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Prices Paid: Buying & Leasing Experiences Acura RL Prices Paid and Buying Experience
1050 messages, Last post on Sep 18, 2008 at 9:54 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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>>I am still thinking whether to buy or lease this car, or just buy an 05 Accord to save quite a bit of change. The Accord is a nice car, but it is hardly the same as driving an RL. If it really doesn't make any difference to you, then you should by all means buy the Accord! You really shouldn't be looking at luxury cars. |
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Replying to: alan7 (Jan 15, 2005 5:33 pm) I don’t post too much on here as I am just a lurker, but am considering a RL myself. I have leased my last 3 vehicles and it seems these amounts are very high. The 36mo residual % is 57% and 47% from what you stated which is in the ballpark, but the payments don’t compute right in my opinion regarding the big cap cost reduction you mention(4k,8k,10k) and the 5% rate you mention I am in Indiana and we pay tax of 6% on the calculated monthly payment, BUT I am excluding that from my numbers. Ie, the payment per month below is cost of depreciation per month + financing charge $ per month = total montly payment before, at least in IN, the taxes are added to the monthly payment. I ran the numbers at 36mo and 48mo using the above residual % with NO cap cost reduction and .00208 money factor(5.0%). I started with 47,500 as the Gross cap cost and I get depreciation per month payment of 536.17 for 36mo and 505.19 for 48mo and the financing cost per month of 157.45 for 36mo and 147.16 per mo. When adding the to get total per month I get 693.62 and 652.35. This is if I just went in and did the deal at 47,500 with NO $ paid down. If I pay (4k,8k or 10k) cap cost reduction these payments would be even less. Maybe I am comparing apples and oranges as I don’t know how taxes are done in NJ or I am missing some of the info, but I feel this payments are high. By the way on my last three vehicles I have leased I have been able to come home after getting a good deal and emulate the lease calculation in excel down the the penny so I feel like I am calculating this correctly from all the info I have on the surface. I am invested in this as I am in the market for a new RL and to get the best possible lease price I can. Hope that helps and I apologize in advance if I missed some of the info regarding these numbers. Doug.
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Replying to: g35coupe1 (Jan 16, 2005 8:01 am) You did not miss anything; I just didn't give all the info. I thought the amounts were high too. Here is the rest of the data for the lease: 1) All monthly payments include 6% NJ sales tax and gap insurance. In NJ the tax is paid each month (with the monthly payment). So, the $637 monthly payment, for example, means $600.94 plus sales tax. 2) The breakdown of the initial payment of $4000 is: $595 bank fee, $299 DMV fee, $152 doc fee, $637 1st month payment (tax included), $2317 cap cost reduction. 3) Using the above formula, the $8000 initial payment would include $6317 cap cost reduction, and the $10000 initial payment has $8317 cap cost included. With the above additional info, would you still the interest rate is higher than 5%? I also inquired about the financing terms. I was quoted 4% for both the 48 month and 60 month terms. For example, for a $30000 loan, the monthly payment is $685 for 48 months, and $550 for 60 months. If I took the loan option, I could save 1% on interest, $595 on bank fee, and the disposition fee at the end of the lease. Which one is better, leasing or purchase? Appreciate your comments. Alan7
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Replying to: alan7 (Jan 16, 2005 9:38 am) If they can give you 4% for 60 months, that is the way I would go.. Also, I notice some of the assumptions are for a selling price of $47,500... Is anyone actually getting that? Add $1000 to the selling price and the lease payment goes up $30/mo. You should never make a cap cost reduction on a lease.. It looks like your payment with acquisition fee rolled in to the cap cost, and no cap cost reduction, would be about $750/mo, tax included.. Which is typical for a $50K car with no incentives.. No compelling reason to lease, IMO, unless you are sure you want to sell in three years. regards, kyfdx |
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Replying to: alan7 (Jan 16, 2005 9:38 am) Agreed upon price = 47,500 Bank fee 595 Doc fee 152 DMV fee 299 Gross cap cost 48,546 Cap cost reduction (2,317) Adjusted Cap cost 46,229 So your payment of 4k when made covers first month payment 637+595+152+299 leaving the rest for cap reduction. Calculating it this way I get total before tax payment of 599.56 for 48mo add in tax and it is 635.22 which is real close to your 637 you mention. I didn’t realize your 637 had tax INCLUDED in it. Overall it seems at least in the 48mo scenario it 5% interest is being used. However for the 36mo I calculate the total payment with the 6% tax included to be 661.91 not the 685 you mention for the 36 month at 4k due at signing example. Keep in mind I assuming your agreed upon price is 47,500 so you are getting 1,970 off of mrsp right from the start. Whether leasing for 48mo or buying for 60 is better…that is a personal opinion, but even though I can afford to finance I like to lease as I like a new car every 3 or 4 years. Having said that even though I am going to lease…I am waiting until I can a deal the agreed upon price closer to invoice and then start there as I don’t like to put any money down on a lease as all it does is just lower the payments. I would rather keep that down payment in my account. If you decide to go for the 48mo my calculation is close to your 637mo, but if you decide to lease at 36 I would question why you don’t come in with a total payment around 661 given all the variables stated as 24 per mo x 36 = almost 900 dollars… nothing to sneeze at… Bottom line is make sure you analyze fully the “motor vehicle lease agreement” before signing the lease. Hope that helps, Doug. |
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Replying to: llwyse (Jan 15, 2005 1:37 am) Sounds like you are also happy with the Taupe interior. I am trying to decide between the taupe and the black interior color. (exterior - trying to decide between: - lakeshore silver - white - celestial silver The black looks very very good but I live in Alabama and it gets very hot and "humid" here in the summer. (still wish Acura would add "cooled" seats for the U.S.) I have not really had the opportunity to see the taupe interior...the one I did see still had the plastic covering the interior.
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Replying to: kfhmail (Jan 16, 2005 11:32 am) Couldn't be happier with the color choice or the car. Best of luck with your car; I'm sure whichever color combo you pick, you'll love the car. steve |
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Replying to: kfhmail (Jan 16, 2005 11:32 am) I, too, wish Acura offered ventilated seats. Two other items I think should exist as standard equipment on a $50K car are rain sensing wipers (which my Mini has) and power adjustable pedals (which my Pacifica has). Still wondering if anyone has succeeded in buying factory 18" wheels without the standard tires?
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Replying to: llwyse (Jan 16, 2005 9:23 pm) IOW, you can buy from the parts department, and leave the sales department out of it.. regards, kyfdx |
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| I test drove the RL yesterday and today and am close to making an offer. Does anyone know the true cost of the options (wood steering wheel, gear shift and spoiler) to the dealer. I want all the options but dont want to offer too much. This is a cash deal. I have noticed that most of the dealers inventories are stacking up out here in southern california. Thanks | |
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