Leasing a Toyota in Southern California (or New York?)

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Hello all, this is my first post and I did some research for a day beforehand to make sure I did not violate any rules, if any mods find that my post does not meet the terms please feel free to remove this post.

I am 30 y/o from NYC, living in Los Angeles and just learning about leasing, residual value, money factor, etc. I’ve been doing a lot of research on Google and Reddit and came across this forum.

I currently own a 2010 Nissan Altima with a noisy exhaust manifold, and I’m ready to sell it for whatever I can get or donate it if I can’t sell it.

I am on unemployment since the pandemic, which pays 1500 a month, but I have 40k in savings from before covid. Given the circumstances I have 2 perfect credit co-signers (or signers) however they are located in New York (my parents). I am expected to start up work soon, and I (will be) making about 60,000 a year.

I would like to lease a Toyota Camry, but am totally open to different makes and models. I already messaged Cody Carter and he told me that my NY co-signers would not be eligible for SoCal prices. That being said, would it make sense to lease in NY and ship to CA? Is that even possible? Seems like a lot for a lease, but again I’m new to this stuff.

What should I be looking for in a Camry lease? Should I reconsider the model I’m after? On this forum ive seen people recommend leasing electrical vehicles for lower monthly payment, but Im simply looking for the best deal given my situation, I know the market isn’t great at the moment. I only drive 8,000-9,000 miles a year max, just to work and back home. Perhaps buying used would be a better option? I am really looking for some advice given my circumstances, and I welcome any and all info.

Thank you all in advance, I appreciate your time and would never care to waste it. Looking forward hearing your feedback. Have a great day!

Matt (Larry McKenna)

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Might be possible. But wouldn’t make sense. Shipping is very expensive.

If you have a job offer you should sign on your own.

Since you don’t drive long distances EVs might be best for you. But EVs make the most sense if you have access to a charger either at home or at work.

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With 40k saved, assuming that’s all you have for retirement, and 60k annual salary, I would either hold on to the Nissan or buy a used car until leases become more attractive.

Buying a used car in this market that’s not at an over-inflated price can still be possible. If you really need a new car, keep monitoring here, you might find a decent lease deal, but budget wisely (CA housing is insane) and make sure you can really afford the monthly+drive-off.

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Since EV cars are heavily discounted due to federal and state allowances in CA, I would contact a Nissan dealer and ask them by phone / email with a trade in on a Leaf.
Nissan dealer would be very happy to take in a used Nissan.
Just don’t walk into the dealership where they will hold the upper hand.
Do your research on the current pricing of your used Nissan first and then contact the Internet sales dept.

Sub $200 leases are very easy on the wallet.

I am considering doing that for my new college age son who starts soon - Leaf or Kona EV…

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Consider something like a Kia Forte or Hyundai Elantra. Borrow ~17k for 60 months and make extra payments to pay it off early. Payment will be about 300 a month. 10 year 100K warranty and 5 years roadside assistance(last time I looked).

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This is a good plan, but keep in mind your Son’s living arrangements. An EV is not very practical if he lives in an urban environment and does not have easy access to charging. A plug in Hybrid is much more practical.

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Agree, a PHEV is definitely a good idea as it still gets the $7500 fed and $3000 state discounts.
We have one - 2018 Honda Clarity PHEV on lease and love it but finding another is pricey to say the least since the 2021 is their last year model and won’t be making any more…

I may end up getting an i3 or Kona BEV because the range is better although charging at home and at school is always available…

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This is what I would do in your shoes: use about $500 or so of your savings to fix the exhaust manifold if for no other reason but to then buy yourself some time for the car market to get better for buyers (this may a year). As a plus, by then you’ll have plenty of employment history and won’t have to waste $1500 shipping a car that you can easily (at some point) get in SoCal.

Given that you only drive 8-9k miles a year, your Altima should last you a bit longer with (hopefully) minimal repairs.

If you really must have a new car, you’ll end up in an expensive lease and an extra $1500 for shipping plus the hassle of it on top. But you gotta do what you feel you gotta do.

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