Hi community! Complete newbie here, as I’ve never owned or leased a car. I’m coming to this from someone who used to think of buying before I realized monthly payments are a big deal for the next three years. Originally thought cars like an Accord or a Civic would be nice but learned on the forum those generally don’t have good lease deals.
My question is, how should I think about a good lease deal? I’m looking for a 4 door sedan preferably midsize, but maybe compact if sized like a Civic, ideally $200/month (and yeah I get if I put enough up front, my monthly can go down, but assuming reasonable DAS for a good deal). I don’t need a luxury vehicle nor crossover. 3yr/36,000 miles preferred. I say that bc it seems as though there are many deals on luxury cars and crossovers and they’re over my budget. Chicago area if that helps.
Should I look in the direction of Japanese cars? German? American? Is my budget too low for a 4 door midsize sedan? Do I look at poor selling cars? My timeline is I would like a car by end of May, so I have time to learn more about leasing from the hackrs.
Haha, good point andy! I will say also that Ive rented different type of cars in the past, usually like a Nissan Sentra, Honda Civic, Mazda5. Those were all fine. A couple of times tiny cars like a Yaris which I didn’t like.
Are there any must haves for you? CarPlay, Android Auto, etc.? I would consider creating a list of those so you can start eliminating cars that don’t offer those options.
Unless you somehow get a unicorn 2018 BMW 320i loaner deal, I don’t see how you could possibly get a new car leae, period, for that amount of $, esp since most posters will recommend you not put any money down. But I myself have only been here for a few months, so perhaps I’m wrong…
hi jamie, features like CarPlay and Android Auto would make life a lot easier, I just figured if I’m looking at midsized sedans at that price range for the monthly, some brands would fall off because they’re traditionally not good deals? Like I learned the entry level Altima S has CarPlay but entry level Accord LX, but the deal matters more than those kind of features. Should I prioritize certain features? I just don’t want to think about any feature too concretely unless I know it’ll be affordable.
Correct, I do not think any midsized sedan will be in your price range. Well, not at this time of the year. There were some people getting insanely low prices on the Fusion (plug in?), but I think those were at year’s end.
There have been some people who recently posted that they were able to get a Kia Forte in your price range (actually, a little bit below). It’s about the same size as a Civic.
@Qbrozen: I think we just posted at the same time!
If you can stretch to $250/mo you can get a Jetta without any negotiation. During the sign and drive a few years ago I was able to get an SE with zero payment out the door and first month payment waived and only had to get a couple of dealers competing.
I wouldn’t necessarily prioritize certain features, I just think you are currently casting a very wide net rather than narrowing in on a few makes/models that you can grind a deal on.
Also, when you say Chicago area, are you one of the lucky ones that gets to pay sales tax + usage tax on your lease? I think it amounts to something around 18%, which adds a substantial amount to your monthly payment.
I’d take a look at @ralphsaphony’s post history as he’s a well-respected broker on this site in the Chicagoland area, and while his past deals might not be replicable in the upcoming months due to all the changing factors, at least you can start to get an idea of the market in your area.
Keep reading on the forum, and you will believe. And then you will learn that, like w/ everything else in life, the unicorns take persistence, timing, and a bit of good luck… Thankfully, I won’t in the market again for another 5 yrs or so, but I’m hoping I can find a unicorn then. Or at least have some fun trying…
Just curious, how old are you? Having never owned or leased a car before, you might not get approved for a lease. Also, insurance requirements for a lease might make your premium very expensive.
Hmmm… OK. So would I run into that same issue with getting a car loan to buy a car too? I have credit history, just never for anything beyond like, paying my CC bills.
Or at least have some fun trying…