Follow up to my previous post.
So I’ve been discussing the option of trading in my current lease 2016 WRX LIMITED (14 months worth of payments remaining, ~6k). Dealership offered me as follows:
2017 STi Lease Pricing:
MSRP - $36,514
Your Price - $33,995
Trade Value - $24,000
Your Current Lease Payoff - $26,240
Lease Term - 29 Months (special subaru is offering)
Money Factor - .00160
Residual Value - $24, 829
Monthly Payment on STi - $585
Now again I am fairly new to all of this but it seems like I will be only on the hook for ~2k of the remaining payments which will be carried over into my new lease for about $60 extra per month.
He has yet to get back to me about my financing options but using loan calculators at an APR% of 2.9% which is what is being advertised by Subaru at the moment, am i ridiculous for thinking I can finance this car over a 72 month period for roughly the same price as leasing the vehicle? Most of the calculators gave me a figure around $567. Again excuse my lack of knowledge but any help is greatly appreciated. Dealer is trying to push me to make a decision tonight before “Memorial Day Savings” ends but I’m trying to remain level headed and not rush such a big decision. Thanks!
Imo you can get way nicer cars for that monthly payments. I test drove a WRX base and could else for maybe $280-300 a month. For what you get, it didn’t seem worth it to me. Subarus do not lease well even with their crazy high residual.
Have you looked at anything else? You can get an AWD infiniti Q50 redsport for less than that per momth
I’ve researched and visited a few infiniti dealerships but in all honesty really like the STI and fits my future needs/desires to track the car etc. The lease payments do seem way too high as you said which is disheartening but I really like the overall price I’m getting on the car (pretty good for the NYC metropolitan area in my research). At this point I am waiting for a response from the dealer in regards to possibly financing.
Try to get them closer to your payoff. Should be easier to get an extra $1-1.5K than having them drop the selling price since there are few STis available.
That seems reasonale. If i am correct it would be $30 off of every payment for every 1k off the buyout correct?
How much are you looking to track the car? Need the STI as a true daily driver with 4 doors? I daily drove a Lotus Elise for 2 years, tracking it often. It was an absolute blast.
Best part? I bought the car for $26k, had it for two years, put 20k miles on it, and sold it for $36k.
However not the most practical option if needing 4 doors or driving in heavy urban traffic all the time.
$30/mo per $1K on 36 months lease, so it would be closer to $35-40/mo on 29 months.
The AWD is a god send during the winters here in NY. The lotus market here isn’t great either unfortunately. Four door sedan is also a big need, constantly using it as a daily for whatever things as well. Glad you are enjoying the Lotus though.
Ah so the initial base payments may actually be even better than I thought. Still, $585 is hefty so looking at other dealers and other payment options for now I guess.
True, NY would be brutal for something like that. Only reason I brought it up is that I have a co-worker that tracks a new STI often, and it eats a lotttt of consumables. Tires, brakes, brake fluid, etc. just because it is a large, heavy 4-door sedan. He’s thinking of selling it and getting a Lotus for the consumables alone. Doesn’t help the turbo popped on it a few weeks ago!
Should be $470/mo incl 8.375% tax on 36/15 even with your negative $2,240.
.0016 MF / 66% RV. Why 29 months?
That’s some brutal luck.most of my friends rally cross or track their STIs. Love it but as you said the old EJ chugs fuel like no ones business.
I asked for both 24 and 36 month option plans and he came back with a “Subaru special offer plan”. Extremely odd and even more odd the difference in figures. The negative equity was calculated in your numbers as you said right? I am waiting on quotes from two other dealers so this is a great help. Thanks a lot
And I dont mean to be a pain in the ass, could you give me a breakdown or method on how you came to your figure? Would love to present it. Thanks again and sorry!
Sure, np. Yes, I added $2,240 to the selling price. RV will be lower in June, BTW.
Wow this is perfect. I’ll present this tomorrow and provide an update but for a noob like me this is great lol.
I did something similiar for financing using a google car loan calculator. At your sale price, 2.9% APR over 72 months came to be about $549 a month (unless I am an idiot and missing something). Seem right to you?
Curious as to how they came to such a high figure. Again, thanks a lot and sorry for the trouble.
Make sure 2.9% is available on 72 months loan. Subaru usually advertise their lowest rate based on 36 month loan. Longer term is higher. Yes, $549/mo on 2.9%/72.
Other rates and payment terms available. Cannot be combined with any other incentive. Financing for well-qualified applicants only. Length of contract is limited.
Check other lenders for financing - may get better rate:
Understood thanks for pointing that out. I was more concerned about properly understanding how I would come to my finance payments. Thanks again and I’ll try to keep updating the thread tomorrow.
Dealer got back to me with some finance numbers this morning. Surprisingly they offered the 2.9% APR for the 72 month lease. Numbers are as follows:
For 72 months:
MSRP - $36,514
Selling price - $33,995
Down payment - $5000
Trade value - $24,000
Payoff - $26,240
Dealer fees - $487
NY Tax - 8.25%
Reg - he’s at 318 right now
“With tier 1 credit your payment would be $528/month.”-dealer
Doing the numbers myself on random calculators again brings me to completely different numbers than what they are offering (and they want 5k down for that figure). Am I wrong with my math or are they trying to gouge me again?
Side note, brought up the $470 figure for the lease and feel confident I can get it. With my plans to buyout the car regardless, if I can get the true finance value I’d jump all over that. Thoughts?
The dealers numbers for financing looks correct. After adding up the neg equity, fees and sales tax, you’re right at $40k to finance.