Posted By |
Message |
Pages: [1] 2 |
LittleBlueBug
Happy Mommy
Member since 9/06 4074 total posts
Name:
|
Is this a bad deal? Car related
Nissan Altima S $2k down, $240 p/m for 36 mo w/ 15k miles p/y
Also included: they would pay off an upside down trade in ($1500 upside down)
|
Posted 7/22/08 10:57 PM |
|
|
Long Island Weddings
Long Island's Largest Bridal Resource |
JenMarie
One day at a time
Member since 11/07 7397 total posts
Name: Jennifer
|
Re: Is this a bad deal? Car related
If that's a lease, which it seems like since you mentioned mileage, I wouldn't put money down. Also, make sure they're not rolling the upside down trade in into your payments.
|
Posted 7/22/08 11:05 PM |
|
|
ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name: That Led To The Wrong Tendencies
|
Re: Is this a bad deal? Car related
It's never wise to trade in cars you are upside down on. Ride them out until you are no longer upside down.
Don't push a bad decision made on one car into another car.
|
Posted 7/23/08 12:20 AM |
|
|
MikesCutie
May 26, 2007
Member since 12/07 1478 total posts
Name: Marianne
|
Re: Is this a bad deal? Car related
I would go to edmunds.com and check the lease calculator. They also have a formula where they show you how to figure it out. My lease is up in 3 weeks so I did this so I would know if I was getting a good deal. Also, as someone else mentioned, I wouldn't put money down on a lease.
Good Luck!
|
Posted 7/23/08 9:18 AM |
|
|
HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
|
Re: Is this a bad deal? Car related
Posted by Jennifer907
If that's a lease, which it seems like since you mentioned mileage, I wouldn't put money down. Also, make sure they're not rolling the upside down trade in into your payments.
I disagree with this (no offense Jen ) but I don't want to pay interest over time on the tax and stuff so I always put money down, but I do agree with the other poster, not a smart idea to roll in $ from a car you are upside down on
|
Posted 7/23/08 10:34 AM |
|
|
mom2mgn
Love my family
Member since 2/08 2267 total posts
Name: Christine
|
Re: Is this a bad deal? Car related
Is the $2000 down the taxes or an additional down payment. If it's the taxes, then I say it's a good deal. If you are paying taxes and fees ON TOP of the $2,000, then no.
When we first leased DH's Altima, that's about what we were paying and that was 3 years ago! (without the money down)
|
Posted 7/23/08 10:37 AM |
|
|
JenMarie
One day at a time
Member since 11/07 7397 total posts
Name: Jennifer
|
Re: Is this a bad deal? Car related
Posted by HeatherRose
Posted by Jennifer907
If that's a lease, which it seems like since you mentioned mileage, I wouldn't put money down. Also, make sure they're not rolling the upside down trade in into your payments.
I disagree with this (no offense Jen ) but I don't want to pay interest over time on the tax and stuff so I always put money down, but I do agree with the other poster, not a smart idea to roll in $ from a car you are upside down on
None taken. I actually should have clarified that I meant a down payment above the taxes and other fees. So thank you for pointing that out.
|
Posted 7/23/08 10:55 AM |
|
|
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name: Susan
|
Re: Is this a bad deal? Car related
i wouldn't put money down on a lease because if you total the car, you lose that money.
Also, I wouldn't trade in the other car unless it was giving you problems and you really had to get rid of it.
|
Posted 7/23/08 11:57 AM |
|
|
LittleBlueBug
Happy Mommy
Member since 9/06 4074 total posts
Name:
|
Re: Is this a bad deal? Car related
Thanks everyone!
Let me clarify. The 2k includes the taxes and fees.
Although there isn't anything wrong w/ my current car (Hyundai Elantra...knock on wood ). The car already has over 62k miles. My concern is that some of my warranties are now expiring (although the biggie isn't until 100k). I have no problem waiting a year and paying some extra $ to my current car loan or even selling it privately (the kellie blue book value for private sale actually isn't bad at all). I just don't want to start having to sink $$ into a lot of repairs.
Question though, is $240 p/m too much? I will also look at that website as a PP suggested. My DH and my dad think I should be able to get a lower price (around $200 or less)
ETA: Ok, I checked on edmunds.com using the lease calculator, along w/ plugging in my trade-in w/ and w/ out a down payment. With a down payment they calculated a monthly payment of $350 p/m (the price they offered p/m was $110 less), without down payment it was $415.77 p/m. (also, these prices refelcted a $450 security fee, which I did not leave). The $2k just covers the cost of tax, registration, and title fees.
I guess what's really bothering me is that my DH and father are ganging up on me saying that I should be able to get less p/m for a car worth over $10k more than my current car was when it was brand new w/ only 5 miles on it . I know a lease is a better deal, but I didn't think the deal offered was that terrible for a pretty fuel efficient mid-sized car
Also wanted to add that when I did the calculator I rolled my trade in into the mix as well.
Message edited 7/23/2008 12:59:03 PM.
|
Posted 7/23/08 12:34 PM |
|
|
CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name: Jess
|
Re: Is this a bad deal? Car related
What you can also do is go back on edmunds.com and go to Get a Free Price Quote. Put in the type of car you want (make/model) and your zip code. Then go to get dealer quotes, put in your info and choose the dealerships you want quotes from.
I did this with my last lease and got a few emails (and some phone calls). Then I went to the dealer I wanted to buy from and got a quote from them in person. I took the lowest e-mailed quote i got to that dealer in case they came in higher, which they did. Then i showed them the quote I got e-mailed from another dealer and they beat it!
