Hi EvoM

looking at some 2010 evo's tomorrow and they have lease specials going on. 3-4k down and payments are around $350 for 48 months. Planning on doing minor mods if I do lease. Anyone with suggestions I should ask tomorrow? Or help with this purchase would be appreciated.


Thanks!

 

Have you ever leased a car before? If you have, then you don't need this thread. If you haven't, do A LOT of research on the process of leasing that way you'll understand everything about leasing (e.g., money factor, residual value, etc, etc). Google it. Check edmunds.com, find an online leasing calculator.

And, always, ALWAYS negotiate the price of the car first. DO NOT negotiate a monthly payment. If you're negotiating monthly payments, the dealer is screwing you.

 

First time leasing. I'll check out Edmund. Thanks

 

Leasing sucks, esp on a car you want to mod. They will kill you on the back end, and you'll end up paying way more than if you just bought it. IMO, if you can't afford to buy a car and have to look at leasing, you are looking at a car that is too expensive.

 

Are you looking to keep the car? If so then leasing is not a good option. But if you need the lower payments, it can be okay to look at.

Also, if you are leasing, remember you can not modify the car and at the end of the lease they pretty much expect the car back in the SAME CONDITION you purchased it - otherwise they'll charge you for everything that is not like-new.

 

On that lease, that's 2/3 of what I bought my GSR for.. why would you throw away 2/3 and give the car back?

 

I believe that number is for a GSR "Base" model and without tax?

 

I was considering leasing because in 4 years I think i will be tired of it and lease a newer evo.

 

Here is the thing, you will owe about 17k at the end of your lease. Considering I am seeing Evo 9's still selling for $20k+ I think it is a pretty safe bet. As for modding only do bolt on's keep all of the stock parts, and worst comes to worst you give it back. For all of those who commented, who has actually leased an Evo/STi/R32 before (basically tuner cars that really hold their value)?

 

That's also a good point. For mods I was only thinking lower, wheels, tint, sound system and possibly bolt ons. I'm satisfied with the power because it's going to be DD. Even if I do decide to purchase the vehicle after my lease I will owe 17k which isn't that bad.

 

I did a lease to buy because I intend to finance next year. I did this because strangely enough my insurance is cheaper every month as well as the payments. I was willing to bite the bullet because they also bought my Audi for what I owed not what it was worth. This saved me a huge deal since I was upside down $6.5k, so I think I got a pretty good deal, especially getting into an Evo.

So the deal with the lease is you pay for the fixed period of time leased, then at the end you either buy or sell the car. If you turn it in you pay for the miles over the deal (12K per year, 15 cents per mile over) and you pay for everything modded that's not factory, and any major damage incurred if any. With the lease-to-buy, at any time you can get a loan and finance the car. You can also save money and put a large down payment down to lower the finance amount. If you are desperate to get into an Evo then you'll do what you do. I carefully factored out my expenses and determined it was worth it since I've wanted an Evo for the past 8 years or so.

Call you insurance company and find out how much it will cost if you finance vs lease. Some states, like california, require minimum amounts, mine are 100K, 300k, and 100k. Like I said I actually saved money with better coverage so the lease balanced out to what my payments were before.

Good luck.

 

Also wanted to add...

3-4k down on a lease at 350 for 48 months. That 350 is not including TAX. so if your paying 6% you're actually paying 371. So the difference is...

350 @ 48mos = 16800
371 @ 48mos = 17808

so 17808 + 4k = 21808.

You'll break even when you trade in the vehicle in 4yrs assuming you put 12miles per year on the car and have no mods or major issues that you'll need to pay for.

This is obviously not factoring a trade in either whether your upside down on payments or not. If your not upside down then you're in good standings.

 

Checking out the evo's today.

Thanks for all the input.

 

Yes I agree with those prices , but if you are qualifed ....!!!!!

 

I wouldn't lease unless I needed to car for a business and I could write off the payments of the lease.