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I'm in a bit of an oddball situation and would like some feedback: Currently I own a financed 2020 Nissan Leaf S plus w/ 20k miles. Owe about $17,219 @ 4.6%. Trade in quotes are significantly under this amount ranging from 11k-16.5k. So more than likely I am underwater on the loan. The monthly payment is $390.99. I can afford the payment fine and the car itself is fine, but obsolete as far as EVs go (Chademo charging for those who don't know is somewhat rare nowadays and prohibits the car from doing extended roadtrips reliably). Car is in fine working condition no issues, and no serious battery degradation. I think I'm in the position where I want to offload the car in a trade in to avoid further depreciation. I'd like to get another EV and at this point, I'm eyeing cheap monthly payment leases because at least in my experience the depreciation on an EV seems worse than ICE cars since they rapidly iterate. Now, from what I remember the general wisdom is that Leases are always worse than financing but given the EV depreciation effect and the sky high interest rates am I correct that leasing would be a better move given the current market conditions? Ideally, I'd love to get a lease payment down in the 200s and improve my cashflow while offloading an obsolete EV. Add in the fact that I live in NJ and I should be able to offset my downpayment (should one be required) with the state rebate incentive on EVs which is about $2-4k (I took advantage of this on my leaf). Anything I'm missing?
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Dec 4, 2023 17:23
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| # ¿ May 20, 2024 23:35 |
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Mustache Ride posted:This? Right totally agree 100%. I'm treating the money I've put into the leaf as lost. What I'm getting at is should I treat a car like a utility that I pay monthly for the privilege using ie a lease. Mustache Ride posted:This is good. Lower rate than what is being sold now, start making double payments and it'll be paid off in 21 months. Otherwise it'll take 3.5 years. Goddamn 5 year loans gently caress See, my only argument against double payments is I'd rather take that extra $390 a month and toss into my savings account where it will get 4.3%. Yes it's lower than the rate on my auto loan, but I have ready access to that cash while it earns interest. A few other points that I may have overstated: There's nothing wrong with the leaf per se. In fact it's been a fine second car in the household, but that situation has changed where the leaf is now the primary mode of transportation and going any farther than say 150 miles becomes a little dicey due to the crappy fast charging capability. Not a huge deal but an inconvenience I'd rather not have to worry about. Motronic posted:Selling to "avoid further depreciation" and replacing it with something that will depreciate much much much faster" is just some galaxy brain thinking to the point this has to all be a huge self justification for "I just want a new car". Sure, I'm not trying to justify anything other than "my current car is a bit more inconvenient than a newer car". What I'm trying to figure out is at what price point does it make sense to lease vs finance said new car. If I can significantly reduce my payment and put those savings into an interest bearing account why not? It's all money down the drain anyway effectively. Motronic posted:And if you can afford a new car, it's okay to buy one. But lol at this: You very well might be right on that, but my plan is to ask around at a few lease brokers and see what I can get around the end of the month. If they get desperate enough I might snag a deal who knows. The other key factor here is my state's EV incentive program. I'm waiting to hear back if the program is still funded that way no matter what I do lease/finance I can lay out the cash and then get a check from the state in a few months which is what I did last time.
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Dec 5, 2023 14:41
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buffalo all day posted:Isn’t there a unique incentive to lease specifically new electric cars as a result of the provisions in the IRA capping government rebates? I remember this coming up before… If I remember correctly the federal incentive is up to $7,500 but not all models qualify for the full amount due to sourcing. However, those restrictions are far more relaxed for dealers offering leases so basically a lot of dealers have been passing on that $7500 as a lease incentive. A lot of people circumvent the restricted incentive as a buyer by leasing the vehicle with the full $7500 then just immediately buying out the lease.
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Dec 5, 2023 18:33
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Are the current Tesla model 3 lease deals any good considering the inventory discounts? In my area it looks like the lowest purchase price is just over 35k which using their lease calculator is either about 300/mo with 3444 down or about 400 with 0 down.
