cr1t1icalm4ss

Hows this deal? I got invoice, but want to check on my actual figures to make sure im not getting screwed. Help would be great. Thanks in advance guys.

c300 sport
Metallic Paint
p1
Auto

$34114 invoice TOTAL without tax license reg

Purchase Tax in phx AZ 8.3%


Money Factor .00255
36 month lease/20,000 miles
$2400 down
"$586.65/mo including sales tax, and including one year plate registration, and
including your first payment so 38 payments remaining."

I would love to have p2 instead..but my month payment seems to keep going up..im trying to limit it.

If you know anyone on the forums that are really good with leases, please let them know to check out my post. Thanks everyone.

oblu

http://www.leaseguide.com/calc.htm

[edit: nevermind, I just noticed your 20k a year ... you're pre-paying the mileage penalty in your lease payment ... ]

Plug your numbers in and see what it says. (I used 62% residual, but I'm not sure that's entirely correct anymore).

Not factoring in whatever it costs to register the car in AZ, the calc says 463.76. But I put in $2400 as a cap cost reduction, they're rolling your first month's payment into that $2400 so that part's off.

Unless it costs a boat load to register in AZ, I'd double check all of their numbers. Something seems way off ... like you're not actually getting the car at invoice.

cr1t1icalm4ss

I saw that program. the only thing missing is that the lease calculator doesnt reflect the 20k mile, probably reflects (based on) 10k I assume

This is what my rep said when I asked how the lease is calulated (fee etc) for using 20k instead of 10k (the 10k increase portion)

See if you understand this...


"It changes the residual 5 points per month from 10,000 to 20,000 miles per year."

So she is saying if the residual is 57%...then its 52%?

BajaPanty

Not sure if this can help but to give you an idea here is what i just did last night...

i just leased the 08 c300 sport added the amg pkg, p1pkg,panarama sunroof,multimedia pkg ,chrome door handle inserts.

here are the figures:
out of pocket $2,869.oo includes 1st month and all taxes ,new plates etc.
payments of $572.60 a month for 38 months & 39,000 mile allowance...anything past that is gonna cost me $0.25 cents per mile there after if i choose to return the car.
if i choose to keep it the buy back is $24,198 +$150 purchase option fee

If i return it and dont lease or finance another benz upon return they will charge me a $595 vehicle return fee that they said they would waive if i get into another benz lol.

ps : i also was given 3 benz hats for my wife and my daughter and myself and a nice box with 2 bottles of wine -red and white...and 2 keychains....

and yet i still felt as if i got cheated somehow when i drove of the lot ...but then looking at what you just listed... i kinda think i maby got a deal :nix:

skillz1318

here is what i got:

C300 Sport
6 speed manual
Steel Gray
AMG wheels
spoiler
iPod kit

35,500 sticker

$530 a month 0 down just paid first months payment and the keys were mine
39 months 15k miles a year

I think I got a good deal.

bzliteyear

that sounds like A LOT of money to spend on an entry level MB, especially when there's nothing to show for it after 3 yrs and spending $2400 + about 22k in monthly payments.
While there's benefits to owning a new car and having warranty, but man at what cost?
How about considering a nice used MB for $20k...there are so many to choose from. After 3 yrs, you'd still have the residual value of the car to show for it vs. ZERO from leasing. And don't go talking about the benefits of leasing. Too many people who lease don't even have the income to benefit from the full lease pymts. Besides, you can still write off the auto related expenses if you owned the car. Just my $.02 worth.
Patrick

pgaduane

OK - Here's something to consider:

Price: $34,114
AZ Tax: $2,763
AZ Plates: $550
Total: $37,427
- $2,400 Down = $35,027

$35,027 = 72 Month @ 6.0% = $580 a month.

It's cheaper to buy it out right then to lease. Some other things to consider: cheaper insurance, you can drive as many miles as you want, you can modify w/o penalty, and you can sell it whenever you want.

