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18 Unexpected Facts About Best Luxury Cars To Lease Reddit | How To Choose A Car Reddit
- Let’s go back to our example where you have a lease cost of $13,000 (the $15,000 in depreciation minus the $2,000 you put down, and we’re going to pretend you live in a magical place where there’s no state sales tax on cars) and a money factor of .0016. With a 36-month lease, your monthly payment will be about $450. If you go for a 24-month lease, your payments will be somewhat higher because you have less time to pay back the money you borrow, though that will be offset slightly by the fact that the car will have a higher residual value, since you’ll only use it for two years instead of three. - Source: Internet
- The lease term is how many months the lease will last. Common terms are 24 to 36 months, though there are longer and shorter leases available. The lease term matters because it’s the final factor that determines what your monthly payments will be. To figure your monthly payments, take the total financed amount of the lease (depreciation, plus taxes, interest, and fees) and divide it by the number of months. - Source: Internet
- It doesn’t have to be. A new car lease is simply another way of borrowing money to pay for a car. There are two main differences between a car lease and a car loan: how much of the car’s value you borrow and what happens at the end of the lease or loan term. - Source: Internet
- The money factor you’re offered in a lease depends mainly on your credit score, which is how lenders assess the risk that you won’t pay them back for the money you want to borrow. You should always convert the money factor on any new car lease into an interest rate to see if it’s in line with the type of financing you’d qualify for. You can get financing offers before you go to the dealer to get an idea of the rates you qualify for. That way, you can check to be sure that the money factor lines up with your credit score, and save yourself thousands in interest payments. - Source: Internet
- The estimated sales tax is the sales tax rate that your state charges on car sales in your state. Make sure you check the laws in your state, so you’re only paying sales tax on the cost of your lease, not the total cost of the car. The cost of the sales tax is usually folded into your monthly lease payments. - Source: Internet
- Let’s go back to our example. You want the $50,000 car and have negotiated the price down to $45,000. It will be worth $30,000 at the end of the lease, so your lease cost, before interest, taxes, and fees, will be $15,000 divided into equal monthly payments. If you put $2,000 down, the amount you make payments on drops to $13,000. That will not only lower your monthly payments but also decrease the money you’ll pay in interest because that’s $2,000 that will not be accruing interest over the life of the loan. - Source: Internet
- A car’s residual value is its value at the end of the lease. In our example, the $50,000 car (that you negotiated down to $45,000 because you’re such a good dealmaker) is worth $30,000 at the end of the lease. That $30,000 is its residual value – the leftover worth of the car after a certain amount of use. The difference between a car’s price and its residual value is the car’s depreciation. - Source: Internet
- Once you input the vehicle price, down payment, residual value, estimated sales tax, money factor, and lease term into the lease payment calculator, you’re going to get your monthly lease payment. This is the money you pay each month to lease the car. So you can understand it better, we’ve broken it up into two components: lease fee and depreciation fee. - Source: Internet
- While down payments on a car lease tend to be lower than down payments on a car purchase, some down payment is usually required. On most car lease deals, the down payment ranges from $0 to $3,000. If you’re not taking advantage of a lease deal, the down payment may be more flexible, but the more money you put down, the lower your monthly payments will be. - Source: Internet
- You know that when you lease a car, you’re paying for the depreciation, or value the car loses while you have it. However, you probably aren’t going to pay the full amount upfront, so you need to figure out what your monthly payments are going to be. Here’s what you need to use our lease payment calculator. - Source: Internet
- Cars with high residual values and low depreciation make the best cars to lease because they lower your lease cost. Let’s say there are two cars that have the same price, but one depreciates (loses value) by $20,000 over a three-year lease and the other depreciates by $15,000. Since most of the lease cost is depreciation, you save by going with the car that has the lowest depreciation and thus the highest residual value. - Source: Internet
- Leasing is also a good choice if you’re not sure what your life will look like in a few years. Let’s say you’re newly married and thinking about having kids in a few years. If you lease a car for three years, it’s easy to get a crossover or minivan when the lease is up. If you buy a car, you’ll need to sell it, and potentially lose money, when you’re ready to have kids and need a larger vehicle. - Source: Internet
- In a lease, an interest rate is called a money factor. You can convert a money factor into a simple interest rate by multiplying it by 2,400. So if you’re offered a money factor of .004, multiply it by 2,400 and see that it translates to an interest rate of 10 percent. - Source: Internet
- Save Thousands on Your Next Car Join the more than 280,000 car shoppers who have purchased or leased a car through the U.S. News Best Price Program. Shoppers have seen average savings of $1,824 off MSRP across vehicles. learn more Find Best Price - Source: Internet
- A lower monthly payment isn’t the only advantage to leasing a car. Because leases only run for two or three years, you frequently get a new car, and that means you get the best and most up-to-date tech and safety technology in your car. This is particularly true if you’re interested in alternative powertrain technology. If you buy a hybrid now, you’ll own it for years and not be able to take advantage of any advances in EV or fuel cell tech. If you lease for three years, you’ll be able to take advantage of the latest powertrains – and if the new technology proves to be a dud, you won’t need to live with it long term. - Source: Internet
- The vehicle price is the price you and the dealer agree on. Think of this as your starting point for figuring out lease costs. The vehicle price, less its depreciation, is the lease cost we’ve been talking about. - Source: Internet
- From our example above, where you have $13,000 as your lease cost ($15,000 of depreciation, minus the $2,000 down payment you made) a money factor of .0016 (which translates to an interest rate of 4 percent) will mean you pay roughly $943 in interest over a 36-month. With the money factor of .005 (which translates to a 12 percent interest rate), you pay $2,936 in interest over 36 months. It pays to get financing offers before you head to the dealer so you know what kind of money factor you should qualify for. - Source: Internet
- Still not sure if leasing is for you? Check out Buying vs. Leasing a Car and How to Lease a Car for more details. Make sure you also check out this month’s Best Lease Deals to find incentives on new car leases. - Source: Internet
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