It has been forever since I leased a car, but with a new teen driver in the house I am thinking this might be the route to go.
The attractive incentives on the VW ID.4 has me intrigued, and I have the following offer:
2023 VW ID4 Standard
36 month 10k miles
MSRP $40,290
Sales price $36,290
incentives $8,500
RV 54%
I was told by another dealer the MF should be .00200 in TX this month, but I can’t get to the math below using the calculator. Any help from the forum would be much appreciated! What information should I clarify with the dealer that isn’t shown below?
In isolation it doesn’t look bad at around $12,000, maybe some of the Hyundai, Subaru or Kia EVs are slightly lower. I’m just thinking out loud how this sets you up for the next few years after this lease.
If your teen is, say, 16 and you’re providing transportation at least until 22, maybe even the first car post graduation that’s 2 or 3 leases you’re inadvertently signing up for. That’s $24,000-$36,000.
If you have multiple kids then consider that number per kid.
Hopefully, the OP’s kids are planning to go to college. I’ve already told my kids that when they turn 16, I’m leasing them a car so that they can drive themselves to school and practice. They won’t need a car in college because they’ll be living in the dorms. Most colleges in CA don’t even allow freshmen to live off campus. If they choose to live off campus after their freshmen year, they’ll be responsible for getting their own car. They’ve also been told to not expect any sort of graduation gifts, especially not a car, but I would be more than happy to help them find a good lease after graduation. Also told them not to expect an inheritance.
Let us know how that plays out. The only thing I’m seeing set in stone is the college disallowing freshmen from living off campus. Everything else is up for grabs.
Thanks, good things to consider. As @cahrens stated, my thought is the kiddos would not need nor have (the distraction) of a car in college. I agree that if they intended to have the car for longer, then a lease is less attractive than purchasing something outright.
TX is one of those oddball states that charges tax on the entire purchase price of the vehicle. When that edit is made in the calculator, that throws the numbers off even more.
I am going to ask the dealer for the total cash due at signing, because it might be far more than the $1,000 down and the first month payment.
Do folks recommend paying the fees upfront or capitalizing them?
Another person posted a very similar deal here recently, I think they got $350/month or so with $500 down. In Texas. I would expect from what you posted that there wouldn’t be anything due at signing besides the $500 plus first payment.
seems like a really good deal…specially since I’m (also TX) paying 575/mo for my 23 ID pro S (which I’m considering trading in for something with a lower payment due to layoff, but given it’s vw credit and negative equity, it might not be easy)
Sorry to hear about your layoff @sevillada - I hope you land something even better soon!
The Pro S is a very nice model, but too nice for a youngster. My first car was a 15 year old Honda Accord rust special. If it weren’t for all of the advanced safety features on new cars, coupled with insanely aggressive uninsured TX drivers, I would be considering a ‘cash car’ at a much lower price point.
Thanks, yeah, definitely agree the pro s feels very nice. side note: have you considered their access to charging when away from home? are they responsible enough to avoid running out of charge? I hope so since you are trusting them with a car
A good question - one of the things I like about the battery is a tad more of a ‘collar’ around how far the teen can travel. School is less than 10 miles away, so nightly charging at the house will be sufficient. If there was an anticipated road trip, I would rather that not be done solo by a young teen.
But, as my first teenager, perhaps I am not giving enough credit. I took a roadtrip across state when I was 16, but sadly times are different nowadays.
That was exactly what I was thinking. It will discourage driving too far from home, and she’ll never have to go to a shady gas station. I’m not saying that all gas stations are shady, but in SoCal, a quite a few of them have a bunch of transients hanging around
I checked last night and was shocked and surprised, in a bad and good way.
Our premium goes up 150% just by having a young son on the policy. Looking at 10 different models, the additional premium for a third car hardly moves due to the make/model. Leaves us the flexibility to get the car we want based on factors other than auto insurance.
You can have a discussion with the son and show him the proposals for insurance. In our situation, an old PT Cruiser not insured for the comprehensive was the cheapest option.
