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02-18-2001, 09:10 PM | #1 |
Scooby Newbie
Member#: 4193
Join Date: Feb 2001
Location: Newington, CT
Vehicle:2002 WRX Sedan Platinum Silver Metallic |
Lease or Buy?
Here is my dilemma – I’d really like to get a WRX this spring but none of the dealers in my area (CT) want to deal at all. They are all saying they will only take orders at MSRP. There is no way I am going to pay MSRP. So the other option I was considering was leasing one. I know that would suck for doing any mods but at least I would have the car now instead of “maybe” later. I have never leased a car before so maybe someone can enlighten me. I spoke with someone at my credit union about leasing this car and she said that she does not have any numbers on the residual on the WRX yet. Is anyone else here planning on leasing his or her new WRX? Does it matter what the selling price of the car is in a new lease? I am not worried about the mileage since it is only 12 miles round trip for me to work everyday and my credit union does 15k mile leases and only $0.15 per mile if you go over. I figured if I leased the car I would get a few dealer installed options and not worry about anything other than maybe changing out the stock tires for something better. Any comments or suggestions would be welcome.
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02-18-2001, 09:51 PM | #2 |
Scooby Specialist
Member#: 3931
Join Date: Feb 2001
Location: Rochester, NY
Vehicle:WRX, Ninja, RX-7 Legacy, Fiat 850 |
Although I was never able to get quotes on the WRX (probably could now, I looked into it a few months ago), the lease prices on the RS were very high. I'm not quite sure why, since Subarus tend to retain their value fairly well. The best thing you can do to get info on leasing is go to your dealer and sit down and go over it with them. Then call your insurance company and find out how much more leasing will cost you.
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02-18-2001, 10:21 PM | #3 |
Scooby Specialist
Member#: 3293
Join Date: Dec 2000
Location: CO
Vehicle:'20 Ascent '15 XTerra P4X |
I have the same dilemma bro... I'm a little upside down in my '00 GT lease right now, and I've got a REX on order. So, basically all I can afford realistically (and still afford to modify the car) is a lease. I'll lease it to get the $325-$350/mo payments and just buy it at the end (doing any mod I want from day one). Ya do what ya gotta do when ya ain't got money pourin' out the old arse. Leases are great!! If you follow the rules and don't jump out early like I've done twice now.
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02-18-2001, 10:47 PM | #4 |
Scooby Specialist
Member#: 3097
Join Date: Nov 2000
Chapter/Region:
NWIC
Location: www.rs25.com Beaverton, OR
Vehicle:2013 Ford Focus ST Performance Blue |
I'm leasing mine, since my bank wouldn't give me a big enough loan to cover the whole car. I did run the numbers, and with the small down, monthly lease payment, and the buy-off at the end, the total came to within a couple hundred dollars of what my loan payments plus big down would have cost. Plus, the lease is over one year sooner than the loan would have been. I'm doing mods on my car, but keeping the stock parts. Who knows, maybe I'll turn it in at the end of the lease and get a WRX-STi! Or maybe I'll keep the RS, and still get the WRX! I've still got 3-1/2 years to go, so I'll see what happens. No regrets over leasing, that's all I can say.
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02-19-2001, 05:00 AM | #5 |
Scooby Specialist
Member#: 4229
Join Date: Feb 2001
Location: Dublin, OH, USA
Vehicle:2003 S2000 Did someone say track day |
wouldn't the payments be lower on a lease if the car retained value??? It only makes sense!
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02-19-2001, 05:24 AM | #6 |
Scooby Specialist
Member#: 3931
Join Date: Feb 2001
Location: Rochester, NY
Vehicle:WRX, Ninja, RX-7 Legacy, Fiat 850 |
Lease prices are calculated based on the value of the car when you return it to them.
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02-19-2001, 05:34 AM | #7 |
Scooby Specialist
Member#: 654
Join Date: Dec 1999
Location: Fairfax, VA
Vehicle:2021 Crosstrek Ltd Black |
If you like the car and want to keep it for longer time, buy costs you much less than lease although you may have to pay more monthly. Also remember, lease a car is just like getting into a marriage, you can't back out in the middle without cost you major bucks.
Foxbat [This message has been edited by Foxbat (edited February 19, 2001).] |
02-19-2001, 07:03 AM | #8 |
Scooby Newbie
Member#: 2989
Join Date: Nov 2000
Location: Salem, MA
Vehicle:2012 F-150 Silver |
The thing is, you'll still be "paying for MSRP" if you lease the car. Lease payments are based on the value of the car, and if the dealer won't budge off MSRP for financing, they won't budge off MSRP for leasing either. You should NEVER NEVER NEVER lease a car simply because you can't afford to buy it. There are only a few circumstances where leasing makes sense. You should read up on car leasing at www.fool.com or any other myriad of financial planning sites.
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02-19-2001, 07:34 AM | #9 |
Scooby Newbie
Member#: 4193
Join Date: Feb 2001
Location: Newington, CT
Vehicle:2002 WRX Sedan Platinum Silver Metallic |
The one advantage I see to leasing it even if I pay MSRP is that I don't have to pay any sales tax (6% here in CT) because my credit union is sales tax exempt. That saves me roughly $1500. I guess I should be patient since I don't NEED a car right now (still have my '96 Honda Civic EX) Who knows what is going to happen with interest rates in the next couple of months. Plus, the supply of WRXs will probably catch up with the demand after the second allocation. With the economy looking shaky how many people that would want a WRX are going to be in the market for a new car? If I have to I guess I could wait for the '03 and see if they change anything.
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