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New to leasing - is it an option I should consider?
I'm about to purchase a car...I have a few options:
1) Buy a used car (2004) at $36-$37K. I would have to finance about $28k @ at say 7.00%. Monthly fees would be roughly $682 over 48 months or $654 over 60 months. Borrowing costs would prob. be $5366. 2) Buy the same car (2006) for $43K with trade in value of $11k and a finance rate of 2.8% for 60 months. Monthly payments would be at $646 over 60 months. Borrowing costs would probably be $2635. 3) Lease the same car (2006) at $43k, keep my trade in value for $11K cash in pocket. No downpayment, 48 months at 2.8%. 24000 miles per year with a buy back of $19714. Payments look to be about $646 per month Vehile is the Acura TL, taxes total 13% (GST and PST) in Vancouver. I don't really mind buying used but I'm finding it very difficult to find the vehicle I want and I am apprehensive/worried of what I find. The dealership now has financing incentives to move their models before the new ones are in so now I've stopped waiting and am looking at new. I've never leased before and it doesn't seem too bad. I know I'm left with nothing at the end of the lease but if I were to buy the car after 4 years is that more or less the same as financing it to own? If I've missed any details, please let me know. Any feedback would be greatly appreciated. Thanks! |
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#2
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New to leasing - is it an option I should consider?
If you lease, you'll wind up paying more overall even if you buy the
car. Because then, you'll pay closing costs on another loan (unless you pay cash). Add the numbers up. Additional leasing costs come into play when you 1) go over mileage allowed, or 2) scrape the bumper. Neither of these matters if you own the car. In this case, buying new looks like a pretty good deal. I'd buy new, it's only a few percentages more than used. I would inqure about off-lease vehicles. They're becoming more and more common, and they usually come in a certified pre-owned program. |
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