Leasing or Financing??

[cosmic_spd3]

Is any one here Leasing there MS3??Just curious..
I'm actually leasing mine..it made my monthly payments a lil lower than actually financing it..still dont know what am gonna do after my contract expires.

 

[discharmingman]

leasing has too many restrictions.....buying is always the best way to go.... check out www.carbuyingtips.com for reasons why...

 

[turbobst]

Leasing is good if it's a weekend only car.

I would never lease a DD, that would get really expensive.

 

[cosmic_spd3]

In my case the only restriction i think that might go against me is my miles with this car..cause i enjoy driving this baby..and trust me i do drive it hard..maybe if i was buying out right i would baby it..hopefully it holds up for the next couple of years..

 

[HIGHBRED8]

leasing will get you in the car for a short period of time (usually 36 mos) and will have restrictions such as mileage etc but the payments will be comparably
less, buying will require larger d/p in order to get in a reasonable payment. there are sometimes specials such as 0% finance or 0 down etc but usualy not on specialty cars such as this. i worked at a dealer ship for sometime and learned something that works great for me. many people do not realize that you are able to negotiate the actual vehicle price in a lease the same as if you were to purchase (i.e car is $26k msrp you can haggle down to $2xK) once you have agreed on a price the lease will be based of the % of years you will use the vehicle plus interest etc now the option that comes to play is buy out after the lease is up you may purchase the vehicle at a depreciated amount and will be able to finance this sum and in many cases are able to even negotiate that figure when your lease is up. in my case i negotiated my price to around 500 over invoice (not on ms3) from approx $45k to right around $40k then i negotiated my lease with the usual 12k miles a yr (i only drive about 8k so fine for me) to a payment i was happy with and a buy out that if i were to pay my 36mo then want to buyout i would pay around what my originally agreed upon sale price was (about 40k) this means i drive the car for 36 mo's for less then if i had financed and in the end can purchase a vehicle that i know was not beat the hell up.

sorry that was a bit lengthy and im tired so pardon my grammar. but this is a good option for someone to save a little on payments and end up around the same place they would have been had they just bought it from the get go but with lower payments for the first few years. ive done this a few times always worked out great and will for anyone else who is able to negotiate a good deal (leases can look very good on paper but can easily bite you if you didnt pay attention.). also keep in mind a lease is not good for high mileage a year drivers if this is the case then forget them all together or youll end up paying per mile. also when your buying or leasing remember that once your done with the deal at the table with the salesperson, that is only half, you can still negotiate the finance quite a bit. so do your research (tmv, invoice, common rates for your bracket etc) bring it with you to shove in their faces when they say its not true (those that came with ammo almost always got a deal) go their confident and dont be afraid to leave.

ok im done again sorry for the long post and hope i helped out a little

 

[lebox97]

boils down to:
- do you want to own it and do ANYTHING you want to it?
- or do you want to rent it and return it in original stock-good condition?

 

[BOOSTR]

Leasing or Fleecing is the worse way to go about getting a car, period. Especially if you want to buy it at the end of the contract. That is financially stupid.

Its not just the surcharge for miles in excess of the contract terms, its wear and tear charges and the dealer defines what constitutes wear and tear damage.

 

[FrancoNemo]

Hey man i leased mine just so i could get my payments as low as i did! i plan on keeping it anyways so i've modded it alot! i've only had it for 2 months n its dropped, CAI, HIDs, System, Magna catback. so if you want to get lower payments lease it but if you dont plan on keeping it after the lease it over then you really can do much to the car. so i would say lease it then buy it after the lease!

 

[jred321]

thinking about how much a car costs in terms of monthly payments is a terrible idea. always.

when it comes to leasing vs buying it's about how you deal with cars. do you like getting a new car 2-3 few years and keeping it stock? if so, lease because it's throwing away less money. do you ever want to not have a payment? do you drive a lot? do you like to mod? if so buy. it is possible to own a car without financing it and if you finance the car as long as you don't hold onto it forever you'll have a decent trade in value to apply to your next car so you either don't have to finance or your finance amount is much lower.


there was an article on cnn.com or something a while ago saying if you keep your car for 15 years you end up saving something in the neighborhood of $30,000. think about that before signing a lease. can you afford to throw away that kind of money in exchange for a slightly lower payment every month that over 15 years will add up t a few thousand dollars?

making payments to others should be avoided in all cases if possible and leasing is not a step in that direction in any way.

 

[cosmic_spd3]

Highbred8 ur absolutely right,thats why i chose this option..the payments are less and i am normally within my restrictions anyway..i never keep a car for more than 4 years as well..but in this case i really like the speed3 so i went this way with the option to buy..
i normally do about 10,000 miles a year which is below my limits,and with the perfomance and feel of this car i need not to do any mods...the money i'll be saving between now and the end of my term,i can use on mods or put towards my payments after refinancing which is gonna be very low..
This car is a rare car so u guys no there were no specials on it..
I dont see they need either for someone to purchase a brand new car and just dump money into modding it,especially one like this...Gas is very expensive,plus its not a civic or vw...i just wanna gas up and drive with very little headaches..
check out some of the post on here concerning issues after u mod the car..
leasing worked fine for me and like i mention i'll see how i feel after 3 years having this if to keep it or not...who know in 3years they'll be something even nicer and faster than the spd3...
Oh and jred321 who keeps a car for 15 years anyway..???loll

 

[jred321]

Oh and jred321 who keeps a car for 15 years anyway..???loll

financially wise people?

 

[wolverine_man]

Buy it. Just shop around for the best rate with credit unions. A lot will depend on your credit score, though. I got 5.49% for 72 months.