If you do this, you can also see if you're getting a good deal.
|
Posted 7/23/08 1:21 PM |
|
|
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name: Susan
|
Re: Is this a bad deal? Car related
i don't think it's a bad deal at all. If you took your payments for 36 months it would be about $8600. I still wouldn't put a dime down except reg and first month. If the residual on the car is around 50% it's a good deal. If the residual is any higher then you could get them lower. Is this car about $17K?
eta: don't negotiate on monthly payment. Always on the price of the car and you shouldn't have to pay more than invoice on this car right now. It's 15 minutes are over.
Message edited 7/23/2008 1:26:36 PM.
|
Posted 7/23/08 1:23 PM |
|
|
LittleBlueBug
Happy Mommy
Member since 9/06 4074 total posts
Name:
|
Re: Is this a bad deal? Car related
Posted by Blu-ize
i don't think it's a bad deal at all. If you took your payments for 36 months it would be about $8600. I still wouldn't put a dime down except reg and first month. If the residual on the car is around 50% it's a good deal. If the residual is any higher then you could get them lower. Is this car about $17K?
$22,595 is the listed msrp
|
Posted 7/23/08 1:25 PM |
|
|
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name: Susan
|
Re: Is this a bad deal? Car related
what's the invoice?
|
Posted 7/23/08 1:27 PM |
|
|
LittleBlueBug
Happy Mommy
Member since 9/06 4074 total posts
Name:
|
Re: Is this a bad deal? Car related
Don't remember. I was only half-azzed doing this at the time. I wasn't expecting to actually LIKE the car
I was supposed to go back there today to get more details, but I had to re-schedule
Message edited 7/23/2008 1:31:55 PM.
|
Posted 7/23/08 1:31 PM |
|
|
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name: Susan
|
Re: Is this a bad deal? Car related
look it up on edmunds.
|
Posted 7/23/08 1:32 PM |
|
|
LittleBlueBug
Happy Mommy
Member since 9/06 4074 total posts
Name:
|
Re: Is this a bad deal? Car related
Oops it was $19663
Message edited 7/23/2008 1:55:48 PM.
|
Posted 7/23/08 1:49 PM |
|
|
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name: Susan
|
Re: Is this a bad deal? Car related
could be.
what are they giving you for your car for the trade?
|
Posted 7/23/08 1:55 PM |
|
|
LittleBlueBug
Happy Mommy
Member since 9/06 4074 total posts
Name:
|
Re: Is this a bad deal? Car related
Message edited 7/23/2008 2:01:38 PM.
|
Posted 7/23/08 1:56 PM |
|
|
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name: Susan
|
Re: Is this a bad deal? Car related
nope, wouldn't do it. The math is all wrong and not in your favor.
I would really keep that car. 62K is not that much mileage. Re-visit this transaction in another year. Find a trustworthly mechanic and get regular oil changes/tire rotations and tune ups.
You would still be upside down on the new deal and even more so.
|
Posted 7/23/08 1:59 PM |
|
|
LittleBlueBug
Happy Mommy
Member since 9/06 4074 total posts
Name:
|
Re: Is this a bad deal? Car related
That's fine actually (keeping the current car for another year). It's what I originally planned to do. What would have been a good price p/m, just so I know?
|
Posted 7/23/08 2:03 PM |
|
|
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name: Susan
|
Re: Is this a bad deal? Car related
your trade in is what's skewing the deal.
8600=payments 4700=old car trade in
that's roughly 13300. The invoice is around 19,500..(i'm using round numbers because it really doesn't matter)
$6200 is the difference. In reality you are paying for about 70% of the car when you should be paying for about 52-55% of the car on a lease..you might as well just buy it, that's how bad the deal is.
if it wasn't for the trade in, the deal is great. The actual monthly payment should be around $290 w/o tax. Keep your car and renegotiate it and sell it privately. I wouldn't give them my car.
|
Posted 7/23/08 2:26 PM |
|
|
LittleBlueBug
Happy Mommy
Member since 9/06 4074 total posts
Name:
|
Re: Is this a bad deal? Car related
Posted by Blu-ize
your trade in is what's skewing the deal.
8600=payments 4700=old car trade in
that's roughly 13300. The invoice is around 19,500..(i'm using round numbers because it really doesn't matter)
$6200 is the difference. In reality you are paying for about 70% of the car when you should be paying for about 52-55% of the car on a lease..you might as well just buy it, that's how bad the deal is.
if it wasn't for the trade in, the deal is great. The actual monthly payment should be around $290 w/o tax. Keep your car and renegotiate it and sell it privately. I wouldn't give them my car.
Thanks for the explaination!
They had even told me my old car was driving the cost up. I appreciate it! I may look into selling the car privately. Thanks again!
|
Posted 7/23/08 2:30 PM |
|
|
MikesCutie
May 26, 2007
Member since 12/07 1478 total posts
Name: Marianne
|
Re: Is this a bad deal? Car related
I would suggest using the formula from Edmunds instead of their lease calculator. The lease calculator comes out a lot higher.
|
Posted 7/23/08 2:32 PM |
|
|
LittleBlueBug
Happy Mommy
Member since 9/06 4074 total posts
Name:
|
Re: Is this a bad deal? Car related
I didn't see a formula, forgive me. All I see is the calculator.
|
Posted 7/23/08 2:38 PM |
|
|
MikesCutie
May 26, 2007
Member since 12/07 1478 total posts
Name: Marianne
|
Re: Is this a bad deal? Car related
Posted by LittleBlueBug
I didn't see a formula, forgive me. All I see is the calculator.
I sent you FM, did you receive it?
|
Posted 7/23/08 2:44 PM |
|
|
Pages: [1] 2 |