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Need a new car
chuck steak
Registered User regular
Registered User regular
I am going to lease a new car. I have no idea where to even begin looking, what I should be looking for, or what is important when considering a new car. Good gas mileage is important, since I will be driving to and from work every weekend (an hour and a half on the highway each way) with it. I'm not too sure what I can afford, probably about $200 to $300 a month. Any idea what price range that would land me in?
As you can see, I need much help, and I don't want to be given this info from a car dealership.
As you can see, I need much help, and I don't want to be given this info from a car dealership.
chuck steak on
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for 300 a month you could get a slightly used Honda think 2-3 years old and have money left over to insure the beast. Plus Honda's get good gas mileage.
Though other than that... I have no idea. Not a car person myself.
Two words: Canadian winter. Though I do want to one day get my motorcycle license, this isn't really practical for right now.
Surely you can't just get a motorcycle. It'd take lessons+tests?
Well.... technically yes.
But when I got mine, I took the test, got my permit, then the next two weekends took a class in it which were one day a week classes for about 6-8 hours, and then I had my license. And now unless it's raining or the temperature is below freezing, or I need to carry, say, a guitar or amp with me to a gig, I take the bike.
45 mpg and free parking ftw.
It's tough to pick a budget and work your way backwards to what kind of car you can lease for that. This is because lease terms are based on the anticipated depreciation for the vehicle. A lease is basically an agreement to pay depreciation.
Since you're looking for something that you can lease affordably, I'd suggest a Honda. They depreciate in value more slowly than just about anything except a Prius. So, you should be able to haggle some favorable lease terms. The dealer will have a formula to come up with the depreciation, so what you are actually haggling is the "purchase" price of the vehicle.
Another thing you could do to lower the monthly cost of the lease is to pay up front, which is what they call a Capitalized Cost Reduction.
If you're on a budget though you might just forget about leasing and buy a used car in the under-$10,000 range.
EDIT: another reason you don't want to lease is that they set mileage penalties if you go over 10k miles a year or so. You sound like you'll be putting a lot of miles on the car. They will fee you heavily for doing so when you bring the car back at the end of the lease.
Are you planning to lease because you actually want to lease (i.e., you want a different new car after the lease period expires), or because you can afford 200-300/month but not afford the entire car now?
And out of curiousity, how bad is the weather you'll be driving in up there (i.e., would it be worthwhile to get something like a subaru with all-wheel-drive)?
when leasing be careful about the mileage restrictions (the lease quoted in papers usually assume 10K miles/yr which is just too little for most), you can increase mileage restrictions for additional lease cost. also can you take real good care of the car, if not (dings, scratches, etc.) then you're going to get hammered at lease end. consider buying unless you need to have a new car often.
a buddy of mine got a great lease deal, but he really did his homework and 7 hours were spent in negotiation. every time you think you're getting close to sealing the deal you'll get hit up with another charge (e.g. capital costs depreciation charge, or whatnot). often the dealer wants some money down (e.g. $2K down and $299/month), but all such things are on the table during negotiations. check out edmunds.com and they have some primers on how to buy/sell/lease a car. do your homework, be patient during negotiations, and always be ready to walk away from a deal (don't get attached to the car until after you've got it).