r34p3rex

iTrader: (3)

Same thing in New York. It's stupid, i know.

JezzaX

There was a time when you could lease a car and buy it at the end of the lease and get a better deal than outright buying it. However, those deals are few and far between. I see a couple of them a year though various dealers. Do the math...it either makes sense or it don't.

xEvilEvoX

I'm never a lease fan, but I leased my 2013 GSR. I did all my hw and decided leasing is better for me. I will be making less payment in 2 years, and I know I won't exceed the 24,000 miles limit. I know the X model is going to end soon, and I won't keep the car for long because I would prefer to drive a new model. I also know for sure I won't do crazy mods that can't be reversible. I know I will be happy with bolt-ons + stock turbo, suspension and wheels. If you have big plan with the car then purchasing is your only option.

In my case I pay 320/month, 12k miles, 24 months, 1st month is paid by dealers. I traded my 2012 GTI in and the equity is 4k. I put 3500 into the downpayment and dealer sent me a 500 check for the rest. I could lower my payment to 300/month if I didn't want the check.

I'll be paying 10k in 2 years including my downpayment. If I really want to keep the car at the end of the lease, I will purchase it. At least I know how the car is maintained and not having any worries when I buy a used Evo.

If I finance the car, I'll be paying at least 600/month. After 2 years, I'm paying about 15k. Then I have to deal with having a headaches of trading in the car if I want to trade it in.

And BTW, you're only paying tax on the lease portion of the car, not the whole value of the car. At least in NY I know.

Leasing is good for some people but not for everybody. But to say leasing is stupid is not an accurate statement.

tjwphoto

iTrader: (2)

my story: i leased a 2011 ralliart for 3 years, $270 a month with a camry trade worth $2500 as a down payment back in november 2010 with 15k miles a year. i did basic mods to it like springs, intercooler and piping, cobb ap-ed it, testpipe, and even painted all the chrome. 2 months ago i traded it in for a 13 gsr. all you do i bring it to whatever mitsubishi dealership and you can either buy it and sell it right back to them depending if that would make you some money, or you can just wash your hands with it like someone else said. in my case i just washed my hands with it and the dealership actually kept it and trying to sell it waaaay higher than what i could have outright bought it at (http://www.westboromitsubishi.com/us...a1adcfdb53.htm) <<<LOL. i left the testpipe on it and just gave them the cat in the trunk and even kept the eibach sportlines on it... so i leased a gsr with $3500 down payment including taxes titles inspections whatever, and got $341 a month for 12k miles a year. cant remember the money factory or residual) insurance is under $1900 a year and in mass, we pay an excise tax or a property tax, which again in mass, is 90% of the MSRP sales tax for the year of the car, then jumps down to 60% the next year, then down to 30% (i believe). that comes once a year and shows up on my bill under property tax.

if this is your first lease, definitely do some homework, and go into the dealership making sure you are getting the best residual values and tier 1 money factors. once the deal is done, make sure they don't change around the numbers too much because that is their job to make as much money as possible without you knowing, especially in a lease since they typically make no money on it.

jayjjee

iTrader: (2)

I completely agree with you. Mitsu still offer low rate lease programs and I think it's a pretty great deal. Thanks to low interests

kiteboarder

This thread is all good and well. I'm quite interested in something specific however…

This is for those who leased their Evo with the full intention of buying the car at the end of the lease for the pre-negotiated residual value:

1. Did the dealer give you hard time at the time you mentioned you wanted to buy the car at the end of the lease?

2. Did they hit you with hidden fees?

3. Did they refuse to sell you the car based the fact the residual value was better than the market price at the time?

I'm really interested in these as I've been considering leasing one with the sole intention of buying it after 2 years… But I don't want to find ugly surprises when that time comes.

EvoXXXX

At the end of a lease do you get the money that you put down on the car back?

TrogdorWBL

Full coverage insurance is required by all lenders any time a lien is on a vehicle, regardless of how it's purchased. In 2 years of working at a dealer, I've NEVER seen one of our 20+ lenders require a higher level of insurance. Plus, GAP insurance is included for free with a lease.

Leasing doesn't require more money down. Required money down depends on credit. If you have good credit, it may not require any money down. If you have ****ty credit you may be required to put money down on a lease or purchase. I only put $1000 down, and I have a slightly better than average credit score. And, I wasn't required to.

25-30k miles a year is A F|_|CKLOAD. Statistically the average drive in the US drives about 15,000 miles a year. Furthermore that doesn't matter if you buy the car at the end of your lease.

And nearly all Evo leases come out on top. Because the resale values of used Evos is so high, we actually recommend that MOST of our customers lease Evo's, then buy them at the end. I wouldn't go so far as to ever tell a customer you're sure to come out a head, but the odds are very good. Something extreme would have to happen (accident or WAY over miles) for the car to be worth less than its buy out.

Finally businesses aren't the primary reason people lease. The primary reason people lease is the lower monthly payments. Interest rates are lower on leases than they are on purchases. GAP insurance is included for free. The debt to income that a lease reflects is less than what a loan would reflect. Oh, and those people who just want a new car every couple years with out rolling negative equity repeatedly.

You're talking out of your arce based on what you think to be true.

TrogdorWBL

It's just like if you have a loan on a car you're trying to sell/trade.

If a lease's buy out is 10k and the car is worth 11 on trade, or 13 private sale then you have equity. If the car is only worth 9k and the buy out is 10k, you don't have to eat the $1000, you can just turn it in a walk away.

It's just like if you have a remaining balance of $10,000 on a loan. Difference is, if your car is worth 9k, and you owe 10k, you have to come up with the $1000, or roll it in to the next loan.

Arsenal4Life

Just like how the buyout is 26k on my evo when the lease is.up, but it should be worth 28 to 30k. So i may get a return, or choose to keep the thing lol

kiteboarder

^^^ This is probably one of the best and most concise lease explanations I've ever read. Well done sir.

slim64

iTrader: (1)

I leased my 13' GSR sight and sound at $545 a month 3yrs I'm gonna end up keeping it at the end of the lease though so with the higher payments my payoff should be pretty low when I decide to finance

kmaqueira1

damn you're getting ripped off , here in Miami they have a deal of 24 months for 289 a month

TrogdorWBL

That requires a bunch of money down, and doesn't include tax and licence.

*edit* Per Mitsubishi's website "$279 per month / 24 months / $3,578 due at lease signing. Includes required refundable security deposit. Excludes tax, license, title, registration, documentation fees, insurance and the like."

So, you're talking about roughly $5,000 down on a 12,000 mile a year lease for 24 months.

Hsmbb6

I leased my 14' evo mr premium for 400/month with 1k down(covers all licensing, registration fees, and first month's lease) and 29k residual. I've heard since the residual is so low, its better to buy the car outright at the end of the lease and sell it for some profit.

Anyone know what is reasonable resale value of a 2 year old MR with <24k miles?