3-4 yrs. How many miles are you allowed to put on the car (12K or 15K a yr)?

Leasing is good & bad. If your leasing your payments are always going to be lower since your leasing the vehicle instead of buying the car. Your car is always going to be w/i warranty, while if you buy it & 7-8 yrs down the road you are out of warranty. The good thing is that you can always get a new vehicle every 3-4 yrs, but the bad news is that you will always have a car payment. If you buy the car, then the car is actually yours and you can do whatever the hell you want with it.

IMO I would not put any money into your car b/c you are leasing it & will get rid of it 3-4 yrs from now. I would also never put any money down for leasing a vehicle either b/c you will never get it back, but in lieu of doing so you are lowering the monthly payments. Now is it dumb or stupid to lease not really....... In the end to each is own. It is solely up to you as an individual b/c it is your money & your car.

FYI..... You know Nissan was offering 0% interst on all '12 370Z's which made it very interesting & a sweet deal to buy one. I know a lot of people here took advantage of that offer including myself.

Pat C. · 04-15-2012, 02:09 PM

Don't get caught up with "could I have done better?" If you felt the deal was decent, don't worry about anything else. Can you afford the payments? Nothing like having a new car with full warranty that if you decide you don't like it, you can turn in if you want to. And when your lease is finished, you give it back and go on to the next ride.
I remember being your age, and probably not making the best decisions on purchases. It's called "life" and you become wiser with age; period!
Enjoy the new ride and welcome to the forum...
Pat,
Yes, I'm almost old enough to be your grandfather....

Amj2020 · 04-18-2012, 03:27 PM

Yea don't get caught up in buyers remorse or "what if". If you enjoy the car then its worth what you pay to use it. Someone, somewhere will always negotiate a better deal or terms.

sixpax · 04-18-2012, 04:35 PM

Quote:

Originally Posted by lisa13

hai friends i am new to this site and very happy to meet you all.

hai

in before 32 pages.

signature link ... SPAM ?

MacLean · 04-18-2012, 04:37 PM

Quote:

Originally Posted by Amj2020

Yea don't get caught up in buyers remorse or "what if". If you enjoy the car then its worth what you pay to use it. Someone, somewhere will always negotiate a better deal or terms.

+1......

TerribleONE · 04-18-2012, 04:37 PM

Quote:

Originally Posted by lisa13

hai friends i am new to this site and very happy to meet you all.

reported..

gy954 · 04-20-2012, 11:44 AM

What's done is done, so enjoy and don't worry about milk that might be spilled.

For those reading this thread that need to make a similar decision...leasing rarely RARELY *RARELY* pencils out. If you are leasing for business use and can write off the payments, you are probably good to go. If you cannot write off the payments leasing almost certainly makes poor economic sense, but do the math to be certain.

04-14-2012, 03:25 PM	#1 (permalink)
buddyZ Banned Join Date: Apr 2012 Location: socal Posts: 118 Drives: 2012 Base6mt Rep Power: 0	new member, did i get screwed? hi new z owner here, wondering if i messed up on my purchase? i have no credit what so ever, im 24. I went with the 299$ lease special, but its only offered for the 2012 Base 6mt, only one i could qualify for. Had to put down 5,000 also so the payment ended up being 380 a month. Im kind of surprised the bank even approved the loan. Also i change my car every 3 years and dont put alot of mileage to work thats why i wanted to lease. I also figured its a good way to start building my credit. Did i get screwed or do alright?

