I’m looking to get a lease on a midsize Sedan in CA in June (12k/3yrs), such that I don’t pay more than $200/month AND not more than 1% of the MSRP per month (which according to leasehackr is a good rule of thumb).
Any suggestions as to what make/model I should be focussing my efforts on? (I take it all the deals are in SoCal for some reason - am ready to go down there to pick it up/have it delivered for a cost)
To be precise, I’m not asking for someone to land me a deal with the above specs (though it’d be super awesome if you do!), just that what makes/models/types (electric/hybrid/gas) are more likely to have deals around that time.
Secondary query: I’m a new grad as well - so I hope the new grad rebate should apply for most makes?
Thanks for pointing out my naivety - clearly, there are more parameters to optimize than i thought! In addition to the monthly payment, it’d be nice to have a car that holds its value well (so that I may sell it to Carmax at the end of the lease and if its more than the residual value, sell it and recover the cost of the lease somewhat).
What would u recommend as a sedan that has a high residual value (high sixties, possibly seventies)?
What would be other parameters i should be looking for getting a good lease - high residual value? Do high residual value leases come with a matching high MF so as to ensure the cost of the lease isn’t too low?
I think you should try and get the most bang for your money. There is almost no chance to make any money on trade-in at the end and you’d need to find a lease with the lowest RV, not the highest, to make money at the end But then you won’t have the best monthly payments.
OP, your best bet is probably the Corolla that Ursus linked or the Sentra deals posted in the forum (search and you’ll find it)…you should be targeting 0.8-0.9% of MSRP on a sedan.
Absolutely. Parameters to optimize in car hunt:
a) Chick magnet status
b) Make my friends envious parameter
c) Make my parents think I am pulling six figures and on the way to making partner
d) Make everybody at the office think my above parents are wealthy doctors who set up a trust fund for me.
So yeah, you have lots to learn about parameters involved in cars
The way you made it sound above, was leasing a car was a lot like buying a refrigerator at home depot
Absolutely. Parameters to optimize in car hunt:
a) Chick magnet status
b) Make my friends envious parameter
c) Make my parents think I am pulling six figures and on the way to making partner
d) Make everybody at the office think my above parents are wealthy doctors who set up a trust fund for me.
So yeah, you have lots to learn about parameters involved in cars
The way you made it sound above, was leasing a car was a lot like buying a refrigerator at home depot
Haha - I actually care about none of the above! To me, a car is just a means to get me from point A to point B, reasonably comfortably and economically. Hence, I’m actually looking at it like a home appliance
Got a quote for:
Toyota Camry LE, $0 drive off, $192.59 a month for 36mo/12k
Toyota Corolla LE, $0 drive off, $150.78 a month for 36mo/12k
Both of them have MF of 0.00001
Both pretty good deal if you have credit score of 700 or above.
Since you are recent grads, you will qualify for another $750 lease cash bonus, so those number will be even lower.
Is that a standard deal (that is, I can ask any dealer in CA, even in Bay Area, for it, or are there some specific dealers that are known for this deal)? It does sound pretty good to me!
EDIT: Also, can you please include the MSRP, selling price and RV as well (if possible)?
I don’t think it’s possible in Bay Area, this quote is from SoCal. I too live in Bay Area but when I ask dealers to match this kind of deal, they usually just laugh and hang up. I usually just do 1 way ticket down to LA and grab the car from there.
Thanks for the suggestions! Your reply has raised a few more queries, such as:
If I were to look for sedans (hybrid/gas) ordered by their residual values, where would I get that information (if at all possible to get them)?
As you may have guessed, my main goal in this post is to identify a model/make that provides me an economic (and reasonably comfortable) means of transportation for 3 years. I understand there are many ways to make it work, including:
Specific Dealer incentives (such as new grad discounts) - what other such incentives/rebates should I look for?
Time of the year - I guess December of any month is the best time to close a lease? As I can’t wait that long, would targeting the July 4 weekend have any benefits? Basically, how to factor the time of the year into the lease is what I want to know.
I read that some employers provide an option for VPPs (and not all car companies accept them). What should I search for in this forum to know more about it?
Other than the above queries, any suggestions/advice you may give so that I can ask the right questions while figuring out a lease is most welcome! (I did go through the Leasing 101 guide and the leasing calculations post btw).
Not really but doctors has a nice smart, hard working ethos to it. People whose kid wouldn’t be a spoiled brat.
I could have said Wall Street Bankers or Hedge Fund managers but then those tend to attract the ire of people. Nobody begrudges the friendly doctor ten million in assets
- clearly, there are more parameters to optimize than i thought! In addition to the monthly payment, it’d be nice to have a car that holds its value well (so that I may sell it to Carmax at the end of the lease and if its more than the residual value, sell it and recover the cost of the lease somewhat).