People will often quote %/mo, but purely as an output at the end to give a little bit of context. The problem is when people use it as a target.
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Even though I have been chasing good leases for a couple of decades, before it was considered “hacking” per se…I am guilty as charged!
I enjoy chasing a certain metric, but of course I understand the metric itself is the result of the efforts on the inputs that contribute to the calculation. And, if one primarily chases a certain brand, the metric can have more meaning.
That’s ok. You’re in a safe space now where you can work to be reformed.
Considering I have about $135-$140k worth of cars in my garage with a sum total of lease payments that are less than $600 a month, I will remain unrepentent! LOL.
How many times do you see someone score a “unicorn” deal and they end up hating the car after a few months…
Don’t just shop the payment but keep everything in mind…
Ouch, harsh, but fair. I didn’t want to be too extreme, because even some broker level unicorns are more than 1% deals on some cars like the X5M. But you are right, leases need to be shopped comparatively to itself, not apples to oranges via MSRP to lease payment.
If we give an inch with the 1% bs, people will take a mile.
The 1% is total BS, we should all be shooting for half that! I don’t recall ever seeing a posted signed deal that calculated out to 0.5% or less all in that ever fell into the “horrible deal” category. The only exceptions could possibly be those truly (nearly) free EV deals in areas where there are tremendous state/ city/utility rebates.
Is there a reason the 1% rule isn’t removed from 101? There’s so much bad talk about how useless it is, why has it not been addressed?
Seems like an easy fix instead of constantly having to explain not to go by that guideline.
I am guessing that, for the average person off the street getting a car, without any real knowledge of the car leasing process, if they ended up at 1%, most of the time perhaps they came out of the dealership still wearing their pants.
I have asked the same thing a couple times. Admittedly, I’m a lot more vocal against it than most. I’d love to see it and the LH score section of the leasing 101 article removed. Maybe we can convince @michael to remove it
Sure, but isn’t the entire point of this website for people to learn and be educated on how to not be the average person off the street?
Or at least get his point of view as to why it’s valid
Selfish mode activated
If everyone learned the things we know from this board, the game would be up. For every 1 of our deals, there need to be 99 others that would not be LH approved.
Selfish mode deactivated
Yah, but for every 99 people that come here, only one actually reads the leasing 101. We could at least thank them with accurate info.
Yeah, this is an area where there is a fine line between being helpful and going too main stream.
I’m new here, did read the Leasing 101, including the 1% rule. I will say that based on the language of the document, I didn’t put too much weight into it. I think it says something like it should just be used as a rule of thumb.
I would argue it’s not even worth that.