Hey guys, my dad wants to lease an 05 SL (base model) even though I tried my hardest for him to either buy it or just buy a used one for much less. Anyway, we got a quote for $325 with 3500 down. That was without negotiating so I wanted to know what you guys would either offer or those who are leasing to give in their input. I really cant use any site as a leasing reference unless you guys can help me out with one.

My dad wants to offer $275 with 3500 down so do you guys think thats a good deal? Whenever he is ready to sign the papers, we will go around and shop around more but I really dont know what is a good deal and what isint in leasing. Thanks guys.

 

How long does he plan on leasing the car? 36/48 months? I'm leasing my Maxima (tax reasons) and I pay $299 a month for 36 months with $1000 down. Its not a great deal...but I'm happy.

 

$299 or 399?

 

If you do lease, be careful with the mileage and be sure to photograph the car for details when you return it so they don't charge you $$$ for extra "cleaning."

Clark Howard's site has lots of good advice about leasing so you don't get taken: http://clarkhoward.com/

 

I personally don't like leases, but it depends on many factors (ie...aftermarket gizmos, mileage, wear and tear, etc..). I work for 90% of the car dealerships here in Charleston doing all the aftermarket equipment and all of them has told me lease are just traps......the dealership always zings you for anything you've done or not done to "your" vehicle....you"ll always be upsidedown or just end up refinancing the ending balance meaning you'll be paying for that vehicle forever....just one opinion upon many others.....

 

$299 tax included. Leasing is a good option for those who can expense the car as a tax write off. This topic could be argued one way or another for hours...but I'll just say this, if you keep your car nice and clean, don't mod it too much, and drive it under the miles your golden. You figure I'm driving a brand new car for 3 years for only $11,000. Chances are if you were to buy a car for $11,000 and finance it for 36 months your payments would be lower yes...but look at the car you would drive. Probably some POS civic that won't be worth **** in 3 years. Like I said its has its ups and downs.

 

299 is pretty cheap

 

Whats the payoff at the end of the lease???

 

Same dealer also offered a base SE to us for 290 a month with 3500 down. I am sure we can get that down to 250 a month or some thing. Its a 42 month lease with 12k miles a year.

 

Whats with the $3500 down? if your credit is that good to lease anyway why not get the lease at $360 a month and have some moola for modding. on average its $20.00 per thousand on your monthly payment. i pay $321.23 a month with a $1000 down on a 3 year lease i was originally gonna be at like $350 a month but the bank wanted some sort of money down cause they said my credit is pristine but im not a sign and drive credit worthy applicant(bankruptcy 10 yrs ago) but again im good enough to lease so thats all that matters.besides who really wants to pay $500-$600 a month to own a $30,000 car my .02

 

The down payment might change. Is yours the base SL? Also when did you get it?

 

I went upon the assumption you can't write off a leased auto anymore...atleast thats what I was told by my dad. I definately put way too many miles (20k/yr) to make leasing viable. Think of it this way, your dad wuld be pissing $3500 + $300 or so per month away for however long he drives it, they will go over it with a fine tooth comb when he brings it back, charge him for wear and tear if there is any..then give the option of buying it out for more money, which would have you wishing you bought it in the first place of you go this route. Or, give it back, and do it all over again, meanwhile, you don't own anything, you just get to drive a nice new car that you don't own. I don't know, I feel if you have to lease for financial reasons, you are over your head.

 

Agreed..... leasing is not for everyone but in my case i like a new luxury car every 3 years or so. i get so bored with my cars that 3 months into it im already thinking about my next car so i'd rather rent and not owe anything or be upside down just to say i own this car which probably wont be worth **** in 5 years. to each is own but this makes more financial sense to me then buying and being in too deep besides i do small mods but nothing that extreme that i cant take off when its time to bring it back in thats why you should always have a weekend car or atleast a second car. .02

 

There are pros and cons of leasing so its a whole different topic, I am not found of it myself but as I said the car will be for my dad and I might help him out.

MAXDOUT04 - Can you please answer my questions so I can use your price as a reference. Is yours a base SL, how many miles per month, when did you get it?

 

If you drive the car alot its impossible, most leases will not allow more than 15k, so thats got to be first and formost.

 

So if you're sick of the car in a few years, when you trade it in you put that money towards the money still owed, and move on to whatever you want. I put alot of money down on my maxima, therefore if I get out of it in a year or two, which I may, then I will be able to wipe out the loan with the trade in value, and still have money left to put down on the next car. Not to mention I have the option to keep the car If I want and keep looking for other cars for as long as I want...basically if you buy the ball is in your court, thats all...if leasing was so fantastic for the consumer and screwed the dealer, dealers would'nt push them like they do.

 

I just bought an 05 and went in looking to lease. I drive a ton and they said they could pre-sell me miles but that seemed like a bad idea. My solution was an 84 MO. term. Yep, 84 freakin months. It's like I'm leasing it to myself without the mileage constraint. There's a catch to this- I pay about $100 more on top of my payment and I will only keep the car a couple of years to not be upside down in it. I did the math and I think I'll break even (and my I/Y is only 6.25) The money factor on a lease is great, but if you drive more than 15k you take it. Check with a CU and you might want to try the 84. (Req'd a 730+ credit score... FYI)

 

i have never heard of putting $$ down for a lease...its a lease...you should never ever put $$ down on a lease

 

jiggs i have a 04 sl with everything but nav, black leather, sunroof, hid's plus i get 12k a year 2/20/2004

 

I just got an '05 SL leased, nothing down, fully loaded the only things it does not have are heated back seats and navi (no elite package). Retailed for about 32000, i got my cap cost down below 29, and pay 4 something a month (my wife takes care of it, i just make the money). If I was financing it, it would be 100 and something more than that a month, so I am saving myself that money and I get a new car in 3 years (considering im ready for another now, that is not too bad).

Also if you are financing and are going to trade in, in 3 years, what is the point, you would have payed 4-5000 more than me (plus interest), and at that point we would have the same trade in value!