First time leasing - I’m hoping it’s not the worst deal ever!
I bought a new 2017 Mustang GT last year 2/17 for around $31k and put $6k down. Had 0% financing for 72mos on the Mustang at $385/mo. I tend to take real good care of cars and drive minimally since I work from home. Credit score 714.
Traded my Mustang and got $5710.29 in positive trade allowance.
Gross Cap cost: $46,984.35
Cap cost reduction: $9340
Residual Value: $26,716
Rent charge: $3272.27
10k mile/yr allowance
Yes, MSRP should be on there. Or you should have the window sticker, no?
Anyway, you might not be too far off. With $5700 paid at signing, a $52k MSRP Daytona on honcker in my area would have been $400-$405/mo. 39 mos would have been a bit better, though, knocking about $10-15/mo off.
With your trade in, that would’ve also been a bad deal. You live and learn, most people get hosed their first lease/purchase. Enjoy the car, if you hate your neighbors get a muffler delete.
My 2 leases before this site were also considered bad deals by this site, but the folks here do have a pretty aggressive bar for what we consider good. Basically the rule is 1% of msrp for payment with zero down or under. So with the MSRP of $49475 payment goal is $495/mo with nothing down. Also in the future you do not want to put money down on a lease because if they vehicle gets totaled you won’t get that money back.
Yeah same thing with me as well wife wouldn’t let me get a hellcat. I got a $51k Scat Pack in March for $497 with only first due at signing, same terms but not the Daytona. Seems there was still a big chunk of discount that you could have negotiated but it’s a beautiful car. That residual is pretty low so if taken care of and not beat to a pulp and damaged there should hopefully be some positive equity at lease end. Enjoy it!
Not gonna say anything about the deal but an absolute base charger hellcat (no sunroof/base black rims/no harmon kardon/ no stripes/painted roof) with a solid discount ( 8-10%) with $5700 in equity would have put you at around $500 after taxes the issue most dont realize is that there is a significant difference in insurance costs and I average 8 mpg city (12 combined) in the cat (charger) versus friends who have 392s who are at 11-12 city (18 combined) but keep in mind we are young guys who hammer it from light to light and on the on ramps, if ur not used to the skinny stock tires they can cause you a lot of pain if you lose control in both 392s and hellcats. So to be honest you didnt get hosed on the deal but you got hosed because you could have gotten more for your buck if you did research, the 392 is more than enough for the streets but there’s always overkill aka the hellcat.
