I’m relocating to Los Angeles for at least a year, and am looking for a weekender/fun car.
Since I’m here short term, I’d like to look into the possibility of a shorter (12-18 month) lease, or get into a car that I can sell relatively quickly with little to no loss. I’ve been tinkering with the idea of used exotics, but would like a second opinion.
I’m looking at spending 2-2.5k/mo all-in, and preferably not put much down or deal with a large disposition fee. I should also add that I will be driving it quite frequently, so 7.5k-10k miles would be ideal.
Or would it be better to finance long term, to sell whenever I need to move back? (Would this incur a large loss?)
It would be great if I could get into Huracan/458 range of cars if possible, but what would be some of the alternatives in my range?
Anything is possible, but why not start by looking at lease swaps? Likely get more favorable terms renting half of someone else’s normal term depreciation on an exotic than renting the greater/early depreciation on a brand new one.
I don’t know your situation but established credit in US is something to consider if you’re coming from overseas, especially if proposing little upfront.
I’m within the same state (California) but during the relocation time, I have additional income, which has allowed to think about getting a nice car.
While I could manage to keep/maintain it after the relocation period, it wouldn’t make much sense to me.
Credit-wise, I’m usually between 770-790 so I think it should be okay.
I tried swapalease and leasetrader, but I rarely see cars that I’m interested in.
Sometimes I’ll see Astons, but they’re out of state and often the full 36month lease.
Any other alternatives forums I should try out?
There are a few i8 leases floating on the private lease transfer side of things. They are longer than your stated timeframe but fall fairly safely within your budget.
The miles you want to put on the vehicle is probably going to be the biggest limiting factor in your search for exotic leases as they tend to want to keep as few miles on them as possible.
@Bostoncarconcierge also caught something I thought of after: if you’re on a Visa you can’t borrow/lease longer than the Visa term but sounds like you’re good there
I’d look here in lease swaps and also on message boards for those brands. Maybe check with brokers in CA in case they have clients trying to get out.
stay away from the racecars if you are going to daily drive, mclaren and Lamborghini are absolute p.i.t.a as dd’s and if you aren’t a true car enthuasist or motorhead you will get sick of their sh*t real quick, heck even if you are you will get annoyed. something like an aston martin, amg gt, etc. etc. would better fit the bill or if you want to buy a used 911 turbo that wouldn’t be a bad move either. You should sit in or at least see some of these cars in person they all have their own particular quirks, maybe even ask for a test drive. you don’t wanna blow $24k to 45k on a car you hate to drive.
@jeisensc You can lease a car longer than visa term. H1-B work visa can be issued for max 3 years at a time and an extension is applied before the expiry date.
Depending where OP will register it in CA, sales tax on a $150k Ferrari could be around $15k. Adding in interest and how much it depreciates, buying might not be the way to go.
*can be, yes. I have a good friend who didn’t apply for an extension or his green card (PRA) before his H1B expired: had to go home for a year and reapply. Even though he established good credit when he was here, he wasn’t able to lease a car himself after he returned (could purchase, and his sister who was a PRA could sign as the primary and him as secondary when he did lease.
And I’m sure you know H1B is just one of many Visa types. F1/J1 being two other common types, renewable, but shorter terms. A lot of lenders got stuck in the mid-2000s with leases to folks on Visas who just went home and left their cars at the airport. Copy of the Visa is a common stip when leasing or financing.
Yes, I do agree there are many factors considered before a visa renewal application is submitted and without proper documentation it could get rejected. Someone with a good credit history and a valid visa (preferred at least a year of validity) should be able to lease a car.
Tax and interest on lease has to be paid as well, doubt there are many incentives on exotics, at least you can spread it over a longer term. Buying a model that doesn’t depreciate like a rock is where he would realize most savings.