 

[HIGHBRED8]

no one is gonna give you a clear answer. whats best for one is bad for another. so you can see there are a few options and ways to go about it. just pick the one that wont drain your pockets and will get you what you want out of a car. but either way you go research what others pay for similar deals that way you can tell if what they offer is good or not

 

[Sacrilicious]

uhhh...i don't know why you guys are hating on jred so much, because it's almost impossible to get a lease deal that does not rip you off when compared to buying.

sure, your monthly payments are lower, but there's a reason for that: after the lease is over, ALL that money just got flushed down the drain! sure, you can buy the car after the lease is done, but the lease payments you just made added to the price you can buy the car for is usually a LOT more than the price the car sold for in the first place. that's right, the game is stacked against you...that's why dealerships love leases! it's the fastest way for them to push a car onto someone that they shouldn't try to afford!

now, if you have financial issues and cannot get the loan to pay for the car, that's a different story. you're basically going to be forced to take it up the bum, but if you can foot the bill, you are usually saving a LOT of money by buying by financing! i'm not saying there aren't reasons to get a lease, but 99% of the time, it's going to get you ripped off WAY harder than you would think...

out of curiousity, if you don't mind my asking: how much are your lease payments? did you have to put down a down payment?

 

[discharmingman]

This car isn't for everyone...if you can't afford to own it, might as well go get yourself a Scion Tc (tacky but cool, haha), those cars are a dime a dozen....you'll probably be making lower payments owning that car than trying to lease the Speed3. I don't see why anyone would want to buy a used speed3 that's 3-4 years old....that's the dealer's fault unless they're sure people will end up buying the car....which I would say most people will because it's hard to let go of such a hot car....This is a top 10 car and everybody wants one, but they can't afford it and will end up making a financial mistake trying to lease it, tempted to mod it, and in the end, tempted to buy it after the lease because they've put so much into it....I hardly believe this car will remain stock if you're under 40yrs old and driving this car.....

Whatever......(yupnope).......

 

[cosmic_spd3]

Question??does anyone has a 48 months payment plan in paying off for this car??and base on this car total cost i dont think anyone is paying less than 350.00 a month unless they made a huge down payment..
Remember there's no specials on this car at any dealers..and its a rare breed..Only now they are giving incentives on the speed6..
I lease because i like changing my cars ever so often..This is a car i actually wouldn't mind keeping after my term is finish, so i went that way,to get the lower payments and still have the options of buying and will be able to actually own this car in about 4 years.. figure it out..400.00x 36months with 2000.00 down at total cost of $24,500..and am not ashame to lay out my stats..Its was just a curious "POST"
And for Discharmingman,i guess for most of you guys who buy or finance,i guess u plan on keeping this car for a life time.. remember the money you dump into a car in any case you never ever get back full value.especially on turbo cars,knowing the abuse they get as an OWNER..Atleast when u least a car you know u have restrictions to it,and thats always a better car to get used because it wasnt abused..Try trading in your car after 5years to a dealer and see if your gonna get as much for it as a 3year leased car would sell for.....You better find some young kid who's parents are rich to get rid of it when ur ready..
This is not my first turbo car,am not a new jack..it will remain stock untill my term is over and if i decide to buy out,then i'll start modding..gas is to expensive bro..loll..I really enjoy the car stock..i dindt get this car to drag race,i was just impress at what mazda did with such a compact car and its performance for cheaper than the other manufacturers.."Mitsu ,subi,VW Hondas "etc..
Like i'm saying tho i did what worked in my favor..

 

[Sacrilicious]

wait...so your total cost for the 4 years of the lease is $24.5k? i'm confused because i came up with $19.2k + $2k = $21.2k and wasn't sure where the rest came from.

the only point that jred and i are trying to make is that yes, this is perhaps the more convenient way for you, but if you dig down in there, you can see that it's not the financially sound way to go...by far. that's why a number of people are all for the buying thing. you're basically saving thousands and thousands of dollars over those 4 years if you buy it...

 

[discharmingman]

And for Discharmingman,i guess for most of you guys who buy or finance,i guess u plan on keeping this car for a life time.. remember the money you dump into a car in any case you never ever get back full value.especially on turbo cars,knowing the abuse they get as an OWNER..Atleast when u least a car you know u have restrictions to it,and thats always a better car to get used because it wasnt abused..Try trading in your car after 5years to a dealer and see if your gonna get as much for it as a 3year leased car would sell for.....You better find some young kid who's parents are rich to get rid of it when ur ready..

I don't abuse my car....I haven't even floored it once since I bought it and it's been over a year. I baby my car...I've made a few ignorant mistakes, like drive through a semi-flooded area and paid the consequences, though they weren't too severe (you can look up my thread on the issue with my MAF), however, that's the worst thing that's happened to it. Like I said once in another thread, I'm not into racing or going to the track...I simply admire the good looks of the car.....like you said. Mazda really came through with a car that packs power and looks for a good price.....but I mean, the car is already cheap.....

 

[Stu C]

Leasing and then buying the car - wow - that's just a really bad idea. You would have to really want the car now, not be able to afford the car now, but KNOW you will have more money in a couple of years for it to make any sense (and financial sense it wouldn't be)

If you do trade it in at the end of the term, it's not a bad way to go if you can write the lease payments off.

 

[HIGHBRED8]

why is it "a really bad idea" if you can make it work out to the same in the end? I have more then once, and i worked at a dealer for quite some time and saw it happen there too. of course a lot of people get reamed with leases and option deals, but if you know how to do work them they can have many advantages. and it has nothing to do with not affording it now, if i can pay the same in the end but have lower payments for x amount of mo's why not? the problem with lease options is they have many variables to consider. if thats the option you want study them before you sign if your unsure then finance. the end figure is what matters other then that its what can you afford per month.

its just a question of who likes what. theres no right or wrong answer here.