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Tx3double
·Anyone aware of any good auto lease deal these days? Not sure if you can get a good lease deal anymore with the state of the car market.
Auto lease deals
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vbrad26
·I guess that depends on your definition of "good".
So many variables here...
And then there are those who will tell you a lease is NEVER a good deal.
So many variables here...
And then there are those who will tell you a lease is NEVER a good deal.
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gbesq
·I can't speak to leasing, but I can tell you that it's a great time to buy, especially if you have good credit, a recent model used car to trade, and you're not looking for a vehicle that's in high demand.. I purchased the 2021 version of my 2018 Mazda6 in early June and traded in the 2018 as part of the deal. I was shocked at what the dealership initially offered for my trade (far more than I expected) and the offer went up even more when I started to haggle. Long story short, the dealership paid off the existing loan on my 2018 ($9,500), sold me the new car for no money down, got me 0% financing, and my monthly payment went DOWN by more than $140. The salesperson told me that dealerships are desperate for used cars because the supply of new cars has been disrupted by supply chain issues (mostly due to microchip shortages) due to Covid. As a result, used car values have skyrocketed. And if you prefer a sedan, as I do, the few that are on the dealer's lots are not selling at a premium like SUVs and trucks. Here's my new car. I'm a happy camper.
Edited:
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Evitzee
·Dealer lots in the US are BARE of new vehicles, and the ones that are on the lots are showing up to a +$5,000 'market adjustment' fee due to the chip shortage and the universal excuse, Covid. There have been numerous stories about this situation for months. The WSJ just had another story about the situation today. Used car prices are also in crazy land.....a 2 or 3 year old vehicle will fetch more than it was when new. If you have a decent vehicle to trade you might be in a better position on a new car, but otherwise the wise thing today is to hold off if you can until balance comes back to the industry. Unfortunately they don't expect that to happen until late 2022 - early 2023.
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vbrad26
·Yeah I was dead set on replacing my 2015 VW GTI at the end of the year beginning of next but with the way things are going I'm not so sure.
It's tough because I would get more money on trade (or privately) for the GTI right now - more than I ever would - but there is nothing around to replace it with! At least nothing I'm willing to pay a premium on...
If I were to buy anew car it would be the new version of the Golf (MK8) that is due in the US at the end of the year...maybe.
But I'd want an R and I bet they are going to be hard to get, especially with all the other crap going on.
Used I'd be looking at an F80 M3 or a B9 S4.
Wife wants me to get a truck but I'm not so sure. If I went that route it would be a used Raptor (which are selling for MORE than their original sticker BTW, and that is for a 3 year old truck with upwards of 40k miles).
And I just can't do that lol.
It's tough because I would get more money on trade (or privately) for the GTI right now - more than I ever would - but there is nothing around to replace it with! At least nothing I'm willing to pay a premium on...
If I were to buy anew car it would be the new version of the Golf (MK8) that is due in the US at the end of the year...maybe.
But I'd want an R and I bet they are going to be hard to get, especially with all the other crap going on.
Used I'd be looking at an F80 M3 or a B9 S4.
Wife wants me to get a truck but I'm not so sure. If I went that route it would be a used Raptor (which are selling for MORE than their original sticker BTW, and that is for a 3 year old truck with upwards of 40k miles).
And I just can't do that lol.
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Alpha
··Kilt Owner, Beagle Parent, Omega CollectorStrange times, sold a car today (used) and actually made a sizeable profit, never expected that in my lifetime.
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perks713
·If you have a car to trade you can find some great deals. If you're just in a jam and need a car you are at the mercy of dealer, which is never a great situation to be in. I'm going to take my wife's car in and see what kind of deal they'll give us on something a bit bigger.
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gbesq
·Dealer lots in the US are BARE of new vehicles, and the ones that are on the lots are showing up to a +$5,000 'market adjustment' fee due to the chip shortage and the universal excuse, Covid. There have been numerous stories about this situation for months. The WSJ just had another story about the situation today. Used car prices are also in crazy land.....a 2 or 3 year old vehicle will fetch more than it was when new. If you have a decent vehicle to trade you might be in a better position on a new car, but otherwise the wise thing today is to hold off if you can until balance comes back to the industry. Unfortunately they don't expect that to happen until late 2022 - early 2023.
