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Prices Paid: Buying & Leasing Experiences Volkswagen Tiguan Lease Questions
144 messages, Last post on Nov 28, 2009 at 8:33 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: ikramerica (Apr 07, 2009 6:24 pm) girlienoir, can you give us the final figures, payment, price etc? |
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Replying to: girlienoir (Apr 07, 2009 4:15 pm) I have always been a fan of VW, and a previous owner, but my nearest dealer is 35 miles away. I also feel, as do many others, that the Tiguan is overpriced by as much as $4000 - that's a whole year of extra payments. I have a similar reaction to the Lincoln MKZ versus the Ford Edge -- $5000 extra is an awful lot for a bit of bling!
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Replying to: mcclearyfl (Apr 09, 2009 1:11 pm) |
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2009 SE with 4-motion, no other options. 36 months, 10k/year. $394/month, incl. tax $1200 out of pocket, including first month's payment. Total cost: $14990 I signed. To be frank with you guys, I don't get the whole fretting over the MF and invoice price. I don't really care how they play around with the numbers, so long as I'm comfortable that that is a good price. Also, this is the first dealer I went to. I had previously spent a week getting a base-level Murano down to $375/month with tax, so I figured for $20/month I'm getting a better car and I don't have to go crazy negotiating. Am I wrong? Is this a bad deal?
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Replying to: jseinfeld (Apr 22, 2009 9:57 am)
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Replying to: stoopy (Apr 22, 2009 11:35 pm) Also, purchasing it at $415 for 72 months means I'd be paying 3% interest. Where do you get that rate for a 72 month term? You can't even get that for 36. Besides which, I'm deathly opposed to purchasing new cars. Oh, and just FYI for everyone, VW has a new grad special that's not on their website (it's on the VW Credit website), with which you can get your first month's payment. So I've effectively now given $800 down, which includes acquisition, DMV, etc.
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Replying to: jseinfeld (Apr 23, 2009 5:58 am) Post your MSRP, sale price plus fees, residual and money factor and we can more accurately gauge your deal. I was merely saying $400 a month with $1200 down ain't too great.
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Replying to: stoopy (Apr 23, 2009 8:22 am) As I was saying earlier, however, it doesn't matter to me what the money factor or APR is. All I know is this: the car is worth a certain amount; in my case, let's say it's $29,000. After "renting" it from the bank it depreciates by a percentage of its original value; for the Tiguan, let's conservatively say it's 50%, i.e., the car is worth half of original value after I'm through with it, which is $14,500. This means that for the bank to break even, i.e., get back the $29,000 it gives to VW for the car, it has to charge me $14,500 and then hope it gets the same at auction at lease end. This means that my base monthly price should be $14,500 / 36 months = 402.78, not counting tax. Tax in my state is 7%. Thus, over the life of the lease, I have to pay about 50% of that, which is $1015, and over 36 months is $28.20. So my total, if the bank had its druthers, would be $430.98 (and they'd hope to sell the car for more than $14.5k). I'm paying $394, including tax. How's that not a good deal? Reverse the numbers. I'm paying about $365.80 as my base price. At that rate, after 36 months, the bank is getting $13,168.80, which means it only depreciated 45%, which is realistic, but also optimistic. Even if I could have negotiated longer and gotten the price down to $27,000, my deal is still good, as my monthly payments end up being 48%, which is within the ballpark for depreciation amounts. So, if you think I'm wrong, please educate me where the mistake is. I'm not being facetious here, I'd really like to know. Also, the $1200 isn't money I put down. I put $0 down, as putting anything down is silly in my opinion. The $1200 includes first month's payment ($394) (which actually I'm getting back due to graduating in the past 24 months), acquisition fee ($575), DMV fees ($187), tire fees ($7), etc.
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Replying to: jseinfeld (Apr 23, 2009 9:04 am) Second, in a lot of areas, including mine, you can get 0% financing for up to 60 months. Assuming you qualified and used your $1200 due at signing to lessen your sales tax burden you could've bought this for $27,000. Payment would've been $380 on a 60 month loan. Why lease when buying is cheaper? That's the point of leasing (to lessen your payment since you are just RENTING part of the value of the vehicle). In my opinion, if you can't save at least $100 a month leasing, BUY IT. Back on the leasing subject. You paid your acquisition fee up front. This is money down whether you think so or not. It isn't Cap Cost Reduction but it is money that is normally included in a lease. Personally I don't see how your lease payment is even as low as you claim. The residual is 53% right? So MSRP is $29,625, residual is $15,701.25. You said in a previous post "Even if I could have negotiated longer and gotten the price down to $27,000.." What was your Net Cap then? At $28,000 it would mean a base payment of $341.63 plus $64.24 for rent charge at 0.00147. That's $434.28 including tax.. And before you claim you got $27,001 or $27,999 or anywhere in between the actual $27,000 NET CAP (which you claimed YOU DIDN'T GET) would = $402.98 including tax Like I said earlier, it's easier to comment on your lease deal if you post the MSRP, Cap Cost (sale price), Net Cap (sale price plus fees, minus down), Residual, Money Factor. Post those numbers and everyone will be able to see how you really did. You can pull them right off the lease contract. It will take 2 minutes.
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Replying to: stoopy (Apr 23, 2009 7:39 pm) As far as leasing v. buying, cheaper payments is one of the reasons, but I also don't want to worry about repairs outside the warranty period and trading the car in once I'm through with it, and I'd rather get a new car every three years. But that's just personal preference. How do you get $380 for 60 months on a $27,000 car? $380x60=$22800. Sixty months of payment on $27k is $450, which is close to the $100/month you were talking about. Also, I have a question for you. When I was at the dealer I asked the salesman about VW having a damage waiver and he said VW did not offer one. But he then said that they don't bother with small scratches ("less than the size of a credit card"). I asked him if that's in writing somewhere and he said it's in the contract. I asked him for a blank copy of the contract to read over before signing, which he gave to me. The contract clearly specifies "any damage." I called him about it and he said that it may not be in the contract but that's their policy and he would pull something off the VW Credit website to "ease my worries." Needless to say, although I've spoken to him a couple of times since then, he hasn't mentioned anything about it. Anything I can do to finagle a lower price out of him? Tell him I'm having second thoughts?
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