Do I dare contemplate signing? . Before I get roasted, I understand that this is far from a perfect deal…but it is the best that I have found so far. Long story short, I have a baby on the way (due October) and I’m looking to possibly get out of my Camaro 2SS (financed) while the getting is good. I had a fair amount of equity before the Camaro values started to soar, so now I’m really in a position where I can profit some and put some money back into the bank (or other areas). The Charger ScatPack is a car that I think I could live with, and it would better suit my upcoming lifestyle.
The dealer is in MI and claims they don’t have the option to go through Chrysler Capital for a WI lease - whether that is true or not, idk. Obviously the MF is quite the downer…
There are zero incentives. The MF is atrocious and you’re paying ~$180/mo in rent charge. Leasing this vehicle seems like a poor decision IMO. Whatever positive equity you have now, you’re just lighting it on fire. I’ve seen two Charger Hellcats pop up on SAL in the last month at significantly less $$$ than this, and I think there are Scat Packs still available for less.
Isn’t Dodge still doing power dollars incentive on a purchase? What bank is this? What are the CCAP lease terms?
Do you really need to come to MI to get 3.7% off a Charger? FCA is making Apaches like crazy at Saltillo, inventory is only going to go up…
PS your financial situation will deteriorate rapidly and for a long period of time once the baby pops out. There was a time when I was paying over $2000 per month for childcare. That’s like GT3 RS money @ethanrs Maybe you are totally aware of this, but it never fully occurred to me until it became reality.
Thank you! These were basically the conclusions that I was coming up with, I think I just needed someone else to verify that I’m not looking at this incorrectly.
I guess to step back from the table here - if you were in my position, what would you do?
But seriously…I’d just keep the Camaro and see what happens or if a great lease deal on a sedan pops up in the next few months. There was a dad at my kids daycare who used to transport two kids in rear facing car seats with a Mustang GT. I would laugh at the gymnastics required to get them in and out without breaking their necks. After a few months of that, he traded it in for a Flex. Priorities and mindset usually change dramatically
Ally Bank if I recall. I believe CCAP is .00176 & 61% on a ‘21 Charger SP.
I believe there are decent purchase offers to be had, but I’m not looking to have that high of a monthly. I just had another dealer get back to me on a similar car. They didn’t take $1 off of the MSRP and bumped the MF up 40 points.
Like I said before - if monthly is even a concern with no kids, and you’re having a baby in October, you need to seriously think about this. Best bet is to just do nothing.
Wouldn’t your monthly actually be far less if you financed? I’m confused.
Monthly is a concern in that I’m not willing to pay over XX amount because that is my limit, not what I can “afford”. Can I afford more? Yes. Am I going to pay over my “limit” that I have set? No.
My main “issue” and that whole reason that this has even been brought to light, again, is that my Camaro is in a position to make money. I can for sure (Vroom offer, etc.) get rid of my car for a profit of about $3,300. That is, in essence, free money that I wouldn’t have had otherwise; that money is going to expire once this market settles back down. If I did my due diligence pre-crazy market, I would’ve made very little if not just break even. That in combination with the upcoming changes… I’d hate to want to sell, say next spring to find out that I missed my opportunity.
Yes, as I’m trying to look ahead… that is something similar that I see. I wouldn’t do something that drastic, but the Charger would be more than adequate for all of my needs.
The point is not the loan term. The point is zero percent interest financing and incentives.
On a lease you will spend $180/mo on rent charge ($6,480 over a 36mo lease), pay a higher monthly than if you financed it (opportunity cost), and lose out on thousands of dollars in incentives by not financing. These cars hold their value well even before Covid, so I think that the bank RV is fairly safe assumption. Seems a big contradiction from hanging your hat on a meager $3,300 in positive equity (not profit…profit would be if you can sell for more than you paid for it).
You do you, but I see a $10k+ swing between leasing this and financing it. Not even close IMO.
The new car and used car markets are in lock step. Used car pricing is insane because new car pricing is insane. When used car pricing comes down, it will be because new car pricing has come down. Can’t predict the future, but it’s a pretty safe assumption that if your Camaro is worth less in the future it’s because the pricing of new cars has come down to ‘normal’.
PS - my van was $2500. That’s another option for you. Cheap beater dad mobile. You may be surprised at how seldom you are actually transporting a child once you have one.
Ahh, ok, ok. In that respect I can see/agree where you are coming from. And no, I do know the difference between equity and profit. The $3,300 is PROFIT… the difference of what I paid for the car (all in - taxes, fees, delivery, etc.) from what I can sell the car for now. I have nearly $13k of positive equity on the Camaro, I said that would yield cash to put into other areas. I have a second car (sedan) now…the SS is more of my fun/nice/tinkering car.
I believe CCAP charges a fee per $1,000 borrow, per month, isn’t it? So it is not a true $0 financing? Though it is no debate that is the better deal vs lease…
Wow, that’s insane!! Congrats! Sorry I misunderstood. Would you plan on selling the second car and the Camaro to get a Charger? When my first was born I consolidated my 3 cars into 1 practical but fun sedan (2011 Acura TL SH-AWD 6MT). 7 years later I went back to a full fleet of random Hondas
The charge is very nominal. $13.89 x 72 = $1000.08. So $0.08 per $1000. $4/mo on $50k.
Yes, that is what I had thought as well. Now you know what I’m working with! LOL I’ve almost been losing sleep on trying to determine which direction to go.
The plan, for now anyway, is to keep the second (beater/work) car. When I had questioned the Mrs. on the matter, she stated that she would like to keep it… OK with me. It is nice to have around for certain uses, and is stupid cheap to run.
Thanks for the breakdown - saved me a minute of calculating! So essentially it is almost a $0 financing…nice.
This is definitely the way to go … Unfortunately it’s impossible to find any 2020’s leftover at this point. You should be able to get into the mid 400’s w/ TTL DAS.
Yes, 2020’s are very very slim pickings. mid 400’s w/ TTL DAS on a 2020 Scatpack or Scatpack WB? Also, I’m not too familiar with the PenFed’s balloon auto loan… do tell, do tell!
. Before I get roasted, I understand that this is far from a perfect deal…but it is the best that I have found so far. Long story short, I have a baby on the way (due October) and I’m looking to possibly get out of my Camaro 2SS (financed) while the getting is good. I had a fair amount of equity before the Camaro values started to soar, so now I’m really in a position where I can profit some and put some money back into the bank (or other areas). The Charger ScatPack is a car that I think I could live with, and it would better suit my upcoming lifestyle.
I’ve seen two Charger Hellcats pop up on SAL in the last month at significantly less $$$ than this, and I think there are Scat Packs still available for less.
Maybe you are totally aware of this, but it never fully occurred to me until it became reality.
These were basically the conclusions that I was coming up with, I think I just needed someone else to verify that I’m not looking at this incorrectly.
