Need to Let Go OF Are 08 S550!!
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Joined: Jun 2006
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From: NYC
2014 S550
Financially and looks wise, it really would be great if he could keep the car.
What a beauty! I love the White with the black roof. That's why I like my car with the Silver with Black Roof.
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AlabasterWhiteSL ObsidianBlackML
haha...I understand, but your willingness to only pay an incentive of 2 payments doesn't come close to a typical new S550 lease on a similar car which usually run 39 months at 1500-1900 so you'd be looking to pay anywhere from 15-30k incentive to get near that payment let alone this being a lease of a "used" car, not a brand new one
I think it'd make most sense financially, as chucky and others have said, to keep the car.
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2007 S600. 2005 Carrera GT. 2007 Range Rover SC. 2008 BMW X5. 1967 SS Chevelle.
The car is leased and the payoff I am sure is probably around $20,000 minimum above the value of the car. You could never expect any equity in a leased car. And someone could easily lease that same car brand new for the same money you paid. What makes your deal even worse is the fact that you already started your lease $300-$500 above what the car should have leased for becuase you rolled another car payment into your lease.
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From: Charlotte, NC
No longer car shopping...
What is your ACTUAL payoff (If you were to buy out the lease)?
Last edited by ndabunka; Nov 5, 2007 at 01:17 AM.
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Mercedes-Benz
Look into selling the car back to the dealership. I got out of a lease 13 months early by doing this. The dealer made me an offer on the car and then I told the dealer my situation and they paid off the lease and I actually ended up with a few hundred in my pocket because their offer was higher than my lease buyout.
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AlabasterWhiteSL ObsidianBlackML
Look into selling the car back to the dealership. I got out of a lease 13 months early by doing this. The dealer made me an offer on the car and then I told the dealer my situation and they paid off the lease and I actually ended up with a few hundred in my pocket because their offer was higher than my lease buyout.
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W220 S500
Eh, a note for 145k @ 15% for 60 months will cost you close to 60k in interest charges. How did you get 20k?
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W220 S500
Leases make absolutely no sense to me. If you break down the contract, usually your total amount of cash laid out during the lease (for example a 60 month lease on a $87K S550), is almost, if not, equal to the value of the car at the time of sale. $1424.00 times 60 months equals around $85K. These are MBUSA site numbers and you're lucky if you get quite that good of a money rate on the lease. Then you have to turn around and pay nearly half of the original value of the car. I'm just guessing , but I would bet the residual is around $39000 after 5 years. Now if you finance that car for 5 more years at a conservative 9%, that would be an $800 a month payment for 5 MORE years totaling 48,000 more George Washington photos. So you add it up, it means you paid almost $140K for an $85K car.
There are 2 components to leasing, MF(Interest Rate, ie. rental charge) and residual value(Value after the lease ends). You are basically paying for residual-neg price plus any interest. Most residual values on these cars are in the 50-60% range for a normal 36 month lease. So in essence you are "paying" for 50/40% of the cars value plus interest. On a new car such as the S550, no one truly knows what the residual value will be, they are only guessing. It can be more of less than the "true value" after 3 years. Not to mention all of the tax benefits leasing gives business owners.
Leasing can be a HUGE advantage, more so than purchasing or financing for some individuals. If you do the math, finance vs leasing even if you were to buy it out at the end, the difference is minute.
Leasing can be great, it just depends on your situation.
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2007 S600
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W220 S500
Thread Starter
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From: ft.lauderdale
08 S-550 & 08 GL-550
Anybody want the car for $90k
that is what the stealer will give me,,Rather see someone from here get a good deal!!
If so let me know quickly!!
As i am about to bite the bullet and trade into a Porsche.....
that is what the stealer will give me,,Rather see someone from here get a good deal!!
If so let me know quickly!!
As i am about to bite the bullet and trade into a Porsche.....
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From: Charlotte, NC
No longer car shopping...
HuH? A Porsche? Sorry but I just don't get it. The dealer gives you $90K for the 2 month old Benz. You owe $110K on it. How can you get into a Porsche? OK, maybe none of my business as I have not offered to buy you car but this IS a public forum. Your just not making any financial sense and this is hurting your chances on this site IMHO (of course)
Last edited by ndabunka; Nov 9, 2007 at 10:17 PM.
Thread Starter
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From: ft.lauderdale
08 S-550 & 08 GL-550
HuH? A Porsche? Sorry but I just don't get it. The dealer gives you $90K for the 2 month old Benz. You owe $110K on it. How can you get into a Porsche? OK, maybe none of my business as I have not offered to buy you car but this IS a public forum. Your just not making any financial sense and this is hurting your chances on this site IMHO (of course)
What is so hard to understand how I can get into a Porsche?
I would just have to come up with the difference in cash of what is owed and what I sell it for!!
Hurting my chances with what??
As far as the financial stand point ,,
That is a price I pay and I am pretty sure that I am not alone,, With having a car addiction!!LOL
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2007 S600
I really don't know where your going with this??
What is so hard to understand how I can get into a Porsche?
I would just have to come up with the difference in cash of what is owed and what I sell it for!!
Hurting my chances with what??
As far as the financial stand point ,,
That is a price I pay and I am pretty sure that I am not alone,, With having a car addiction!!LOL
What is so hard to understand how I can get into a Porsche?
I would just have to come up with the difference in cash of what is owed and what I sell it for!!
Hurting my chances with what??
As far as the financial stand point ,,
That is a price I pay and I am pretty sure that I am not alone,, With having a car addiction!!LOL
So buying a Porsche was the "family circumstance". Why didn't you just say from the beginning that you changed your mind and want a sports car. We've probably all done that once or twice in our lives. I've made hasty decisions and bought a car or two I wish I hadn't. I can understand that dilemma. As far as being addicted to cars, I can testify to that too. I'm on this car forum, right?
I sincerely hope you end up with a GREAT deal and can enjoy the Porsche. That is a sweet ride. If you get it, post some pix. Their is one at my local dealership that is just too far off from my budget but it really is a hot looking car.
P.S. Just curious, how many miles on your S550???
Last edited by trumpet1; Nov 10, 2007 at 12:18 AM.
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From: Charlotte, NC
No longer car shopping...
Maybe English is a second language or maybe you just typed it too quickly when you first posted it but you really should get the mods to correct the "are" in your title to the correct usage ...."our". It really bugs me every time I see it. As far as the car goes, just go ahead and trade it in already so we can close down this thread or at least let us all know what your eBay item number is so that we can bid on it if we want.
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2007 S600
Maybe English is a second language or maybe you just typed it too quickly when you first posted it but you really should get the mods to correct the "are" in your title to the correct usage ...."our". It really bugs me every time I see it. As far as the car goes, just go ahead and trade it in already so we can close down this thread or at least let us all know what your eBay item number is so that we can bid on it if we want.
I second that motion
