This is my first time posting in any sort of forum so forgive me in advance. My situation, looking at a new truck with crew cab.
Looking to trade in my current car to cover the $3,000.00 down payment (taxes, tags etc.) and I woudl be left with a $430.00 per month payment for 39 month/12,000 miles
$430.00 X 39 = $16,770.00
Current car worth $3,000.00 (at best)
Is the $3,000 drive-off, $430/month payment based on an actual quote you got from a dealer?
Here’s what I’d target to pay in NJ:
2016 Sierra 1500 SLE Crew Cab 4WD
36/12K: 61% residual, .00085 MF
Incentives: $150 GM Financial Lease Cash
I’d target 10% off MSRP before incentives. Assuming MSRP of $44,800, that’s a selling price of $40,320.
When you plug these numbers into the lease calculator, you get $435/month + tax with $0 down (+ first month’s payment, license/registration, doc fee due at signing).
Thanks for responding.
The $3,000 drive-off, $430/month was quoted by the salesman. That happened over the phone after I had left the dealership and was told to “come back with your car and bring the title”. I’ll admit I am a bit reserved when it comes to car purchases due to some poor past experiences and hearing horror stories.
Adding an update, I also stopped at a Chevy dealer to look at a 2016 1500 Silverado LT. List price is $47,200.00 39 month/ 12,000 miles and $445.00 per month. I didn’t negotiate as I didn’t have much time and had to leave but intend on calling them back to see about dropping the overall price and try to do the same deal with a $3,000.00 trade in.
Long story short is I’m not sure what a good deal on a lease is. The monthly payment isn’t an issue around the mid fours, but I also don’t want to overpay.
If you’re in NJ, I would definitely give Princeton Chevy a call to ask when Joann Vass is going to be in. She was absolutely amazing with our Equinox lease in December and gave us an amazing deal we didn’t even have to negotiate. She is is very straightfoward and will not waste your time. She will give you a quote over email and you don’t have to worry about bait and switch when you come in to complete the lease