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Smart Shopper Smart Shopper-Archives Lease Questions - Ask Here 
23872 messages, Last post on Sep 20, 2005 at 8:08 AM
You are in the Smart Shopper-Archives Forum. Your Hosts are kirstie_h & tidester
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Carman, could you let me know what the residual value and MF are for the Subaru Legacy GT Limited for 36/15? thanks |
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Hi Car_Man, I am looking at the 2006 GS300 or 2005 LS430 and am trying to find out what the best lease should be for each. For the GS300 the best I have seen in So. Cal is: MSRP: $50,209 Sell Price: $47,995 Residual: $21,589 Money Factor: 0.0017 Term: 48 months Miles: 15,000 / year Down Payment: $2,000 Lease: $666 + Tax For the '05 LS430 I saw the following post from 12/2004 and am wondering if this is realistic or I might even be able to do better. MSRP: $62,489 Sell Price: $54,552 Residual: $35,562 Money Factor: 0.00188 Term: 36 months Miles: 12,000 / year Down Payment: $1,662 (1st payment+$200 down payment+$495 dealer fee+ some additional fees) Monthly Payment: $738 (including 6% tax) Finally, what would I expect to add for 15,000 miles/year? Thanks! |
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Hi savethefleas. Interesting username. Toyota has not been providing any sort of lease support on Scion models. As a result, if you were to lease one through its captive finance company, you would have to use its standard lease money factors. The last time that I saw, Toyota Financial Services' standard money factor for Scion models, it was around .00225 for Tier 1 customers who pay a security deposit. I have not seen this model's residual values lately though. Car_man Host Smart Shopper Forum |
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Hi jdg345. This isn't the best time of the year to lease a BMW 3-Series Convertible. As it typically does when the weather warms up, BMW reduced its lease support on 3-Series Convertibles this month. One model that you didn't mention in your post, but may want to consider is the Audi A4 Convertible. It has a decent lease program available on it right now. You also could consider the MINI Convertible. It doesn't have much in the way of lease support, but is a pretty neat car. Of course, there's always the good old Chrysler Sebring Convertible. It's not my favorite vehicle, but it does have a decent amount of lease support available on it. The only problem with leasing one is that its residual values are terrible. Also, the Saab 9-3 Convertible has quite a bit of lease support available on it right now. Car_man Host Smart Shopper Forum
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Hey nospam. Unfortunately, history is not necessarily indicative of what automakers will do with their future incentives. Each vehicle usually sort of stands on its own. The amount of lease support that manufacturers have to provide and how quickly they have to introduce it depend upon how well the new model is received by the public. Infiniti definitely will not make any changes to the G35X'slease program until its current one for it expires at the end of the month. Even then, I personally do not expect it to make any dramatic changes to its money factors or residual values. The higher gas prices that are out there will have a much more significant impact upon the demand for gas hogs, like large SUVs, such as the Hummer H2 or Ford Excursion, than it will have upon cars like the G35. Car_man Host Smart Shopper Forum |
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Hi carnag. I believe that I recall hearing that Illinois' tax laws are not that favorable for leasing as well. I do not know exactly how sales tax is calculated on leased vehicles in your area though. You may be able to find out more information on this subject by visiting one of the following sites: CyberDrive illinois or Illinois Department of Revenue. Since you are seem to be to the world of leasing, you definitely should check out the following informative articles that are available here at Edmunds.com prior to visiting any dealers: 10 Steps to Leasing a New Car and Calculate Your Own Lease Payment. Once you have read these articles, stop back and I will be more than happy to answer any specific questions that you have on leasing. Car_man Host Smart Shopper Forum
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Very interesting, synsat. Thanks for the information. I'm glad to see that Texas has changed its silly sales tax rules. Congratulations on your new car. Enjoy! Car_man Host Smart Shopper Forum |
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Congratulations on your new car, acechase67. Thanks for taking the time to stop back and let us all know how everything turned out. Car_man Host Smart Shopper Forum |
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Let's work up some lease payments, Dan, and see what we come up with. According to my calculations, if you were to lease a 2005 Acura MDX with an MSRP of $36,900, a selling price of $34,100, a money factor of .00196, and a residual value of 56% right now for 36 months, your zero down, pre-tax monthly payment should be around $481. According to my calculations, if you were to lease a 2005 Volvo S40 T5 with an MSRP of $30,340, a selling price of $27,306, a money factor of .00175, and a residual value of 53% right now for 36 months, your zero down, pre-tax monthly payment should be around $388. Car_man Host Smart Shopper Forum
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Hi suvgal. As you already seem to be aware, you are better off researching the vehicle that you want before leasing it rather than after, but what's done is done. Let's take a look at your deal. Two things jump out at me right off the bat. The first is the long term. Five years is way too long to lease vehicles for. I say this for several reasons. One is that Toyota's special lease program on the Highlander is only available for leases up to 36 months in length. By leasing this truck for more than 36 months, the money factor that is being used to calculate the interest portion of your lease more than doubled. Furthermore, a lot can happen during the course of five years. If you end up moving or changing jobs, you could end up putting way more miles on your truck that you are allowed to. This would cause you to have to pay a huge excess mileage penalty at lease-end. Another problem that I have with this deal is the huge down payment that you made. I always advise consumers against making any sort of down payment when leasing. I do so for two main reasons. The first is if your vehicle is totaled in an accident or stolen during your lease, your insurance company pays off the bank that you were leasing it through and your down payment essentially disappears. The second main reason is that down payments on leased vehicles do nothing to reduce their lease-end purchase prices. So your lease-end purchase option price for this Highlander would be exactly the same, regardless of whether you had put several thousand dollars down, or had made absolutely no down payment at all. Anyhow, what's done is done. There's no reason to be upset about this deal now. Enjoy your new Highlander and make sure to do more research beforehand next time. Car_man Host Smart Shopper Forum
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