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Old 04-29-2013, 11:28 AM
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Re: 14' Lease Rates (April)

Quote:
Originally Posted by adthebadstud View Post
I know I had already done a more thorough calc, using estimations of interest rates remaining pretty much equal. And CA fees of new cars being the same for used cars (based on price). But I just did a quick run through calc for my vehicle. MSRP of mine is $48,685, my sale price was $43838 after the $1000 conquest cash.

Financing New: $43,838 @ 6 years 2% interest= $46,557.4 + Initial sales taxes and fees of $4,092= $50,649 total payments ish over 6 years.

New: $43,838 @ 5 years 1.74% interest (PenFed)= $45,804.6 + $4,092= $49,896 over 5 years

Lease for 36 months= $598.4 * 36 months = $21,542.4... Residual is $25,316.2.

Then purchase over 2 years (5 years total) at 1.74% (PenFed)= $25776 + veh registration and tax of $2,400= $49,718

Purchase over 3 years same interest= $26,001 + $2,400= $49,942

All of this is trying to be as equal as possible. Barely save any money or maybe even a wash over the 5 to 6 years by leasing first (assuming interest rates stay the same, which we won't know). But, this also gives me the peace of mind that should I change my mind, or get a dud, I can always walk away. Or sell it when I get close to the 3 year mark. And it saves me a TON of money out of pocket NOW. I literally did a sign and drive. Kept the $4,000 in my account to grow with the dividend.

If my math is wrong, someone can correct me. It's Monday morning, so remember that. I know I assumed a lot of things as well. Just showing my thought process through it all.
That's what I was looking for. I assumed the savings were negligible otherwise it wouldn't take long for everyone to be doing this. But I understand some people like holding onto the chunk of taxes and the peace of mind that you can walk away if you want.
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  #110  
Old 04-29-2013, 12:11 PM
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Re: 14' Lease Rates (April)

My calculation, if I can get a 1.99% rate when it's time to buy, is that I'll save over $1,600. I'll check my math but here it is preliminarily:

Total cost to finance @ 1.99%: $50,324.47
Total cost to lease then purchase: $48,648.26

I need to double check my math but that's what it's looking like right now (this is for a 39 month lease).

edit: fixed my lease number. I had it calculated for a 36 month lease. Still, for the peace of mind of being able to really get to know the truck before deciding, it's well worth it.

The other thing to realize is that many used cars loans will give you the new car rate (which is quite a bit lower) if the car is 2 model years older or less. So, doing something similar to this with a 2013 model would put you at the used car rate.
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