04-14-2012, 03:39 PM	#2 (permalink)
LakeShow A True Z Fanatic Join Date: Dec 2010 Location: L.I., NY Posts: 5,307 Drives: Everything Rep Power: 26	A base 6MT could be had for about 30-32k financed also possibly with 0%. Also you couldve picked up a used one with more options like a sport package or something, maybe a little less. You are paying about 20k in total at the end of your lease. Another 10k you could have owned your exact car, or bought a used one for only maybe 6-8k more depending on certain factors. Doesnt matter if you like to change cars. If it means to own the car your leasing, if it's only 6k-10k more to own it(dependent your car vs used), that's a sound investment. You are going to pay about 20k regardless so to shell out just a little more and you own it. Also if you paid 30k and decided to sell it later for let's say worst case 20k, you only lost 10k. If it cost 15k more to own it or 20k more, obviously doesn't make sense. Too late now, just enjoy the car and congrats. Post some pics. __________________ \|2013 Audi S4\|Ibis White/Black\|S-Tronic P+\| \|2013 370z\|PearlWhite/Persimmon\|Touring/Sport/Nav\|F.I. CBE 18" CF\| \|Sold\|2011 370z\|Gun Metallic\|Touring/Sport/Nav\| Last edited by LakeShow; 04-14-2012 at 03:47 PM.

04-15-2012, 02:09 PM	#4 (permalink)
Pat C. Base Member Join Date: Aug 2011 Location: Eagle River, Alaska Posts: 70 Drives: 10' 370Z coupe M6 Rep Power: 14	Enjoy the car and screw everything else.. Don't get caught up with "could I have done better?" If you felt the deal was decent, don't worry about anything else. Can you afford the payments? Nothing like having a new car with full warranty that if you decide you don't like it, you can turn in if you want to. And when your lease is finished, you give it back and go on to the next ride. I remember being your age, and probably not making the best decisions on purchases. It's called "life" and you become wiser with age; period! Enjoy the new ride and welcome to the forum... Pat, Yes, I'm almost old enough to be your grandfather....

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04-14-2012, 03:46 PM	#3 (permalink)
MacLean A True Z Fanatic Join Date: Apr 2012 Location: Houston Posts: 1,589 Drives: '12 GM Nismo # 0445 Rep Power: 16	Congratulations on the car....... Sounds like you did all right....... You stated that you have no credit which getting something can be hard w/o any credit. Since you dropped $5k as a down payment that helped to lower your monthly payment of the car. This will definitely help build up your credit, but make sure you make the payments on time. You also stated that you do not put a lot of miles on your vehicles which leasing would make since in a way. Since your leasing you will never get your money back (the $5k you put down), but you could always buy the car & sell the car to a third party to make some money back. You can mod the car, but it wouldn't make any sense since your leasing the car & you will return it w/i 3-4 yrs. How many miles are you allowed to put on the car (12K or 15K a yr)? Leasing is good & bad. If your leasing your payments are always going to be lower since your leasing the vehicle instead of buying the car. Your car is always going to be w/i warranty, while if you buy it & 7-8 yrs down the road you are out of warranty. The good thing is that you can always get a new vehicle every 3-4 yrs, but the bad news is that you will always have a car payment. If you buy the car, then the car is actually yours and you can do whatever the hell you want with it. IMO I would not put any money into your car b/c you are leasing it & will get rid of it 3-4 yrs from now. I would also never put any money down for leasing a vehicle either b/c you will never get it back, but in lieu of doing so you are lowering the monthly payments. Now is it dumb or stupid to lease not really....... In the end to each is own. It is solely up to you as an individual b/c it is your money & your car. FYI..... You know Nissan was offering 0% interst on all '12 370Z's which made it very interesting & a sweet deal to buy one. I know a lot of people here took advantage of that offer including myself.

04-18-2012, 03:27 PM	#5 (permalink)
Amj2020 Enthusiast Member Join Date: Mar 2012 Location: NY/LI Posts: 393 Drives: MB Z,Jeep,BMW Rep Power: 13	Yea don't get caught up in buyers remorse or "what if". If you enjoy the car then its worth what you pay to use it. Someone, somewhere will always negotiate a better deal or terms.

04-20-2012, 11:44 AM	#9 (permalink)
gy954 Base Member Join Date: Mar 2012 Location: Sonoma County, CA Posts: 163 Drives: 2011 370Z Rep Power: 181	What's done is done, so enjoy and don't worry about milk that might be spilled. For those reading this thread that need to make a similar decision...leasing rarely RARELY RARELY pencils out. If you are leasing for business use and can write off the payments, you are probably good to go. If you cannot write off the payments leasing almost certainly makes poor economic sense, but do the math to be certain.