Good Deal?

Beachhz

Believe me, if I wasn't saving up for anything, I'd move out for college but I just don't feel like having the extra monthly expenses every month when I can stay at home. It helps me out a lot more savings wise. But I put like $500 a week away, so hopefully by the end of this year. I'll be able to walk into a dealership and hand them like 15K/20K for a hefty down payment and get some nice low monthly payments for a 36/42 month loan, instead of having to lease.

Beachhz

Just my curiosity, but regarding leasing, what is lowest monthly payment/down payment people have seen on this forum?

MacCool

Lots of variables to account for in order to provide a meaningful answer. Residual Value is one of the biggest, not to mention state-to-state variation in sales tax rates (since sales tax becomes part of the lease payment). Additionally, loan risk (relative to calculating Money Factor) is a big one. Mileage, state laws, money down, Cap Cost, length of lease...it's a long list.

Having said all that, lease payments are going to be in the $400 to $600 range, typically.

Leasing can be a good way to go for many people. You can drive a lot more car than you can buy outright because with leasing you're really only paying up front for the part of the car that you're going to use. For high mileage drivers, people who want to mod their car a lot, or people whose goal it is is to ultimately not have a car payment, a low or 0% interest loan might make more sense.

Beachhz

Very helpful, I'm just trying to find a decent price for a 2014 7A Sport Touring with Nav. I want to know how much I should expect to pay so I save up a certain amount for this car/down payment.

MacCool

I have a 2014 6MT Sport Touring w/Nav. Price was $37,7000. 39 month, 12,000 miles, $19,000 residual value. $3000 up front. Lease payment is $545 through NMAC.

Relative to total cost, note that Nissan almost always has some kind of end-of-lease deals. This year it was $500 off new vehicle if you re-lease, as well as waiving the last three lease payments and wear/tear fees. Also note that my residual on my previous vehicle was $21,000. KBB on that vehicle is $28,000. IOW, I could have bought it for $21,000 and resold it for $28,000. Theoretically.

Beachhz

You think I could manage to get to a $525 a month for 42 months with $2,000 down and 12,000 miles a year?

synolimit

I'm at $409, 38mo, 13 sport mt, $1250 down, 12k yr, $850 negative equity rolled in so really only first month down, residual at like 21-22k. Sticker was $37300 but the 13's were way more than the 14's.

__________________
13 370z-

MacCool

Going to depend on what you qualify for (credit) as well as what leasing programs your dealer participates in. Some work with multiple leasing companies, some only with NMAC. I haven't seen any leases that long. Too hard to guess residual value when you get out that far. Especially now that the Z34 platform is due fir a major update in the next year or 3.

Beachhz

Credit is about 710-720, hopefully it will be higher in a few months, Tier 1 credit would help quite a bit.

FuTuRe is Z

Why are you leasing, do you realize you can do a 6 year finance and pay similar payments? If you're credit is worth a damn you can get a good interest rate for that period and be happier.

synolimit

Not any car I've ever leased. I'm at $409. Buy woulda been $600+.

__________________
13 370z-

MacCool

No way.

Ubetit

With all the mods you've done like cutting bumpers and hoods and dipping your car, I'm surprised to hear you say you leased yours.

synolimit

I don't think people truly understand a lease. It's still my car no different then a purchase. At any point I can break the the lease to sell it out right, trade it in, go to a bank and get a check to pay nissan off for the buy out price, mod it, etc etc. its still my car 100%. ONLY issue is if I turned it in at lease end and the car wasn't mint. But no one does that!!! You'd be a fool to turn it in to have someone go over it with a fine tooth comb to charge you extra money.

You only go and 1. trade it in (the price will be the residual plus any payments left and plus or minus the actual blue book trade in value. Sometimes you make money, sometimes you owe money), 2. sell it out right (the buyer needs to give you whatever you want which will probably be residual and or any payments left so you break even. But again if the car still holds a high value you can ask for more money and make money. All depends on the market), or 3. buy it for the residual plus any payments left from your bank and carry on.

I plan to buy it off nissan for 21-22k and carry on. The entire time I'll own the car with a lease/purchase my payments will be around $400. This keeps my wallet more full to buy parts and go do track days. If I would have purchased the whole time for 6 years my payment would have been around $600. So for 6 years I'd of been out of pocket $200 a month which kills my play money. I will however pay out more with the lease/purchase vs a straight purchase in the end but I look at like a credit card. You borrow money now for fun and pay a little in interest over time. For me a little extra money in interest is ok to have and get what I want now. If I wasn't ok with that philosophy then I'd pay for everything cash, cash for cars, and cash for a home! But I'm not rich so I borrow and pay someone interest.

__________________
13 370z-

FuTuRe is Z

This post is to address anyone that doubted my suggestion of financing versus leasing the vehicle.

His projected monthly payments are $575 a month for a 48 month period with a 3,000 dollar down payment. Have any of you followed through on how much that will cost the OP? That's $27603. Why would he not tack on another two years and pay the vehicle off? If he's being asked to pay that much, I'm sure it's because his credit is awful. I bet he can get another financial institution to give him a good rate through a finance over 6 years.