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Foo2rama
··Nowhere near as grumpy as he used to be...Worst time ever to lease.
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Tx3double
·I guess that depends on your definition of "good".
So many variables here...
And then there are those who will tell you a lease is NEVER a good deal.
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Tx3double
·Nope. Inventory is low. So lease rate has been increased and they are claiming insane low depreciation rates, while refusing to move on capital cost at the dealer.
Worst time ever to lease.
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Tx3double
·I can't speak to leasing, but I can tell you that it's a great time to buy, especially if you have good credit, a recent model used car to trade, and you're not looking for a vehicle that's in high demand.. I purchased the 2021 version of my 2018 Mazda6 in early June and traded in the 2018 as part of the deal. I was shocked at what the dealership initially offered for my trade (far more than I expected) and the offer went up even more when I started to haggle. Long story short, the dealership paid off the existing loan on my 2018 ($9,500), sold me the new car for no money down, got me 0% financing, and my monthly payment went DOWN by more than $140. The salesperson told me that dealerships are desperate for used cars because the supply of new cars has been disrupted by supply chain issues (mostly due to microchip shortages) due to Covid. As a result, used car values have skyrocketed. And if you prefer a sedan, as I do, the few that are on the dealer's lots are not selling at a premium like SUVs and trucks. Here's my new car. I'm a happy camper.
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gatorcpa
··ΩF InvestiGatorIt’s a bad time to be looking to buy or lease a car. The dealers are in the driver’s seat. I had a lease that expired in December and can tell you that to replace it with the same vehicle cost me $90/month more. And I was lucky to be able to negotiate that deal.
Today, it’s even worse. My father found out he could sell his lease, pay off the remaining payments and put $4,000 in his pocket. Problem is that a new replacement vehicle carried an $8,000 ADP (additional dealer profit) on the sticker.
Buying a car off an existing lease theoretically makes some sense, but not in Florida, where state law will not allow finance companies to sell the car directly to you. One of only three states like this, I was told. Cost for sales paperwork at a dealer? $1,500 to $2,000.
One company that seems to be managing the pandemic well is Toyota/Lexus, if you like those cars.
Bottom line, amateurs cannot win at a professional game.
gatorcpa
Today, it’s even worse. My father found out he could sell his lease, pay off the remaining payments and put $4,000 in his pocket. Problem is that a new replacement vehicle carried an $8,000 ADP (additional dealer profit) on the sticker.
Buying a car off an existing lease theoretically makes some sense, but not in Florida, where state law will not allow finance companies to sell the car directly to you. One of only three states like this, I was told. Cost for sales paperwork at a dealer? $1,500 to $2,000.
One company that seems to be managing the pandemic well is Toyota/Lexus, if you like those cars.
Bottom line, amateurs cannot win at a professional game.
gatorcpa
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gbesq
·
Yes. As I noted in my follow up post, 2021 is the last year of production for the FWD Mazda6. Despite being perenially rated as one of the best sedans in its class (no easy feat when competing against the Honda Accord and the Toyota Camry), it has never been a strong seller. It appeals to me because it has much more of a Europen sports sedan feel and driving experience than the Accord and the Camry. It's also just a really handsome exterior design with a refined cabin to match.
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dsio
··Ash @ ΩFIt’s a bad time to be looking to buy or lease a car. The dealers are in the driver’s seat. I had a lease that expired in December and can tell you that to replace it with the same vehicle cost me $90/month more. And I was lucky to be able to negotiate that deal.
Today, it’s even worse. My father found out he could sell his lease, pay off the remaining payments and put $4,000 in his pocket. Problem is that a new replacement vehicle carried an $8,000 ADP (additional dealer profit) on the sticker.
Buying a car off an existing lease theoretically makes some sense, but not in Florida, where state law will not allow finance companies to sell the car directly to you. One of only three states like this, I was told. Cost for sales paperwork at a dealer? $1,500 to $2,000.
One company that seems to be managing the pandemic well is Toyota/Lexus, if you like those cars.
