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Lease or finance 124 spider ? - Page 2
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Thread: Lease or finance 124 spider ?

  1. #11
    Senior Member smark's Avatar
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    I always bought cars. Some 40 new ones, over the years. Leasing to me is like renting a home. Got nothing to show for at the end of the lease.

    I don’t know the OPs financial situation. Can really give advise, to him.

  2. #12
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    regardless if you want the car or not after 3 years of lease.. make sure to check the residual value, and if you believe you would buy that car for that amount at end of lease.. then I think you have lots of options.
    Also, if you like FCA products, you can always swap earlier and ...usually... get some equity, unless the lease is underwater.. Trading an active lease to a non-FCA dealer can be more challenging .. sometimes.

    Also, NEVER NEVER NEVER .. pay cash up front on a lease. Always bake all the costs in. That is the deal to look at .. Never put down any money.. Why? See early trade in.. You'll never see a dime of that pre-payment if you bail early otherwise.
    you can ask the dealer to give you the monthly price with or without the downpayment, then run the math to see the actual interest paid on that $3k in the example. its usually just a few dollars.. say $50 over 3 years.. thats just over a $1 a month in interest..

    I have a current lease on my Mazda 6. Im paying a total interest of $170 over 3 years.. thats like $5 a month. the rest is principal.. My residual is a very attractive buy price at the end, and Ive likely got equity towards my mazda
    That comes out to under 1% interest.. and its still my option to buy at the end.

    the key variables are residual%, MF, and up front discounts.. Run the math, study online.. Leasing can be in your favor for a lot of good reasons.

  3. The Following User Says Thank You to canesice For This Useful Post:

    Fiat500USA (08-14-2019)

  4. #13
    Enthusiastically Slow Lifetime Member Ando's Avatar
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    Awesome info canesice. I've picked up a lot of these tips/tricks from the lease hackr forum but I'm still not at the point where I feel confident walking into a dealer and not getting ripped off.

    Can you comment on the accuracy of residual values for a more specialty vehicle like a 124 Spider compared to something more commonplace like a 3 series? There is TONS of data on the RV of 3-series in various trims, all sorts of locations, and owned for various amounts of time. In contrast the RVs of vehicles I would actually be interested in leasing seem like total shots in the dark. Maybe the model hasn't been around that long, maybe only 250 are sold within 2000 miles of me. Thoughts? Should I just be more trusting of quoted residual values?

  5. #14
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    I've been leasing for 20+ years and have never, ever paid a "downpayment" or given any money upfront on any of them. Leasing isnt for everyone, if you drive more than 12-15k/miles a year then likely it wont work as most leases are built around these mileage parameters. I also never take a lease for longer than 36 months, I've seen 48 month leases + and would highly recommend avoiding them.

    A lot of folks dont understand leasing and balk at not having a car in 2 or 3 years when the lease comes due, this may be true but on the flip side on a typical "buy or purchase" of a car in those same 2-3 years one typically doesnt have equity in that car and is upside down still on the loan. So yes, while its true when the lease is up I dont have a car on the flip side I also dont have a debt if that makes sense.

    Also most manufacturer warranties cover the entire lease period so other than maintenance items there is no repair costs involved. Take a 5 year+ buy on a car, unless you purchase an extended warranty at year 4, 5 and 6 after the factory warranty expires you are liable for repair costs.

    Generally speaking, import cars have better residual values than american cars. The reason some folks can lease a 50-75k BMW or Mercedes is because of the higher residual. The higher the residual, the lower the payment over the term of the lease.

    Its simple math, take a 20k car w/a residual of 10k (50% residual which is HORRIBLE) and a typical 3 year lease, over the 3 years you would pay approx 277/mo with no juice (interest). Now, take a loan for 20k for say 5 years that payment is now 333, again with no interest. And like I mentioned, normally 2-3 years in on a loan there is still no equity in the car so you have a debt and couldnt sell or trade in that car without being "upside" down. No real example, just trying to use nice round numbers.

    Its also much simpler to negotiate a lease when there is no trade in or anything else involved, again simple math.....numbers dont lie.

    A recent lease we have is a Toyota Highlander, Toyota has set residual values set as percentages on all their models; for example the majority of the Toyota suv's and pick ups were in the mid to high 70's. What that means is you wold pay approx 25-29% of the value of the truck over the lease term.

    Leasing vs buying is a personal preference and is dependent on a lot of things (credit, mileage driven per year, etc). Im not advocating one is better than the other. Just trying to help and make more sense of leases for those folks that are on the fence or have misconceptions of them. Thanks
    Last edited by 2tricktony; 08-14-2019 at 05:11 PM.

  6. #15
    Robert Nixon's Avatar
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    Can't argue with that, other than if you do nothing but lease, you always have a payment.
    2013 Rosso Abarth with 68K miles, Koni yellow shocks, Madness springs, Neu-f rear sway bar, EBC Yellowstuff brake pads, DOT4 brake fluid, K&N air filter, autocross 17 inch Ciao Milano wheels with Bridgestone Potenza RE71R, daily wheels stock 16 inch Dunlop DZ102. 2017 1st place HS Tidewater Sports Car Club: 2016-2015 1st Place TSCC GS class; 2014-2013: 2nd place in SCCA South Carolina Region G Stock.
    My Car blog: http://www.nms-racing.net/

  7. #16
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    I was planing on leasing my next car, I was going to lease a fiat this time but one dealership said we can’t get the deal done. So I walked, anyways if I could get a lease price close to a fiat USA build and price or current offers on a car I wanted, then I would lease a 500X or a 124 spider. When I bought my INFINITI QX56, was looking to buy a 500X trekking AWD fully loaded it was going to cost me $425 per month for lease and $350 for finance.

  8. #17
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    Quote Originally Posted by neubauerjoseph View Post
    was looking to buy a 500X trekking AWD fully loaded it was going to cost me $425 per month for lease and $350 for finance.
    That's always the tricky part of a lease... how to compare prices between lease and purchase. My rule of thumb is to take the same down payment, and compare a 3 year lease to a 5 or 6 year purchase. If the car is expected to maintain half its value after 3 years, then it can be a decent deal. I tend to steer clear of long term purchase plans... where you are upside down. It's rough to get 50% of the car's value on trade... rougher if you still owe another 50% in payments.
    Last edited by map; 08-16-2019 at 02:59 PM.

  9. #18
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    Quote Originally Posted by Robert Nixon View Post
    Can't argue with that, other than if you do nothing but lease, you always have a payment.
    At 1.9% interest, I don't mind payments while using someone else's money for other things.
    Current vehicles:
    2017 FIAT 500L Lounge
    2013 Volvo C70 Caspian Blue
    Previous Fiats: 2015 500L Lounge; 1979 Strada

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