i was wondering if anybody is leasing a new 05

if so how much each month for how long
im looking into leasing an 05

im not to familiar with leasing but from my research it seems
you can only drive a certain amount of miles per year

but what happens when it time to give it back
do you just give it back to the dealership at the end of the term and not pay anything
or do you have to pay somthing, goin with if you follow all the rules, and dont go over your miles

what are some upsides and downsides of leasing


o and i was also wondering about a hardtop, like whould they put one on there, and add it into the deal

i whould also put a oem front lip and wing on there to even it out, probaly get them to add that into the deal as well, maybe not might just get them seperate

thank you for any and all information

 

Well I'm not leasing an '05, but I'm leasing an '04. When you lease, you're paying for depreciation + interest and tax and they base this off of the selling price and a residual value (what the car is worth after the term). One of the most important things to know about leasing is that you can still negotiate the selling price of the car and it actually helps to not even tell them you want to lease. Residual value is a fixed percentage of MSRP+destination and residual percentages will change every so often. What's funny is that an '05 right now may have a 58% residual off a 4 year, 48k mile lease, but next month it may go down to 56%. However, a car dealer will not be expected to take 2% off MSRP. I think it should work both ways.

The upside to leasing is that you can drive an expensive car for 3-4 years without having to put a lot of money down on it (or none at all if you so choose) and have a fairly low monthly payment. Some cars are very good for leasing and some aren't. For example, Hondas, Acuras, Infiniti's, Mercedes, Lexus, etc... all have high resale values and you can normally lease them for reasonable monthly payments. You can go out and lease a $22,000 Hyundai and it'll end up costing you $350 a month because they have poor resale value. I'm leasing my '04 for $350 a month for 4 years, 60k miles and I put down $2k.

The downsides are that you are mileage limited (but you can choose how many miles you want (36k, 48, 60k) and you really can't modify the car (well you can, but it doesn't make much sense to throw money into a car you won't own). They will charge you more per month if you go with a 15k mile per year lease. What you have to consider is if you don't think you're going to go way over 12k miles a year, it may be cheaper in the long run to go with the 48k lease and if you happen to go a few thousand miles over, you can just pay the .15 a mile or whatever it is because you won't be paying interest on it. This only works up to a certain point though.

If you really want to own the car one day, then leasing is not the best choice because you will pay a lot more $$$ in interest if you lease and then finance the buyout.

Some dealers will charge you a termination fee and others won't. They will also charge you an acquisition fee of about $500. It's basically a fee, but it's normally impossible to get around. According to them, it's to cover the cost of the lease processing. Again, I think it's BS. These are some of the many things you need to find out before you sign the deal. Money factor is another variable that goes into leasing. It's basically the interest rate. I'm not quite sure why dealers convert a basic interest rate into a confusing number called "money factor" other than it just being another way to confuse you (money factor is usually somewhere around .0022-.0028). It looks "small", but it really translates into an interest rate normally above 5-6% or so (more than a finance).

You can have them add a hardtop and spoiler, but it's just going to increase your monthly payment.

One final downside to leasing is that if you keep leasing vehicles over a long period of time, you could probably buy a car with all the money you spent on the higher interest from leasing. This is the first car I've ever leased, but I'm not going to make a habit of it. At the time, I was saving for a honeymoon and wanted a new car, but wasn't about to throw $20,000 into a downpayment, so I chose to lease. Some people will argue that you don't own the car when you lease, but you don't own the car when you're financing either. The bank owns it, unless of course you walk in and hand them $32,000 + tax, cash. To me, the important part is, you get the keys, it sits in your driveway and you can drive it whenever you want. I have never once let the fact that I don't "own" the car bother me yet.

I would try to get some online quotes (leasecompare.com) and go in knowing what your monthly payment should be at $X selling price. Edmunds.com has a good lease calculator. It wound up being within a few dollars of my payment when I used it.

 

wow awesome information man, thank you very much

yeah im not looking to keep the car more than a couple years
ill problay go the way you did with a 4 year 60k

now what happens if i want to get rid of the car before the time is up?

yeah im looking to lease cuz it will be cheaper than buying, and i really want a new car, like i said never had one
and like you the fact that you dont own the doesnt bother me at all

again thank you for all the information

i come to notice that people on this board are some of the most helpfull and respectfull then any other board iv ever been on

 

We just leased a '05. Paid 34k and change out the door.

Paid $525 Security Deposit, and 1st month payment of $503. We did not pay an acquisition fee. When we look at the cars in December the residual was 53% for 48 months 58% for 42 & 36 months, 60% for 30 & 24 Months for 12k miles at a factor of 0.029. We went with the 42 month lease, since we planed on leasing 4 years @ 12k and saved 5% by not going the extra 6 months. There are no penelties to trade the car in before the end of the lease term and the car came with Gap insurance already. We figure that we will never not have car payment so we lease, with the min amount of miles. We have never turned a car back to the lease company. Always trade them in with 8-1 month left on the lease often with more miles then we have paid for and never been more then $500 upside down on the lease but this is made up for in the Tax saving on the trade value in Texas that is $625 per 10k in trade in. With the S2k if they stop making them we would hope to be way head like I was with my Defender 90. I wish I still had that truck it would still be worth what I paid for it 10 years latter.

Since I am in Contracts / Negotiations for a living I would only deal with the sales manager so we did not waste time. He pulled out Honda's Residual tables and handed them to me. Took 5 sec to figure out what time frame we wanted. Then to Neg the price it took about 4 min. We had the car about 45min after the test drive. The sales manager held a lottery to see who got the commission. We hate the sales guy who got the commission since he now bothers us 1 a week to see how he can help us.

 

i paid $1000 total out the door including first month payment.
$430 (including tax, so about $403 for lease) for 42 month, with 15000 miles and also
trunk deck spoiler + headrest speaker is included in that price.
hope that helps.

 

thanks for all the help guys

 

also do all manufactorers do leasing

 

I don't know of any that don't.

 

another question

if i do get the hardtop and lip and wing trown in on the deal does the car need to be returned with the hardtop lip and wing on the car or can i return the car stock without the parts

 

No, you'd have to give it back to them unless you payed cash for the hardtop.