Does this lease deal sound good?

[Ozzmosis316]

Hi Everyone, I was offered 36 month lease on Stinger GT2 AWD. trade in my current vehicle for $18,000. No money out of pocket and payment will be $80 per month after the trade in. Does this sound like a good deal? I never heard of using the full value of a trade to lower the lease payments to such a low number.

 

[Ruturaj]

I would rather get it on 24 month lease and buy it out.

Anyway your approximate numbers are something like this,

54k car
negotiated price 50k which I think is a decent deal
after subtracting lease incentive 42.7k.
Adding lease fee (650) then 43.35
Subtracting trade in of 18k then 25.35
Interest would be around 3.2k
Residual would be 27k.
You owe them 2.55k
2.55k spread over 36 months is 70

 

[Ozzmosis316]

Thanks for your advice. I wasn't considering the lease then buy out option since it seemed like it wasn't worth it to do living in NY because of the tax laws here. I'm basing this on on another thread on here.

 

[Ruturaj]

Thanks for your advice. I wasn't considering the lease then buy out option since it seemed like it wasn't worth it to do living in NY because of the tax laws here. I'm basing this on on another thread on here.

I updated my answer. Yes it does seem like NY taxation on leases are brutal.

 

[Ruturaj]

Ny state charges tax on lease payments, down payment and incentives up front. For down payment and incentives it's same for all other states. Your lease payments are minimal and so will be the tax. You can still wait till end to buyout or buyout immediately. Your tax loss would be less than 80×36×0.04=>115.2 dollars.

PS: your case is special because of 18k trade in.

 

[Ozzmosis316]

Thanks for updating. Seems like i can get them to come down a few dollars more. It doesn't sound like a bad deal if i can. i think sticker was $54,500. has remote start. May consider it since there's nothing that can be done about the ridiculously high taxes here.

 

[Ruturaj]

It's late at night, so I made multiple posts. Going with lease and buyout is your best case scenario even in NY state. Substitute 0.04 with tax rate you are getting charged. It is still way less wasted tax money.

Get all number from dealer if you really want to know if it's a good deal, .Most importantly negotiated price

 

[Ozzmosis316]

Thanks again. I would have never figured this all out on my own. Sales tax here is 8.625%