Bottom line, amateurs cannot win at a professional game.
gatorcpa
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rcs914
·I can't speak to leasing, but I can tell you that it's a great time to buy, especially if you have good credit, a recent model used car to trade, and you're not looking for a vehicle that's in high demand.. I purchased the 2021 version of my 2018 Mazda6 in early June and traded in the 2018 as part of the deal. I was shocked at what the dealership initially offered for my trade (far more than I expected) and the offer went up even more when I started to haggle. Long story short, the dealership paid off the existing loan on my 2018 ($9,500), sold me the new car for no money down, got me 0% financing, and my monthly payment went DOWN by more than $140. The salesperson told me that dealerships are desperate for used cars because the supply of new cars has been disrupted by supply chain issues (mostly due to microchip shortages) due to Covid. As a result, used car values have skyrocketed. And if you prefer a sedan, as I do, the few that are on the dealer's lots are not selling at a premium like SUVs and trucks. Here's my new car. I'm a happy camper.
I have a 2014 CX-5 GT (which I purchased in Feb of 2013) - I recently inquired with Carvana for an offer on it, just for fun. Their cash offer was $15,268 for an almost 9 year old car. This is seriously tempting, but I don't have a new car lined up that I want. While I'd love to have a brand new CX-5 GT with the new turbo engine, the car in general is a bit small for going about with kids. But it is tempting to be able to get a brand new almost top of the line car for around $22K out the door.
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gbesq
·I have a 2014 CX-5 GT (which I purchased in Feb of 2013) - I recently inquired with Carvana for an offer on it, just for fun. Their cash offer was $15,268 for an almost 9 year old car. This is seriously tempting, but I don't have a new car lined up that I want. While I'd love to have a brand new CX-5 GT with the new turbo engine, the car in general is a bit small for going about with kids. But it is tempting to be able to get a brand new almost top of the line car for around $22K out the door.
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gatorcpa
··ΩF InvestiGatorThat Florida law must have cost some car dealer lobby group quite a bit to get passed but likely money well spent on their part. Had to read it three times to fully understand what you meant, that the law required a dealer to stick his face in the trough for you to do something as simple as buying out your own leased car.
When I added up the residual value of the car, plus an extended warranty, oil changes, tires, brakes and this add-on fee for nothing, the new car at $90/month more was a lot cheaper. The new car comes with a new warranty and scheduled maintenance.
gatorcpa
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Tad
·Not sure what’s happening across the pond but due to the worldwide shortage in semi-conductors a lot of lease orders in the UK are being significantly delayed. I placed an order with the local Land Rover dealer back in May for delivery in September. They contacted me to say that all orders were being cancelled by the manufacturer and that they would not honour the price we agreed. If I wanted to proceed I would have to submit a new order and pay an extra £100 per month for the same model in addition to waiting a further 8 months. Needless to say I took back my deposit and went elsewhere.
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TexOmega
·My 2018 lease was up in April, better Honda deals for buying, then....... 0.9%/60months with 3-4k off MSRP and a bit of equity due to excellent condition at turn in.
Loved my Honda till Sept 2.
I was inside my house when the truck rammed my Honda, heard a big BOOM!
He was not hurt.
Collision place stopped adding at $25k damage and recommended totaling it to my Insurance
With comps, 4-5 months after buying UP, I netted $5200 after Honda was paid off.
Well, with the good comes the bad.......NO CRV Touring's to be found and MAYBE Dec/Jan for 2022 models....
So, a 2022 Pilot SE popped up on my dealers website as "coming soon", called/bought with delivery last Thursday.
And the bad comes in here......MSRP minus $1k Honda Loyalty 1.9%/60month, (but a windfall in equity, really $5200 under MSRP.)
Sapphire Steel Metallic
Loved my Honda till Sept 2.
I was inside my house when the truck rammed my Honda, heard a big BOOM!
He was not hurt.
Collision place stopped adding at $25k damage and recommended totaling it to my Insurance
With comps, 4-5 months after buying UP, I netted $5200 after Honda was paid off.
Well, with the good comes the bad.......NO CRV Touring's to be found and MAYBE Dec/Jan for 2022 models....
So, a 2022 Pilot SE popped up on my dealers website as "coming soon", called/bought with delivery last Thursday.
And the bad comes in here......MSRP minus $1k Honda Loyalty 1.9%/60month, (but a windfall in equity, really $5200 under MSRP.)
Sapphire Steel Metallic
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