Hi everyone,
I discovered Leasehackr today and spent hours reading all the threads here–Thank you so much! I’ve learned so much intricacies about leasing. I was wondering if any Hackrs could please comment on whether they think it’s worthwhile leasing the 2018 Q5 with the below information, vs purchasing outright? I’m moving provinces within the next 12 months and was hoping to purchase a car before moving as my current location has 5% sales tax, and my new planned location has 15% sales tax total. I also drive quite little, having driven my current car approximately 7000km/4350 miles per year over the last 6 years.
I’m thinking of the 2018 Audi Q5 in the Technik trim (Prestige equivalent)
MSRP 59000, Freight/PDI 2095, presuming no discounts (have not specifically negotiated amount yet, but dealer told me they were quite reluctant to do even more than 1000 in discount with how fast they’ve been selling the Q5)
Lease 36 months, 16000 km (10k miles) MF 0.001625 RV 64% Tax 5% -> 15% as soon as I move. Calculated lease payments as 808.83+121.32 = 930.15 / month, with 0 down payment/trade in for the 15% tax location. I’m not in a hurry to get the car, and so the majority of the lease will be with the 15% tax.
Purchasing:
I might be able to do MSD (dealer has not confirmed) at the above MF, or I can secure alternate loans at 2.95%. I would purchase at 5% tax, prior to moving. I do not need to pay tax difference after moving as this will be my daily driver.
By my calculations purchasing/financing is better compared to leasing due to the tax savings of the purchase vs the lease, over say, 36 months. The high RV would otherwise make leasing a more attractive option if tax was the same, correct?
I hope I have the math as well as the terms correct! This is my first foray into luxury vehicles and leasing as I usually purchase the vehicle outright, and so I really want to make sure I’m doing something that makes (relatively) good financial sense. Thanks so much again for taking the time to read and respond.
CC