Just something to think about. Also if you want a good deal, go to Arrowhead MB. Just opened a few months ago and they are doing some great deals. Bought mine there and saved a ton. Talk to Bob Cross, he'll take care of you. Tell him Duane sent you.

benzo-boi

Can you guys please help me out with my friends lease:

What should the money factor be in Los Angeles right now and the residual %. Whats consider good?

oblu

72mo?!?! Are you freakin' crazy? Have fun paying for upkeep and repairs on top of your car payment once the warranty is up. I don't have enough faith in any german made car to keep one out of warranty.

The more I think about it, after 72mo you're left with a car that maybe ... maybe is worth $10-11k. More likely $7-8k. And between tires, brakes, oil changes, and out of warranty repairs you'll probably have spent just about that.

No thanks. I'll lease, put gas and oil in it and then move on to the next car.

It's also why I like BMW's leases so much. Everything is covered besides tires. I literally do just put gas in it and go.

racetested

Yeah, leasing is financially the biggest waste no matter how you look at it. The extra fees involved, the buyback if you did want to purchase at the end of the term, etc. make leasing way more expensive than buying which you would actually have some equity once your payments are done.

Too many salesman have tried to tell me the benefits of leasing as I get a new car every 3 years and my reply is "do the basic math, how is leasing smart".

Leasing greatly benefits the manufacturer and puts people in a car they can't afford to buy. I just don't understand why everyone just doesn't admit this and accept it for the truth.

pgaduane

You can also look at it like this. Even if you purchase the car and want to sell it at 36 months the payoff is $17k. Looking at 3 year old C Class' they are selling in the low 20's.

So one could say that if I purchase my car and not lease, at the end of 36 months, keeping my mileage the same as a lease, blah, blah, blah. I should have equity at the end of 36 months and still under warranty.

The killer part of this, is I OWN it, and I can get RID of it at anytime with no problems.

To each his own, but leasing will never work for me. To many restrictions for me.

skillz1318

Here is why I lease:

I got a new C300 for $530 a month 0 down.

If I bought the car with zero down financed over 60 months payments would be $583 a month plus interest so over $600 a month.

It is cheaper for me to lease.

Also why would I want to own something that I know depreciates. If you knew a house was going to lose value every year would you buy it? I wouldn't...I buy things that go up in value such as real estate...not cars.

oblu

Ah ... and here's where there's a misconception about leasing.

At any point in the lease, you can pay off the leasing company ... which means that you at any point, if you can sell the car for more than the lease pay-off you're free to do so.

I was researching this because I plan to get out of this car way before the lease is up. Turns out a my wife's good friend, her husband is a bank manager and they've done this with their last 4 cars. They have the new buyer right one check to the leasing company for the pay off and then another check to them for the difference and they've made money each time. Unfortunately, he also says it's usually around the 30mo mark where the numbers work in your favor.

We'll see if this works out for me or not.

As to the person who stubbornly believes that people who lease are doing so because they couldn't afford the car; you're entitled to your opinion but I think once you're above a certain level in the market, there's not a huge budget difference between lease and purchase. The difference between a $500-something a month lease payment and an $700-something a month purchase payment isn't much difference in the scheme of the monthly budget. If $200-$300 kills your budget then there are bigger issues.

My personal experience has been that I've been stuck several times working to try to sell or trade-in a car at the 2-3yr mark that was either just break even or upside down. Leasing insulates me from having to go through that again.

451/443=EW

Leasing is just another form of Finance. oblu your right you can pay off a lease any time. And yes you will pay more to lease a car then finance. Im 33yrs old, I wont finance a car because my life is ever changing and I dont want to commite to somthing that looses money anyway.

Now about the deal's you guys got.... LIVE your life now man, do you love your car? if so you got a great deal. Do you selfs a favor and enjoy your new ride.

There are so many factors in leasing, rates, residuals, money down, trade, milage, options on your car, accesories, ( packages, transmitions, color ect...), local taxes, dealer fee's, protection packages, ect...

The funny thing about people is that everyone wants to tell there friends and familly and co-workers what a great shopper they are, and often BS on what they paid. They will tell everyone a lower number, and then others think its possible and are often disapointed. So they do the same and leave the tax out of there payment and tell others and so on.

