Thanks to this amazing community, I got a free Toyota corolla a couple years ago. I have about four months to figure out what is next.
I spent the last couple months getting up to speed on the car scene and here. It seems everyone is saying don’t lease. I like leasing because I only pay for what I use, only taxed on use not full value, and having the option to buy or walk. Obviously this time the option is great to cash in, but maybe next time it will make sense to walk.
Anyway, here is a deal that I think still makes sense to lease, am I missing anything?
I believe the residual is low but used the same value for the purchase Calc.
I punched in all the numbers based on the below. In order to get the payment to match I had to use MF .0024 but edmunds has .00155 for top credit which I have. If I punch that in the payment drops to 270/month which is even clearer pro lease.
I like my car, it has maybe $8000 of equity, is it better to buy it vs selling to carmax etc and getting a new copy? I think about needing new tires, brakes, etc and would rather get a new warranty, free service, etc. And if I can buy at msrp, it is essentially the same price as carmax will pay for my used one.
If anyone has a broker to recommend, I will register in NV but spend lots of time between LA and San Diego. Would pick up in Utah Arizona or bay area for right deal.
Thanks everyone!
**Toyota lease details: (**hatch, I have a sedan but am fine with the change)
Qualified lessees can lease a new 2022 Corolla Hatchback Corolla Hatchback SE 2.0L 4-Cylinder (CVT) Model 6272 for $299 per month for 36 months with $1,999 Due At Signing. Based on 12,000 miles/yr. Security Deposit waived. Lease excludes tax, title, license, registration fees, and dealer options and charges.
MSRP of $23,609, net capitalized cost of $21,608, and a lease end purchase amount of $12,749. $1,999 Due At Signing includes $1,050 customer down payment, first month’s payment of $299 of the 36 month lease offer, and $650 Acquisition Fee