hi, I’m looking at a Ram Laramie deal that is $284/24mo with zero down or $159/24mo with $3000 down. My question is, I have a trade in that will have roughly $10k in equity. Do I go with a this lease or purchase? Just trying to get options before I pursue this.
Never put cash down for cap cost reduction on a lease. You should almost never trade in a vehicle either, as you will normally get much more money if you sell privately. There are some fringe cases where the dealer is desperate and gives you a great trade in price, especially if the car you have is hard to sell on the open market.
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Sell it privately. Never do a trade-in. 9 times out of 10, you won’t get the best trade-in value. Also, never a good idea doing a trade-in on a lease.
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Have you gotten quotes from Carvana or Vroom?
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There is a good reason why dealers say they “stole a trade.”
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If you decide trading in the car is your “best option” just have the dealer give you the check for the full trade in amount - do not apply it towards your lease. Like everyone else says, putting cash down on a lease is never a good idea.
I usually agree to sell privately, but it can be very difficult to sell vehicles above $10k PP unless they are uncommon/very desirable. most people aren’t bright enough to understand how to get their own financing and thinking that buying from a dealer somehow makes the vehicle more trustworthy.
In addition to Carvana etc., any dealer will buy the trade, doesn’t have to be the dealer you are buying a car from.
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I would take the cash but it into a savings account and use some of it each month towards your payment. OR take it an if the dealership like Mercedes does put into the Refundable Security Deposit which reduces your rate and you get that money back at the end of lease. Then use it again for the next lease…