When I buy somthing I realize people need to make money, after all I get paid for my work why shouldnt they. I look for what I want, try to get a deal, if I save money im happy.
I dont look for the best deal cus my time is worth somthing to me. Besides someone will come and tell me I paid to much no matter how much I paid.

Just love your cars guys. Im sure you all got good deals. Dont forget about the service you get.

By the way im in sales, some of you my have fig it out.

safe drivin..

racetested

I guess you and I are seeing something others are not or vice versa. I have done every mathematical equation comparing leasing to buying over the years on multiple cars and the BIG picture always favors buying and it has been proven when I trade my cars in. My trade-ins have always been "thousands" ahead of what I was quoted for residual value when offered a lease option.

Leasing only lowers a persons monthly payment but you pay more for the car compared to buying. Simple as that. Call me stubborn but simple math does not lie.

oblu

A lot of it is just convience and comfort level.

But, by your same equations, if your trade-in value was ahead of the residual value wouldn't it net you more money if you then sold that leased car privately, paid the residual to the lease company and kept the difference for your self? You've paid less money out of pocket during the time of ownership vs purchasing, you haven't paid the full sales tax (I think that's a big one, my state has big sales tax) and then you've still get yourself "equity" at the end.

My point of view is a little skewed though because from the very beginning I know I'm only keeping the car for a certain period of time, lease or purchase. I will never pay a car off and keep it even though I know that's really where the smart money is. There's just no way I could stay away from new models, new technology, new experiences.

Seems like that'd be the cheaper way to go to me.

racetested

Residual and buyback are not the same. Example a residual of $10k does not mean you buy that car for $10k after the lease term. Again why I don't like leasing as it gets very complicated. Heck salesman have a hard time figuring it out and refer you to the leasing officer.


Your comment about sales tax is backwards, in my state of Illinois anyways. If leasing you have no trade-in so you always pay full sales tax compared to buying a car for lets say $40k and having it be worth $20k 3 years later. Now if you buy another $40k car you only pay sales tax on the $20k difference with your trade-in.

I agree a car is always a waste financially but having wasted so much over the years I'm trying to minimize the wasted money and I never saw that with leasing.

bzliteyear

In CA - you pay tax on the ENTIRE PURCHASE price, no benefits for trade-in credit. I hear it's different in AZ and some other states, but in CA...no benefits.
Patrick

oblu

In WA if we trade-in we get a tax credit and only pay the tax on the difference between the purchase price and the trade-in value ... not that beneficial unless you're trading in a fairly new car with a high value.

On leases we only pay sales tax on the amount of the car we use. So if the residual is 51%, we only pay tax on 49% of the purchase price.

I wasn't talking about buyback. I was talking about paying the residual plus the remaing balance of lease payments. My wife's friend has found that often times, around the 30mo mark they can actually make money paying that and then selling the car privately.

bzliteyear

With the slowing economy and car manufacturer's goal of inflating residuals to reduce payment, most stories I've heard are that of lessees being upside down on their lease - and wanting to PAY someone to take over their lease. In other words, the payoff is greater than what the car is worth. Otherwise, why would anyone being willing to pay extra for 3rd party to take over lease?
Being able to make money by paying off the leasing company hasn't happened probably for 5-7 yrs...most 3 yr residuals now are about 60%, but market value can be as low as 40%.
Patrick

oblu

My wife's friend just cleared 2.5K on their leased RX330 that they sold privately.

bzliteyear

...with emphasis on "MOST" - and keep in mind we're on an MB board, so I wasn't referring to Lexus(where almost everyone here will admit is much more reliable and less expensive to maintain, even if the cars are less exciting).
p.s. My friend bought a 2006 Maserati QP 6 months ago for $70k w/ 18k miles on it...40% off MRSP. I've seen a $190k SL65 "asking" $85k after 18 months. There's a S65 owner asking $130k vs. many sellers asking $85k because he's upside down.
Patrick