View Full Version : Leasing / buying
Optimus Prime
02-27-2006, 02:15 PM
Well, now I'm waffling.
@ 2.9 APR the payments are only about $50 more a month, and if the residuals are anywhere near the 64% quoted for a 36 month lease than I'd be better off getting the lower APR. Especially considering Illinois rapes you on taxes for leasing.
However, my CA doesn't think they'll keep the 2.9 next month so I'd need to fill the paperwork out by tomorrow.
I say if you're on the fence, and it's only $50/mo. more to buy, then it would be silly not to buy. When all things are considered equally (and I consider the $50 diff to be close to equal), it's better to own than not to own, IMO.
Optimus Prime
02-27-2006, 02:34 PM
I say if you're on the fence, and it's only $50/mo. more to buy, then it would be silly not to buy. When all things are considered equally (and I consider the $50 diff to be close to equal), it's better to own than not to own, IMO.
That's how I'm leaning, but it means jumping through some hoopes now... and with the Mazda still not sold I'm a little nervous.
For me, I know that I won't want to keep the car past 3 years, I don't want all that cash tied up for 3 years, and I don't want the hassle of selling the car after 3 years (or take the financial hit of trading or taking it to CarMax). Plus, if someone hits it, I don't take a financial hit for "diminished value" when I go to sell it.
No fuss, no muss.
Optimus Prime
02-27-2006, 03:31 PM
No CarMax in IL?
The closest one is 150 miles away. Not bad, but they won't give you a rough estimate before you go in. I don't want to hassle with them if they're going to ream me out.
I've looked and I'd be happy with Private Party estimates from Edmunds/KBB/NADA, how close are they in general?
The closest one is 150 miles away. Not bad, but they won't give you a rough estimate before you go in. I don't want to hassle with them if they're going to ream me out.
I've looked and I'd be happy with Private Party estimates from Edmunds/KBB/NADA, how close are they in general?
The problem with the Edmunds/KBB/NADA values is that you have to find someone who will actually give you that amount of their own money for your car. That's not always easy.
Carmax will buy your car. On the spot. Period.
They will offer you less than you could get private party, for sure. Sometimes MUCH less.
But that's the price of THEM finding the person willing to part with their cash rather than you.
You might try listing the Mazda at a price halfway between the private party retail values and the trade-in values. That way, you'll sell it much faster and still get more than you would have in trade or at Carmax.
Sure, someone else gets a deal. But you save yourself a bunch of hassle.
rumatt
02-27-2006, 03:48 PM
I know that I won't want to keep the car past 3 years
How?
I don't want all that cash tied up for 3 years,
Loan.
I don't want the hassle of selling the car after 3 years (or take the financial hit of trading or taking it to CarMax). Plus, if someone hits it, I don't take a financial hit for "diminished value" when I go to sell it.
No fuss, no muss.
Fair enough.
How?
Loan.
Fair enough.
Unless you're borrowing the entire amount, you will have cash tied up.
And I am always ready for a new car by the three year mark. Hell, I first started waffling about selling the M3 at the 3 year mark. Maybe it was as early as 2.5 years.
Starting to shop for a new car after the old one is just over 2 years old sounds perfect to me.
Starting to shop for a new car after the old one is just over 2 months old sounds perfect to me.
Fixed your post.
Fixed your post.
Well, yeah.
I'm always thinking about "what's next".
But I don't actually usually get a real urge to mvoe on until after two years.
The problem with the Edmunds/KBB/NADA values is that you have to find someone who will actually give you that amount of their own money for your car. That's not always easy.
Carmax will buy your car. On the spot. Period.
They will offer you less than you could get private party, for sure. Sometimes MUCH less.
But that's the price of THEM finding the person willing to part with their cash rather than you.
You might try listing the Mazda at a price halfway between the private party retail values and the trade-in values. That way, you'll sell it much faster and still get more than you would have in trade or at Carmax.
Sure, someone else gets a deal. But you save yourself a bunch of hassle.
I know a few people who were pleasantly surprised with what CarMax gave them. Remember you are comparing an offer on a car that is old and has been hit/repaired vs. a newish car in good shape.
I know a few people who were pleasantly surprised with what CarMax gave them. Remember you are comparing an offer on a car that is old and has been hit/repaired vs. a newish car in good shape.
Oh, we've had other cars appraised there (like our relatively unscathed Saab). And they made a reasonable offer.
But no matter what, it will be less than you could sell it for selling it yourself.
Which is only fair.
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