Actuarial Outpost
 
Go Back   Actuarial Outpost > Cyberchat > Non-Actuarial Topics
FlashChat Actuarial Discussion Preliminary Exams CAS/SOA Exams Cyberchat Around the World Suggestions


Reply
 
Thread Tools Search this Thread Display Modes
  #1  
Old 06-11-2018, 06:17 PM
T-roy's Avatar
T-roy T-roy is offline
Member
SOA
 
Join Date: May 2002
College: UW Whitewater
Favorite beer: FFF GBH/NG Moon Man
Posts: 8,768
Blog Entries: 1
Default New car - looking for really good lease

Hey! I currently drive a Camry, have been for 25 years. My youngest is inheriting it soon. Iím looking for a REALLY good lease on a same size car or even a crossover. Seems every site that I look at has a default special and if I look at inventory I have to put my name and email/number to get anywhere. Thus Iíll get hundreds of dealers trying to get in touch with me. Anyone know of the good deals right now? Thanks
__________________
Quote:
Originally Posted by ORLYLOL View Post
Beer is ****ing amazing
Reply With Quote
  #2  
Old 06-11-2018, 06:22 PM
BernieSanders2016 BernieSanders2016 is offline
Member
SOA
 
Join Date: Apr 2016
Posts: 12,994
Default

What made you decide to start leasing over owning? I thought leasing was only beneficial if you end up trading it in for a newer model every 3 years or so?
Reply With Quote
  #3  
Old 06-11-2018, 06:24 PM
mathmajor's Avatar
mathmajor mathmajor is offline
Member
SOA AAA
 
Join Date: Dec 2010
Location: Nowhere in particular
Studying for Japanese
College: B.S. Applied Math
Favorite beer: La Croix Grapefruit
Posts: 9,655
Default

2018s will continue to deepen on discounts through the holidays. I don't find there are great "lease deals" - when you read the fine print, look at the assumed purchase price, compare to invoice... it's not invoice.

You can lease any car. Negotiate your price and then ask for a lease on it. Then ask for a breakdown of the components (residual and money factor) to check for reasonability.

The cheapest leases are bare bones versions of low-depreciation brands. Crossovers may be expensive on paper but perhaps higher residuals due to demand in the used market.

Leases are just very difficult to compare because residual data is not so easily accessible. Residuals are set by the car brand owned financial institutions in a little table that changes monthly.
__________________
FSA
Opinions are provided for entertainment purposes only and are no substitute for professional guidance.
Reply With Quote
  #4  
Old 06-11-2018, 06:26 PM
mathmajor's Avatar
mathmajor mathmajor is offline
Member
SOA AAA
 
Join Date: Dec 2010
Location: Nowhere in particular
Studying for Japanese
College: B.S. Applied Math
Favorite beer: La Croix Grapefruit
Posts: 9,655
Default

Oh, I forgot, just go find a lease swap online.
__________________
FSA
Opinions are provided for entertainment purposes only and are no substitute for professional guidance.
Reply With Quote
  #5  
Old 06-11-2018, 07:20 PM
T-roy's Avatar
T-roy T-roy is offline
Member
SOA
 
Join Date: May 2002
College: UW Whitewater
Favorite beer: FFF GBH/NG Moon Man
Posts: 8,768
Blog Entries: 1
Default

I will get the Camry back in two years when 16 y/o goes off to college. So I don't really want to buy another vehicle. A $250/mo lease (I think Chevy Malibu or VW Golf) seem to be the ones that usually have the lease deals. I know once you load em up with Nav, leather, rims, etc... they can get pricy.

I saw a Ford F-150 for $199/mo just passing a dealer. This'd be a neat vehicle to lease for a 2 year timeframe. I will go take a look at it and report back.
__________________
Quote:
Originally Posted by ORLYLOL View Post
Beer is ****ing amazing
Reply With Quote
  #6  
Old 06-11-2018, 07:27 PM
DeepPurple's Avatar
DeepPurple DeepPurple is offline
Member
 
Join Date: Jun 2004
Posts: 4,235
Default

There's a lot of fine print on leases, and I think you end up paying a lot more that the bait-and-switch listed payment.

Sales taxes can be higher than expected, depending on what state you are in. (IDK about WI) Also, the fine print may list a "capital cost reduction payment" (ie a downpayment) which is misleading.

An F150 for $199/mo is going to be very bare bones.


I can go buy a $100,000 Mercedes convertible for payments of only $199 per month (with a 95k downpayment).
__________________
Come on. Let's go space truckin'. Come on!
Reply With Quote
  #7  
Old 06-11-2018, 07:30 PM
Incredible Hulctuary's Avatar
Incredible Hulctuary Incredible Hulctuary is offline
Member
Non-Actuary
 
Join Date: Jan 2002
Posts: 25,346
Default

You sure you'll want it back in 2 years, after it's been through a couple accidents?
__________________
The forest was shrinking, but the trees kept voting for the axe because its handle was made from wood, and they thought it was one of them.
Reply With Quote
  #8  
Old 06-11-2018, 09:11 PM
Dr T Non-Fan Dr T Non-Fan is offline
Member
SOA AAA
 
Join Date: Sep 2001
Location: Just outside of Nowhere
Posts: 93,558
Default

Quote:
Originally Posted by mathmajor View Post
I don't find there are great "lease deals" - when you read the fine print, look at the assumed purchase price, compare to invoice... it's not invoice.


Leases are just very difficult to compare because residual data is not so easily accessible. Residuals are set by the car brand owned financial institutions in a little table that changes monthly.
Quote:
Originally Posted by DeepPurple View Post
There's a lot of fine print on leases, and I think you end up paying a lot more that the bait-and-switch listed payment.
Do note that leases are like this for a reason: to take your money. And without your knowing it until it's too late.

T-Roy, your other option is to let the kid learn a valuable lesson on the value of valuable things.

That judginess being said, I suggest hiring MM as a consultant. He's pretty close by and by all that he's posted, he's pretty good at this game.
__________________
"Facebook is a toilet." -- LWTwJO
Reply With Quote
  #9  
Old 06-11-2018, 09:15 PM
Dr T Non-Fan Dr T Non-Fan is offline
Member
SOA AAA
 
Join Date: Sep 2001
Location: Just outside of Nowhere
Posts: 93,558
Default

Quote:
Originally Posted by T-roy View Post
A $250/mo lease (I think Chevy Malibu or VW Golf)
Yuck, and girly, respectively.

Your expected mileage is also important. It affects your trade-in value, which is where they'll try to get you.
__________________
"Facebook is a toilet." -- LWTwJO
Reply With Quote
  #10  
Old 06-12-2018, 11:32 AM
T-roy's Avatar
T-roy T-roy is offline
Member
SOA
 
Join Date: May 2002
College: UW Whitewater
Favorite beer: FFF GBH/NG Moon Man
Posts: 8,768
Blog Entries: 1
Default

So it looks like I will buy a car. The $199 a month F-150 needed an $8800 down payment (TTL, first mo, tax).

I will be checking out the local GM dealer. My goal now will be get 20% off MSRP of whatever I "pick up".
__________________
Quote:
Originally Posted by ORLYLOL View Post
Beer is ****ing amazing

Last edited by T-roy; 06-12-2018 at 11:35 AM..
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 07:22 AM.


Powered by vBulletin®
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
*PLEASE NOTE: Posts are not checked for accuracy, and do not
represent the views of the Actuarial Outpost or its sponsors.
Page generated in 0.37287 seconds with 11 queries