C230k Leasing Deals
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Joined: Mar 2002
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From: San Francisco
C230k Leasing Deals
Hi,
I am curious to those who leased the car. What type of deal they get? I wonder if I should have leased it instead of buying it. I have heard 2 stories. A friend told me he saw a leasing deal in Oakland for $3000 down and $350/month/4yrs ($25,000) . And another buddy of mine got $5000 down and $350/month/3 yrs($29,500) at Laguna. The later, he said it was like $3,600 down, $1,000 for "application paper work fee" (basically dealer takes it).
For me, I put $9000 down and about $400/month. So I wonder if I should have gone with leasing and put $4k in other options.
Actually, this is my 2nd car, so I am not so clear about the whole concept of leasing, can any one help me understand it. Do you get the down pay back at end of lease? Is leasing a better option than buying?
Thank you for helping
I am curious to those who leased the car. What type of deal they get? I wonder if I should have leased it instead of buying it. I have heard 2 stories. A friend told me he saw a leasing deal in Oakland for $3000 down and $350/month/4yrs ($25,000) . And another buddy of mine got $5000 down and $350/month/3 yrs($29,500) at Laguna. The later, he said it was like $3,600 down, $1,000 for "application paper work fee" (basically dealer takes it).
For me, I put $9000 down and about $400/month. So I wonder if I should have gone with leasing and put $4k in other options.
Actually, this is my 2nd car, so I am not so clear about the whole concept of leasing, can any one help me understand it. Do you get the down pay back at end of lease? Is leasing a better option than buying?
Thank you for helping
Senior Member
Joined: Nov 2001
Posts: 444
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From: Lincoln, NE
2000 BMW Z3 2.3 Roadster (hardtop current ly attached)
say no more.... the first thing you need to know is that you answered your own question... If you don't fully understand leasing, then you really shouldn't lease a car, too easy to get ripped off/taken to the cleaners.
if the dealer charged the guy $1000 to do paperwork, he got taken, I paid $35.
If you HAD $9000 to put down, DO IT! even with a second car (I'm guessing the 9Gs was a trade in), the purchase will put you in a great position as MB has deflated the lease residuals to make the lease more profitable, so the lesees are getting hammered with the same payments that you are, only you'll actually own it at the end of the term... with a second car a lease can be a decent Idea, but only if you only want it for 2-3 years, for most benzes, people keep the longer than that, hell, the product cycle is longer than that!
In the end, most people shouldn't really think about leasing unless they can write it off (SWEET Tax deduction) for business use, otherwise, they are simply throwing too much away to the finance company, and they are usually (with a nicer car) paying for more depreciation than is actually occurring.
if the dealer charged the guy $1000 to do paperwork, he got taken, I paid $35.
If you HAD $9000 to put down, DO IT! even with a second car (I'm guessing the 9Gs was a trade in), the purchase will put you in a great position as MB has deflated the lease residuals to make the lease more profitable, so the lesees are getting hammered with the same payments that you are, only you'll actually own it at the end of the term... with a second car a lease can be a decent Idea, but only if you only want it for 2-3 years, for most benzes, people keep the longer than that, hell, the product cycle is longer than that!
In the end, most people shouldn't really think about leasing unless they can write it off (SWEET Tax deduction) for business use, otherwise, they are simply throwing too much away to the finance company, and they are usually (with a nicer car) paying for more depreciation than is actually occurring.
Senior Member
Joined: Mar 2002
Posts: 461
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From: Atlanta, GA
C230 coupe 6sp
Leases work good for people who basically are always going to have a car payment. If you are going to trade your car every 3-4 years, you might as well get the lowest payment you can. In your case, however, since you had money to put down, buying was the better solution. Also, if you drive a lot of miles, leasing is not very good. They hit you hard for anything over 12k/yr. The other benifit of buying is the flexibility of trading/selling anytime you want.