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Dec 13, 2023 13:49
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TheWevel posted:No, they're terrible. If you want a Model 3 just buy it. Yeah, I'm aware of all that. The lease calc does seem to spit out the signing cost with all the fees you mention which is some like $1500 or so. And yes I know you can't buy out the lease which I likely would not want to anyways. That is odd that they aren't pricing in the 7500 tax credit on the lease though.
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Dec 13, 2023 16:07
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TheWevel posted:Have you looked at the Ioniq 5 or 6? I have yes, I reached out to a few dealers but they either were not willing to deal or only had high trims available that were out of my price range. I really like the Ioniq 6 after my test drive but they don't seem very motivated to move any.
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Dec 13, 2023 16:49
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Going back and forth with a sales rep and manager on a 2024 Polestar 2 RWD Long Range . Finally got the nitty gritty of the lease deal details. Is this a good deal? Seems average to me. As follows: Location: NJ Lease term: 24mos / Flex (can terminate as early as 5mos in. ) down payment $0 24-month flexible lease - $52,550 MSRP 8500 clean vehicle lease rebate Sale price: 44050 Doc Fee - $699 Acquisition Fee - $995 DMV Fees - $424.36 (if we overcharge DMV will cut you a check back) Zurich Shield - $FREE Zurich Guard - $FREE 7500 Miles $500 deposit / down payment + $1,505 fees down $530/mo (Money Factor) MF = 0.00169 (Residual Value) RV = .67% Buy out at the end of the lease would be = $35,208.50 What if any of these aspects should I pushing back on ?
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Dec 15, 2023 23:47
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Already in contact with him yeah thanks
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Dec 16, 2023 05:05
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What's the best approach to finding a competitive new car loan rate? I'll start with my banks but should I be calling around to local credit unions etc? Any online tools?
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Jan 11, 2024 15:02
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Nitrox posted:Once you have a favorable number from a bank or credit union, many dealers are just straight up going to match it. Probably through the same bank or credit Union. And you should let them, because it's a good negotiation tactic and everyone gets a kick back. I assume this won't work on Tesla correct?
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Jan 11, 2024 16:37
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Random question: How big of a hit does signing a new car lease take on your credit score? And roughly how long does it take making payments before it creeps back up again?
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Feb 26, 2024 20:46
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Is there a go-to credit union for new auto loans in Northern NJ / Northeast US? It's looking like I'm gonna be stuck with a 6-7% rate.
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Apr 4, 2024 17:03
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I'm back on my bullshit re: leasing or financing a new base 2024 Tesla Model 3. I looked at the 2023 but I'm a tech nerd and I want the latest and greatest. I'm currently leaning toward doing a 36mo lease 12k miles w/ 0$ down which comes out to around $490/mo on the calculator on their site. I can easily afford the payment and I'd prefer to do the $0 down so that I have more liquid cash on hand. Financing at 6-7% just seems crazy to me since it will be at least $200-250 more which I could also probably afford but I'm worried about being over exposed on my monthly cashflow. I'm aware of the pitfalls of Tesla leasing namely no buyout option, and I've read that their lease returns can be onerous and expensive. Yes, I know I'm affectively paying to rent the car but I'm mostly ok with that since I was underwater on my last car and I don't necessarily want to take the depreciation hit on a finance and I'm cool with getting a new car in 3 years. I'm curious if anyone has experience with Tesla lease returns or any other tips / thoughts on leasing/financing Teslas.
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Apr 5, 2024 13:51
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Nitrox posted:Have you driven a model 3, and specifically the redesigned 2024 model? There are many polarizing opinions about them in the EV thread. Yes, I am aware of that. I know about the missing stalks which I don't think would bother me, but yeah I fully intend to test drive. I rented a pre refresh Model 3 for a week some time ago and liked it so I'm not expecting much difference in my impression on the 2024 aside from stalks.
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Apr 5, 2024 15:52
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| # ¿ May 20, 2024 23:35 |
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Is there a preferred online service for advertising/selling a car privately but will handle all the headaches like the title and dmv stuff? I’ve tried all the usual suspects car* but thinking I might get a little more selling online.
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Apr 17, 2024 22:30
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