First time lease?

Ask the Hackrs Buy/Finance
1

This would be my first lease. I was going to trade it a couple years ago but decided to keep it. I have a 2015 sonata se with 67k miles that I want to use as trade towards a 22 Elantra SEL with convenience package. State is PA. This is what they offered,

36/10k
$23,810 MSRP
MF 0.00166
RESIDUAL 59.00% $14,047
MY TRADE 11,500 brings my monthly payment to $50.04 after tax.

I don’t know much about leases and wanted to post here first. I know I should be using the trade on a finance instead of a lease but I wanted to keep the payments low due to my current financial situation. I greatly appreciate any feedback you guys have.

2

Leases are HORRIBLE right now.

You are basically paying $378 a month on a $23k car, it would better to buy the car, put the 11500 as a downpayment and paying $225 on a 5 year loan. At least you own a car after 5 versus giving the car back after 3

2 Likes
3

First you need to know how much your trade is really worth:

1 Like
4

That is exactly what I originally wanted to do however, I have other bills and wanted to keep the payment low. I could also purchase it at the end of lease. If I keep my car any longer it might break down without warranty even though it’s still in great condition.

5

Honda and Hyundai won’t come up any higher for the trade even though kbb says around $13k in very good and $12,500 in good.

6

Did you go through and value your car’s VIN from each buyer in that list?

1 Like
7

Dealerships tend to lowball on cars as they ‘know’ you are desperate,

Go to 3 of the online dealers listed above and get a better idea of what your car is worth Now.
KBB is useless for this purpose, they are an advisement, that doesn’t mean they are worth plus or minus.

8

I’mma guess you live in the Pitt? Hehe. You’re not getting a deal - I think this deal is well over MSRP…

Ask them for MSRP, and finance it. Elantra special APR is 2.79% for 60 months, which isn’t terrible or great. At MSRP for 60 months with your trade as down payment, at 2.79%, you’re probably looking at 240 a month for 60 months.

9

These are great points but the OP needs to do the legwork on what the trade could bring in. Otherwise every number we spit out is just based on an assumption.

1 Like