There is a company that is near me that specializes in leasing used cars. My parents are looking at buying me a truck soon and with 5k trade in, mf of .0033, 48 months, on a 4x4 crew cab laramie ram 1500 with 12a and level 2 equipment package at a price of 48,888, residual of 36,089 (calculated with autopadre’s depreciation calculator), it also has a lift and wheels, dont know how that would affect residual, the monthly payment that I got with the leasehackr calculator is $437 a month. Is this worth it? I’ve read that using places like this isn’t the best of ideas but my parents have used them before and trust them. What do you guys think?
I think you should get the actual residual value utilized by the lessor in this situation instead of trying to work backwards on it.
You’re paying 26k over 4 years to lease a 49k dollar truck. I’m pretty sure you can lease brand new Ram 1500’s for less than that.
Your money factor (if confirmed from the lessor) is about 8% (converted) interest rate and supposedly you’re getting a near 74% residual value with a 5k trade in.
Can you please post the following so we can attempt to work the calculator?
Final selling price:
Money down (including trade in):
Money factor (confirmed from lessor):
Residual value (confirmed from lessor):
State taxes/government fees:
Dealer “document” fee:
Keep in mind, it’s almost never wise to lease a used car. We may have never seen a used car lease that’s better than the new car leasing programs.
You also did not give us enough info on the Ram. What year and how many miles? And what is the trade you speak of?
It’s a 2019 ram 1500 laramie with 7,636 miles. Trade in is a 2007 Suburban lt , 180,000 miles
i can’t imagine a new ram laramie is more than $600/mo…
I have not gotten a residual value from the lessor just yet snd am waiting for a response, I just used that calculator and it seemed accurate based on values of the ram that are now 5 years old. For the others, no price has been negotiated as of yet nor the mf
the max my parents are paying a month is $400 and I offered $250 a month on top of that
$437/mo + $5k down in trade equity is just shy of $600 /mo equivalent. The point is that you’re talking about almost $600 /mo on a used 2019 ram when more than likely a new one would be cheaper.
Long story short, used vehicle leases on pretty much every vehicle except Porsche should be avoided like the plague.
do you know of any deals right now for the rams? because the one thing i want is the 12 inch screen and maybe the black appearence package.
Whipping up some Ram deals for October as we speak
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would you recommend contacting local ram dealerships to see if they do leasing on cpo if they have a model with the spec i like?
let me know what you come up with, parents are looking at leasing this month
Not leasing any CPOs
No reason to do that so forego that idea
Numbers will be up later this week
No, I wouldn’t. You’re going to spend more money leasing a used/CPO one than you will leasing a new one. I know it seems like it should be a better deal because the selling price is less than new (generally), but due to the lack of incentives, higher MFs, and way lower RVs, it never works out that way.
Unless it’s a Porsche… then it often does. But that’s it.
whats your website?
also im in texas so do you know how this will affect the deals?
Oh never mind sorry man
I thought you were in New England
your good, where would i go to find all the numbers like the on on your insta?
Find a car with a tax credit, or trade your car to negate Texas tax, and replicate Boston’s deal structure using your region’s incentives you qualify for.
You’ll need to work harder, Texas tax makes things more difficult, push comes to shove @electric might be able to give guidance in Texas or talk to @derekoh1991 on his Toyota’s (worst case hah).