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Prices Paid: Buying & Leasing Experiences Cadillac CTS Lease Questions
372 messages, Last post on Dec 04, 2009 at 3:48 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: kyfdx (May 23, 2008 5:06 pm) 1. How is Residual Value calculated ? what does it include ? 2. What is MF ? lease rate ? 3. Tax rate ? I am considering an option from the following scenarios, from the information the dealer has given me : Facts : 2009 CTS : MSRP 51850; GMS 45878 Residual value = 32596 Lease 24 mths/12K per yr : $ 798/mth; Onetime payment of $ 18400 Purchase : 4.9% for 36 mths ( $ 1439/mth) Basically, I am trying to determine the net cost to me if I Lease first, and then Buy this car, if I decide to keep it, VS buying it up front and taking a chance that it is the one I want to keep for a longer period of time. Your assistance and advice is greatly appreciated. |
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Replying to: nijhscc (Jul 18, 2008 7:54 am) |
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Replying to: pokeyrai (Jul 09, 2008 5:11 am) Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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Replying to: nijhscc (Jul 18, 2008 7:54 am) In answer to your specific questions, vehicles' residual values are based upon a percentage of their full MSRPs plus the MSRPs of any options that can be residualized. GMAC's current residual value for a 24 month lease of a 2008 Cadillac CTS with 12,000 miles per year is a whopping 71%. Banks also set vehicles' lease rates. GMAC's current base lease rate for a 24 month lease of an '08 CTS is an unattractive 6.1%. Each state calculates sales tax on leased vehicles differently. Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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Replying to: Car_man (Jul 21, 2008 2:49 am) thanks,
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Replying to: nijhscc (Jul 22, 2008 6:25 am) No, it is not true that it is always better to buy. There is 2 cost component of owning a car, the depreciation and the finance cost. Even if you pay cash out of your pocket, you still run a finance cost which is equal to the money that you can make with the cash. Comparing leasing and owning boil down to what finance rate you can get with leasing vs buying. And what residual a manufacturer set for a car. If a manufacturer is running special for leasing a car (i.e. lease cash, lower money factor e.g. right now you have cars that has money factor equal to 3+% interest rate..) or set residual artificial high than it is better to lease a car. If it is the other way around, then it is better to buy a car. |
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Replying to: Car_man (Jul 21, 2008 2:49 am) Thanks in advance...
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Replying to: 1stacura (Sep 04, 2008 8:14 am) Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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| Hi, I am currently leasing a 06 CTS which is up in Dec. I am over my miles by 15000, which equates to $3000. My dealer has offered me a 2009 CTS with auto trans and dark grey color for $3450 out of pocket and $399 a month 39 m lease with 12K miles. Also asorbing my over miles on the 06. Is this a good deal or should I wait until December for a better deal? | |
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Good morning, all. I am in the market for a 2009 CTS and was hoping the knowledgeable people on this site could tell me if I am getting a decent deal or not. This is what I have been quoted by the internet manager: The MSRP of the vehicle you priced is $45,200. The others in the inventory were more expensive some by a few hundred, others a few thousand. I am selling it to you for $42,985. When it comes to leasing, there are no rebates available. A 36 month lease with 12k miles a year with about $1,600 due at signing will give you payments around $715 plus tax a month. On a purchase with excellent credit, $2,000 rebate and $1,600 down, your payment will run about $845 a month. (not sure I understand why the monthly went up here) To move to the far end of the scale with all the bells and whistles, the CTS with an MSRP of $48,705 can be sold to you for $46,528 through the Internet Department. A 36 month/12k mile a year lease with about $1,675 down gives you payments of $775 plus tax a month. After I told him what I wanted to pay a month (not really what I want but I wanted to see where he would go with the offer - I realize I will probably be paying over $600/mo at a minimum), this is what he wrote me: My original quote to you was about $900 over invoice. I went down to about $500 over invoice (normally as low as I can go) . We were at about $763 including tax a month and with a bit more discounting, we are at about $740 a month including tax. To get below $600 a month means instead of about $1,600 down, you would need to come up with about $6,500 down. There is just not that kind of markup on a car like this. If you went down to 10k miles a year, you would move closer to the $700 mark. The only real choice would have to be find a less expensive vehicle or put more money down. I am really sorry for the long post, but any thoughts on this would really be appreciated. I have read through most of this thread, but it does not appear as if some of the older post really apply presently. Anyway, thanks again for any thoughts. |
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