A&Q about Lotus
Q:
Originally Posted by nugg_dawg
How do you justify leasing vs. owning. First of all when you lease there is a set limit on the mileage per year. Security deposit that is not guranteed. You still have to put money down. And eventhough you have the option to buy at the end of the lease, you will get reamed. It's like renting a car.
It is renting the car and that's the simple beauty of it. Rent it, drive it and then turn it back. One of the few caveat's is know your mileage.
And, on the other hand, high mileage will hit the value of a purchased/financed car also. So, if you're planning on getting ride of a purchased/financed car within 4-5 years, you'll take a hit too.
As for security deposit, it depends on your credit, how well you negotiate, and how badly the dealer wants to sell the car.
Now if you buy the car at the end of the lease, well, that defeats the purpose of leasing. Unless, you get some lease special with ultra low interest and the residual is much less than market value. But that rarely happens. Especially now-a-day were lender are ultra-conservative on their numbers.
In a nutshell, leasing works well if you want have a car for 2-3 year and have no hassle getting out of it (and you can keep it in good condition and close to your mileage.)
A:
There have been several threads about this. Leasing can have a number of benefits, but virtually all go away if you are likely to keep a car more than 3-4yrs.
Recycling some of my own earlier posts:
A:
Well, in my thoughts, I'm speaking to highline cars... ~$200k and up.
A:
Originally Posted by Terminus
I think you will find the end-of-lease purchase price was set at the time you signed the lease and is non-negotiable, you either take it or leave it.
This is actually not true ... at the end of my BMW Z3 lease, I did have a "set" buyout, but I was able to negotiate the price down lower. Basically I said I was going to turn in the car if they didn't give me a better buy out price. They lowered it $2500. Not a lot but that was money in my pocket baby!
What's funny though is I called them about 6 weeks before the lease expired and they told me no, they wouldn't give me a better buy out ... then I called again about 10 days before I was going to turn in the car and they budged.
Can't hurt to try!
Sorry to ressurect an old thread, I was just thinking about the leasing option myself for an elise and came across this one. Leasing just doesn't work for this car
A:
Too much money..and with the usage, I'm sure you'll go over the limit.
Save up and pay cash, or finance if you're desperate.
Remember all cars are liabilities - in that they don't make you money, unless you rent them out.
And with all liabilities, with cars specifically, buy used and in cash when you can. I'd check out the DuPont registry, even for specialty cars. You'd be paying a lot less than brand new. I know it's difficult with a specialty car like the Elise/Exige.
$.03
A:
Originally Posted by iwantanelise
So, I went to a Lotus dealership, and was quoted at roughly $900 per month, with $3000 out of pocket, and I forgot to get the length of the term. But, looking around at other vehicles in the market, this price seems a little ludacris for a $48,000 car. Plus, the milage limit was around 7,500 miles per year...no thanks at this rate! Thoughts, opinions, suggestions??
Man! Don't lease this car! Lease a Honda, or the family car. For a 48k loan at 6%, for 72 months you can only pay 795.50. And the car is yours. Put 4k down, you pay $729. Beats $900! I guess the equity loan concept is cool since you can decuct the interest. I plan to put about $10k down on a $33K to $35K pre-own, and pay about $400 a month. $10K of that will come from my trade in. Not a bad situation , using the same terms as above.
A:
I never understood these 72 month finance plans. Almost guaranteed to go upside at some point. My point of view is lease anything that is business related and pay cash for the toys.
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You are right TWCNY. By the list of your cars that you proudly display it seems you know a thing or two about finance. You would definitely be upside down in the 100% finance option- driving out of the dealership! I'm glad I don't need a "winter-beater" down where I live. . . .
A:
I have a place in FL but unfortunately where I reside in NYC we need several winter beaters. Anything you drive here in the winter gets beat on.