bobandsherry
Thinks s/he gets paid by the post
- Joined
- Nov 24, 2015
- Messages
- 2,692
Lincoln MKC ReserveThat sounds good to me. What type of car?
Lincoln MKC ReserveThat sounds good to me. What type of car?
In all vehicles I've leased, never had any charges for excess wear. Straight turn in with nothing else due. Cars have had typical dings (parking lots, stones from road, minor scratch on wheels from curb rash). But those who don't take care of their cars may find a different outcome.For those who have leased I am curious about the hassle factor when you return the car. Do they nickle and dime you for scratches, dings and tire wear or are they reasonable?
Poll results could be a bit misleading as it doesn't differentiate "buy" with new vs. used, lease would only be for new cars. Seems a fair share here go the slightly used route. As 30% of all new cars are leased it may give a data point to support that. Doesn't really matter to me, I do what's the best deal at the time given my needs and it's varied between lease or buying depending on incentives and offers available.Currently we have the same number of voters (88) as the poll in 2006.
Here are the current standings:
2006 Buy 81 92.05% Lease 2 2.27% Both 5 5.68% 2018 Buy 74 84.09% Lease 6 6.82% Both 8 9.09%
Still showing that strong majority of voters here buy their vehicles, although leasing has increased, fwiw.
omni
Leasing of American cars is not as attractive as European and Asian variants. As mentioned before their residual values are so low that it makes the lease costs so much higher. So if you are an American Car buyer, it may be best to buy it and then drive it till it drops. In a similar fashion, used American cars, because they lose so much in the first 3 years, are a good option for those who buy used and keep till they drop. There is ONE exception to this rule that I have found, that is the Jeep Wrangler. It has high resale values. I made $4k profit of my last jeep by selling it privately 2 months before the lease expired and thus paid off the lease.
Here's the recent lease deals on Ram and Dodge in Minneapolis/St. Paul. This dealer runs the best leases. Keep in mind that these numbers are the STARTING point for negotiations. If you have excellent credit rating you can do better.
and having plenty of money in retirement.... for us it was buy used and keep until it returned to dust.
Here's the recent lease deals on Ram and Dodge in Minneapolis/St. Paul. This dealer runs the best leases. Keep in mind that these numbers are the STARTING point for negotiations. If you have excellent credit rating you can do better.
I pursued a lease on a Toyota Tacoma pickup a couple years ago when I was in the market for a new pickup. They advertised something like $159/month... but that didn't include taxes and certain fees.... by the time they give you a real life number... it was 150% or more of the advertised price... talk about bait and switch!
Yep, and those that lease have little to no money in retirement, uh, wait, nope, that's not right....There seem to be some common elements here on the forum.
This type of strategy:
and having plenty of money in retirement.
I hear ya Q! People who don't become educated on the process will def get stuck on the wrong side of the deal, I learned that lesson my first attempt at leasingYes, leasing can be tough on new customers to the process.
For me, who has originated nine leases over the years, it's particularly frustrating to go through the same old shenanigans every time I lease. The last couple of times I simply told the salesman I wanted to talk to the new car general manager, or no dice. One time I called the dealership talked to the GM, and made an offer on a vehicle in his inventory over the phone, "If you can make this lease happen on stock number xxyyzzz123 for $270 a month, true zero down, I'll drive over there today and do the deal." It worked. That monthly amount was $25 less than the other three dealers I had already jumped through hoops with and been insulted with the pricing.
I hear ya Q! People who don't become educated on the process will def get stuck on the wrong side of the deal, I learned that lesson my first attempt at leasing
Similar to how most people here didn't know all the answers on how to invest for retirement, how to plan for SS, and how to get the most from ACA, there's time required to learn from others on the finer points of leasing. Things like understanding residual value, negotiation on price and payment, MF, finding incentives and even the power of multiple security deposits to get payments even lower. For me, I negotiate everything via email before even stepping foot at a dealership. I'll even have my credit application submitted and lease approved so that I don't waste any more time at a dealership than I need to.
Heh - I just had that same conversation as my daughter was looking to get new vehicle as her lease was coming up at end of last month. Being 3,000+ miles away it was still pretty easy negotiation until she got there. She then saw a different vehicle she wanted (sports package) and then the deal started to turn around, I guess he thought she was easy mark as he started to try and toss junk into her deal, including adding in Lojack for $695, nitrogen in the tires for $99 and then then trying to give her a "courtesy" vehicle with 1,500 miles on it.I already tell them up front, "I've leased for 23 years, and I'm looking to lease again. I WILL BE LEASING another vehicle before my lease expires on July 1st. The question is--will I be leasing from you?"
I would not fill out application before you get serious with the deal, you don't want them to do a credit pull on you unless you are really going through with the deal. I do make it clear that my FICO score (and that of my daughter) is excellent. Once numbers are set I give them my credit app and ask them to give me a call once all the paperwork is done.Since my credit rating is near perfect I think I'm going to adopt your strategy of already filling out the credit application before I even start talking to the dealer. That way, they know I'm not wasting their time and my hard bargaining should be respected.
Please tell me about the multiple security deposit strategy.
Heh - I just had that same conversation as my daughter was looking to get new vehicle as her lease was coming up at end of last month.
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Well, she patched me in on a call with the guy, told him we aren't paying for the junk fees and I could see from inventory he had some vehicle (package and color) on his lot that just came in. He started the tap dance again and I told him just what you said. There were 2 other dealers within 15 miles, if he couldn't give me the deal then I'd be doing business with one of the other dealers (already had preliminary deal with one of them as fall back).
Good point.I would not fill out application before you get serious with the deal, you don't want them to do a credit pull on you unless you are really going through with the deal.
Yes, I do this as well. I love dropping that number on them.I do make it clear that my FICO score (and that of my daughter) is excellent.
I'll look into it. Thanks.MSD's are additional security deposits that some manufacturer's accept and in return you get a lower MF. Each manufacture's MF reduction is slightly different
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This thread has a decent discussion that explain MSD's and benefits.
Hope that helps understand MSD's.
That's called a "trial close." SOP for a good sales guy. The idea is to see how close the customer is to committing. Other (less aggressive) trial closes are things like "What color do you like the best?" The idea is to move the negotiations along where possible.... When the salesperson asks the qualifying question (and they always do, as they are trained to do it) "So if I can get you a price you're happy with can we do a deal today?" ...
There are negotiating techniques that are more effective than immediately making it clear that you are an adversary.
For example, I'll answer that "if I can get you a price ... " question by saying "Sure," then offering something like half what is reasonable. This makes a joke out of it instead of making me an adversary.
No interest in debating with you BTDT. I have negotiated hundreds of deals, most bigger than a car deal and was simply trying to point out (to others) that there are other negotiating styles, but as we know YMMV.When I answer the question, "If I can get you a price that will make you happy will you do the deal', with "I need to do more research", how is that adversarial?
Or it makes you look like a clown.
Never be the first one to state a number.
Agree with you, everyone has their own style - and then also need to adjust your style based on the style of the salesperson you are dealing with. No one size fits all for sure. I'm willing to give a number to the salesperson but it's slightly lower than I was willing to accept. If they agree, then cool, if not then I still have done my homework and know where I want to be.No interest in debating with you BTDT. I have negotiated hundreds of deals, most bigger than a car deal and was simply trying to point out (to others) that there are other negotiating styles, but as we know YMMV.