Hi I have two scenarios for my purchase. Let me know how I did and which one would you take in this scenario. 2022 GMC Yukon SLT 4WD
Seems like the total cost of ownership on a purchase would be significantly lower
Do you have the spare $10k?
yes. a good chunk is coming from equity
I mean if you are borrowing more money to make up the 13k deposit, you might eat away at a possible $6k profit at the end of 3 years.
If you have the 13k, that $6k benefit at year 3 is very nice. If you have to borrow $13k then you might want to look again at that.
Just to be clear, you have the finance calculator set up such that you’re using $4k trade equity plus $13k cash out of pocket for a total of $17k down. This is what you intended, correct?
seems like finance is the no-brainer here
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Depends on the source of the 10k. Say it’s a Credit Card without immediate repayment? That’s not so good.
My Dad has owned these trucks since 2010 (2010, 2011, 2015, & 2018). Every time we do the math and financing wins. He also drives over 20K miles per year. He leased once in 2015 for 39 months. Don’t go over 60 months financing either, even if they offer 0%.
IT seems the logic for the Lease vs Finance share the trade in value. So I’m not able to show that for the lease I would use the full 8k equity for an out the door no money out of pocket. The finance I would add 5K since I would own it bring total out the door of 13K.
Your calc says 4k equity, did something change?
Why would one not desire lower payments with no interest if it means going beyond 60 months?
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Gotcha. I would just build 2 separate calculators then for Lease and Finance, set them up exactly like you want and then and compare in different tabs side by side.
Right now the finance calc shows $4k equity plus $13k cash down so it’s going to skew the results somewhat.
Just personal preference. With the miles my Dad puts on the trucks they’d be under water (during normal times).
For leasing when there’s:
- No additional discount
- No lease cash
- No low money factor
- No crazy absurdly high RV/subvention
- Acquisition fee
It rarely ever makes sense vs finance from a financial perspective. Almost doesn’t even matter what car we’re talking about.
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so I couldnt get the numbers to match up what they were quoting me,but I was comfortable with the payment and went forward with the lease. I had someone help recreate my final deal and we noticed they marked up my mf fro 5.38 to 6
58 and doesn’t seem like I got the full gms discount off the msrp. What is my recourse beside calling them and pointing that out?
If you’re willing to ship I may have an incoming unit at a discount.
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So does this me you already signed? If so, you don’t have any recourse.
I probably have some recourse ,but I’m fine with the deal. I’ll be auditing my next deal at each step next time for sure. thanks all for chiming in.
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