Author Topic: Cheapest Car Leases  (Read 2923 times)

SnackDog

  • Handlebar Stache
  • *****
  • Posts: 1283
  • Location: Latin America
Cheapest Car Leases
« on: November 14, 2016, 02:39:08 AM »
I have leased new cars before and been happy financially with the outcome. My uncle was a CPA and leased for 20 years.  If you maintain the vehicle and know your mileage limits, it can be a great way to go.  I love the idea that the lease-end option is to simply return the car and forget about it.  All financial downside and resale drama goes to the dealer. If it is worth more than the forecast residual at lease end, you can sell it yourself and pocket the gain. In most states you save sales tax on the residual.  If the car is crashed, the diminished value and CarFax blemish are the dealer's problem.

It is amazing how cheap some leases are.  Honda Fit $39/month!  CRV $79/mo!  For less than what some people pay for phone service in a month one can have a brand new Japanese car every 2-3 years.  For less than a transmission repair on an older vehicle, one can lease for a year ($450).

Who has dialed in a dirt cheap lease deal?

NoStacheOhio

  • Handlebar Stache
  • *****
  • Posts: 2140
  • Location: Cleveland
Re: Cheapest Car Leases
« Reply #1 on: November 14, 2016, 09:05:07 AM »
You aren't paying $79/mo without cash down, which drastically changes the math.

Sibley

  • Magnum Stache
  • ******
  • Posts: 3901
  • Location: Chicago, IL
Re: Cheapest Car Leases
« Reply #2 on: November 14, 2016, 01:41:22 PM »
and mileage restrictions. May or may not be an issue for you.

MrSal

  • Pencil Stache
  • ****
  • Posts: 882
Re: Cheapest Car Leases
« Reply #3 on: November 14, 2016, 02:05:43 PM »
39 dollars  amonth?!?!?!?

79 dollars??!?!

Where!? Share it my friend!

bigalsmith101

  • Pencil Stache
  • ****
  • Posts: 520
  • Age: 33
  • Location: Lake Stevens, WA
  • Yes, that's really my face.
    • No Jobs, No Responsibilities, No Better Time then Now
Re: Cheapest Car Leases
« Reply #4 on: November 14, 2016, 03:12:50 PM »
39 dollars  amonth?!?!?!?

79 dollars??!?!

Where!? Share it my friend!

I would like to know where it's possible to lease a Honda fit for $39/mo. I'd be willing to bet hard money that it's not a Zero Down option.

MrSal

  • Pencil Stache
  • ****
  • Posts: 882
Re: Cheapest Car Leases
« Reply #5 on: November 14, 2016, 04:43:58 PM »
even with money down its a good deal in my opinion... lets say its 2k down for a 36 month lease ... that is still 90 dollars a month only

NoStacheOhio

  • Handlebar Stache
  • *****
  • Posts: 2140
  • Location: Cleveland
Re: Cheapest Car Leases
« Reply #6 on: November 15, 2016, 05:54:41 AM »
even with money down its a good deal in my opinion... lets say its 2k down for a 36 month lease ... that is still 90 dollars a month only

I've never seen a Honda lease under $100/mo with only $2,000 down. AHFC leases are really only 36k or 45k miles, so it isn't a mileage thing. I've seen leases advertised under $100/mo, but always with big money down.

Malum Prohibitum

  • Pencil Stache
  • ****
  • Posts: 713
Re: Cheapest Car Leases
« Reply #7 on: November 15, 2016, 09:49:22 AM »
Google says $139 monthly for a Fit with $2199 down.  Even with my gas guzzling paid off vehicle, the fuel efficiency difference would not be enough to make up the $139 monthly spend, much less the $2199.

Of course, the fine print reveals that there is more than $2199 involved, taxes, title, dealer fees, and documentary service fee . . . 

SnackDog

  • Handlebar Stache
  • *****
  • Posts: 1283
  • Location: Latin America
Re: Cheapest Car Leases
« Reply #8 on: November 15, 2016, 12:52:59 PM »
Here is one example for you to pick apart.

http://www.hondacarsofboston.com/custom/great-buys-from-the-honda-guys/Everett-MA-Honda-Dealer

There are better lease scams from time to time where it is possible to stack up multiple incentives from dealer, mfg, costco, etc. and get close to a free 2 year lease (just fees).

Nobody has done this here?

NoStacheOhio

  • Handlebar Stache
  • *****
  • Posts: 2140
  • Location: Cleveland
Re: Cheapest Car Leases
« Reply #9 on: November 15, 2016, 01:11:58 PM »
Here is one example for you to pick apart.

http://www.hondacarsofboston.com/custom/great-buys-from-the-honda-guys/Everett-MA-Honda-Dealer

There are better lease scams from time to time where it is possible to stack up multiple incentives from dealer, mfg, costco, etc. and get close to a free 2 year lease (just fees).

Nobody has done this here?

I've never seen Honda stack incentives to the point that you're getting 2 years free. I'm wondering if VW won't be offering deals like that in the near future though.

Those are all $3k down, 36k miles. For the Civic, it works out to $4,176 total spend, or $174/mo combined down payment and monthly payments (excluding fees).

edit: part of the problem with putting cash down on a lease is that if the car gets totaled, all of the insurance money goes to the finance company (I hope you have gap coverage too). You're out your cash AND the car. Fortunately, you're not in the hole, but it's a crappy spot to be in.
« Last Edit: November 15, 2016, 01:13:54 PM by NoStacheOhio »

bigalsmith101

  • Pencil Stache
  • ****
  • Posts: 520
  • Age: 33
  • Location: Lake Stevens, WA
  • Yes, that's really my face.
    • No Jobs, No Responsibilities, No Better Time then Now
Re: Cheapest Car Leases
« Reply #10 on: November 15, 2016, 01:16:27 PM »
Here is one example for you to pick apart.

http://www.hondacarsofboston.com/custom/great-buys-from-the-honda-guys/Everett-MA-Honda-Dealer

There are better lease scams from time to time where it is possible to stack up multiple incentives from dealer, mfg, costco, etc. and get close to a free 2 year lease (just fees).

Nobody has done this here?

The cheapest offer on there, the fit, is still $165/mo. ($3k down, $40/mo). That's $3935 for the privilege to drive a car for 2 years. Not to mention the extra expense in the required full coverage insurance.

2016 Honda Fit LX Special Offers
$39/mo
WITH $2,999 DOWN*
24 Months | 12,000 Miles/Year    1.9%

For $4k I'll buy a car, drive it as much or as little as I want, and sell it for as much as I paid for it 2 years later.