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From: San Francisco
Thanks for the advices. How about at the end of the lease? don't you get to get your down pay back, and maybe sell the car for some profit? If I am paying less up front and get some money back at the end, isn't that a better way? Also, my dad was telling me that if I want to lease, I should go for a higher price car than $30k. So it's more worth it. I guess I am just curious about leasing because maybe on my next car I should. Just doing some homework up front.
dasMafia, you paid $35 for application fee? wow. So You are pretty close to the first deal I was talking about right?
dasMafia, you paid $35 for application fee? wow. So You are pretty close to the first deal I was talking about right?
Senior Member
Joined: Feb 2002
Posts: 329
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From: Glendale, CA
C230 Kompressor Sports Sedan
I believe i paid about 50 bucks for paperwork thingy.......i didn't know it until i was signing that looooonnnnggggg paper.
and i don't know if u are getting a good deal out of that..
i had trade in of $1k, plus $1k flat out cash, and had deal worked to $368/4 yrs/12k miles a year. i wish it'd been 15k/year but...
work the deal........or go to other dealer and lie...=) kekeke
hope u'll find a good deal on good car =)
and i don't know if u are getting a good deal out of that..
i had trade in of $1k, plus $1k flat out cash, and had deal worked to $368/4 yrs/12k miles a year. i wish it'd been 15k/year but...
work the deal........or go to other dealer and lie...=) kekeke
hope u'll find a good deal on good car =)
Senior Member
Joined: Apr 2002
Posts: 304
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From: san diego, ca
C230 kompressor C2 C7
28,300 cap cost
15,870 residual
12,430 depreciation (amount you pay for)
1,537 drive off (includes taxes, first payment, dmv, acqusition fee)
401/ month for 48 months.
this was an ordered car with sunroof, bose, c7, metalic paint.
15,870 residual
12,430 depreciation (amount you pay for)
1,537 drive off (includes taxes, first payment, dmv, acqusition fee)
401/ month for 48 months.
this was an ordered car with sunroof, bose, c7, metalic paint.
Senior Member
Joined: Apr 2002
Posts: 304
Likes: 0
From: san diego, ca
C230 kompressor C2 C7
there are a few down sides of leasing
1. i don't know how to translate the "money factor" into an interest rate
2. the acqusition fee ($795.00)
3. you can't deduct the interest from your taxes (i did a home equity loan)
1. i don't know how to translate the "money factor" into an interest rate
2. the acqusition fee ($795.00)
3. you can't deduct the interest from your taxes (i did a home equity loan)
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Senior Member
Joined: Nov 2001
Posts: 444
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From: Lincoln, NE
2000 BMW Z3 2.3 Roadster (hardtop current ly attached)
Originally posted by leepolun
Thanks for the advices. How about at the end of the lease? don't you get to get your down pay back, and maybe sell the car for some profit? If I am paying less up front and get some money back at the end, isn't that a better way? Also, my dad was telling me that if I want to lease, I should go for a higher price car than $30k. So it's more worth it. I guess I am just curious about leasing because maybe on my next car I should. Just doing some homework up front.
dasMafia, you paid $35 for application fee? wow. So You are pretty close to the first deal I was talking about right?
Thanks for the advices. How about at the end of the lease? don't you get to get your down pay back, and maybe sell the car for some profit? If I am paying less up front and get some money back at the end, isn't that a better way? Also, my dad was telling me that if I want to lease, I should go for a higher price car than $30k. So it's more worth it. I guess I am just curious about leasing because maybe on my next car I should. Just doing some homework up front.
dasMafia, you paid $35 for application fee? wow. So You are pretty close to the first deal I was talking about right?
further, if you drive less than the prescibed number of miles (a second car would be like this) then you are paying interest and depreciation that is not being realized, and even if the car is worth more at the end than you stated residual, it is only by a few thousand dollars... at the end of your purchase contract, the car will be worth $18,000 and you will owe nothing. which would you rather have, 18k or 3K...
so... you are paying less up front (thats the "bait") BUT you are getting back FAR, FAR LESS in the end.
again, this demonstrates why leasing is NOT for everybody, it is too easy to get suckered, screwed and bent over and not be any the wiser. if you do not intimately understand the terms of a lease (or have someone help you who does...and who doesn't work for the dealer), you have no business leasing a car... and even then, most times you will still be better off to just buy it out-right.
Last edited by dasMafia; Apr 12, 2002 at 08:51 AM.
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