Lease Payments - JUST the Basics

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Adguy21

Member
:
2019 CX-5 GT Reserve Soul Red
I know there is a whole section dedicated to this in the "Current Selling Price" thread but i'd like to simplify what people are paying on a lease. I'm not interested in residual value, money factor, negotiated price of vehicle, etc. Just the basics like mine below:

2018 GT FWD White with Premium Package
0 Down (dealer took care of taxes, tags and registration)
36 Months
10k Miles a year
$390 a month (includes taxes)
 
Aznbagel said:
2017 touring.

297
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Any money down? Also what were the terms? Trust me it's not a lot of money when you compare to what you get at that cost. As for borrowing I love having a new car every 2 1/2 - 3 years and not having to worry about paying out of pocket for repairs as I'm always within warranty. Between my wife and myself I've had over 12 leased vehicles in my life and I think I had to pay for new tires once. Other than that I haven't spent a dime!
 
Adguy21 said:
Any money down? Also what were the terms? Trust me it's not a lot of money when you compare to what you get at that cost. As for borrowing I love having a new car every 2 1/2 - 3 years and not having to worry about paying out of pocket for repairs as I'm always within warranty. Between my wife and myself I've had over 12 leased vehicles in my life and I think I had to pay for new tires once. Other than that I haven't spent a dime!
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I paid 1200 to get it off the lot.
 
Adguy21 said:
Any money down? Also what were the terms? Trust me it's not a lot of money when you compare to what you get at that cost. As for borrowing I love having a new car every 2 1/2 - 3 years and not having to worry about paying out of pocket for repairs as I'm always within warranty. Between my wife and myself I've had over 12 leased vehicles in my life and I think I had to pay for new tires once. Other than that I haven't spent a dime!
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No need to explain. Most of us understand the draw and the value of leasing.
Buddy of mine has been leasing for years. As he likes to say "I can buy a Civic for $350 /mo or lease a BMW 3 series for $360 /mo.".
 
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murky said:
Clearly leasing appeals to many, or it wouldn't be popular.
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Exactly!

Paying interest on a depreciating asset, that a dui, or hands free driver could simply wipe out in an instant, does not appeal to me.
 
When we leased our $50,000 Volvo 70, I didn't want to spend $550/ mo on a car, so we leased it for $300.
Unfortunately, they stopped making it so we couldn't lease another one. So we bought it for another $290/mo.
Car is still imaculate. Even though we wind up with 8 years of payments, instead of 5, it's a much easier payment to swallow.
 
7eregrine said:
No need to explain. Most of us understand the draw and the value of leasing.
Buddy of mine has been leasing for years. As he likes to say "I can buy a Civic for $350 /mo or lease a BMW 3 series for $360 /mo.".
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Your buddy has a few other options as well.
Pay cash for Civic and pay $0/mo
He can also lease a civic for $189/mo.
LOL
 
He'd buy a 10 Speed Bike over a Civic. I've never met anyone so Anti-Honda. [emoji38]
 
So only one person on this whole thread leased? If you did please post up the details as I'm dying to know if I got a "fair" deal.
 
Adguy21 said:
So only one person on this whole thread leased? If you did please post up the details as I'm dying to know if I got a "fair" deal.
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Hard to judge fair deal without any of the other numbers like the agreed vehicle cost, the residual, or even the tax rate.

You can try to use one of the car leasing calculators on a car site like Edmunds.com, but it too will need the other numbers you are omitting.
 
Adguy21 said:
So only one person on this whole thread leased? If you did please post up the details as I'm dying to know if I got a "fair" deal.
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Why do you really want to know if it is fair deal? Since you already leased, you'll be stuck with the lease contract for the duration. If you learn that you got a bad deal, wouldn't it make you feel bad about the lease? And if so, you would feel bad for the duration of the lease, which I don't think is good. So I guess what I'm trying to say is, don't worry about it since you already leased and just enjoy your car.
 
finch204 said:
Why do you really want to know if it is fair deal? Since you already leased, you'll be stuck with the lease contract for the duration. If you learn that you got a bad deal, wouldn't it make you feel bad about the lease? And if so, you would feel bad for the duration of the lease, which I don't think is good. So I guess what I'm trying to say is, don't worry about it since you already leased and just enjoy your car.
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Very well put...I guess curiosity is killing the cat.
 
I used to think that leasing was a waste of money, since I usually keep my cars at least 10 years. But I'm starting to think that leasing may make sense for people who trade in every 3 years.

For example, here are some approximate numbers for my 2016 GT:

Fully loaded 2016 GT AWD with MSRP of around $34K
My out the door price including sales tax (7%), title, registration, document fees etc. was about the same as the original MSRP of $34K

My car is almost 3 years old with 25K miles. According to KBB, it is worth around $21K trade in value. So it has cost me around $13K to own this car for 3 years, or $361 per month. I paid cash for this car. If I had taken out a loan, interest would increase this monthly cost.

My monthly cost, plus interest (if required) is not much cheaper than the $390 lease payment given in this thread.
 
Adguy21 said:
Very well put...I guess curiosity is killing the cat.
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Just trying to stop you from possibly having buyer's remorse.

Z06Trev said:
I used to think that leasing was a waste of money, since I usually keep my cars at least 10 years. But I'm starting to think that leasing may make sense for people who trade in every 3 years.

For example, here are some approximate numbers for my 2016 GT:

Fully loaded 2016 GT AWD with MSRP of around $34K
My out the door price including sales tax (7%), title, registration, document fees etc. was about the same as the original MSRP of $34K

My car is almost 3 years old with 25K miles. According to KBB, it is worth around $21K trade in value. So it has cost me around $13K to own this car for 3 years, or $361 per month. I paid cash for this car. If I had taken out a loan, interest would increase this monthly cost.

My monthly cost, plus interest (if required) is not much cheaper than the $390 lease payment given in this thread.
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Leasing is perfect for people who need a new car every 3 years, or if you need cars for your business or if you don't have kids that can damage the interior for the duration of the lease LOL.

The difference in your situation is that even if your car depreciated for 13K in 3 years, you don't have a monthly payment. As opposed to needing to get a new lease and start on a new monthly payment, for another 3 years. Leasing and buying both has its pros and cons. Leasing isn't even an option for me right now because I drive a lot and my toddler would most likely mess up the car's interior.
 
finch204 said:
Just trying to stop you from possibly having buyer's remorse.


Leasing is perfect for people who need a new car every 3 years, or if you need cars for your business or if you don't have kids that can damage the interior for the duration of the lease LOL.

Leasing isn't even an option for me right now because I drive a lot and my toddler would most likely mess up the car's interior.
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Honestly, that would only make a difference if you were turning the car back in to the leasing company. Out of the 6 cars I have leased, I have never turned one back to the lease company, I just traded the leased vehicle in as a used car against a new car or a new lease.
 
The reason I lease is I can afford having the monthly payment and enjoy getting a new car every 3 years. Life's short and I love cars so if I can get my hands on as many different kinds as I can for the current situation then I feel I'm ahead. Plus like I originally stated over the 20 years I've been leasing for myself and now my wife I've probably replaced a few tires and that's it!
 
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