This is my first lease and I feel like I did a ton of research before committing to this one. I wanted to thank the members and moderators of this forum for the wealth of knowledge found here. I can only learn more and hope that I can do better on my next lease. The hardest part of this one was getting the wife to pick which car she wanted.
I’m happy with this deal for reasons other than just the breakdown of the numbers below, and that’s what matters to me, but I thought I’d share it with the community to get some feedback on what you all think about it. I think it a fair deal. Maybe not great, but fair. I know he beat my local dealer by quite a bit. I’ll write a review of the dealer in a separate post.
2019 Audi SQ5 Premium Plus
Purchase Price: $56000
Monthly Payment: $647 w/tax
Drive-Off Amount: $2705
Annual Mileage: 12
Residual: 54 (bought audi care that bumped it up by 1%)
Incentives: 750 rebate
Region: So. Cal
Leasehackr Score: 8.1
Leasehackr Calculator Link: leasehackr.com/calculator?make=Audi&miles=12000&msd=0&msrp=64340&sales_price=56000&months=36&mf=.00024&dp=0&dealer_fee=1000&acq_fee=895&taxed_inc=750&untaxed_inc=0&rebate=0&resP=54®_fee=834&sales_tax=7.5&demo_mileage=0&memo=SQ5%20P%2B&acqFee_check=true&monthlyTax_radio=true
I’m not sure I did the calculator right. I added the $1000 audi care to the dealer fees section. The drive off isn’t quite right and I didn’t include my negative equity from my trade in.
I don’t think my previous reply went through for some reason. I had $8317 in negative equity on two vehicles that I wanted to trade in. I had tried to sell them myself for just over a month with no luck. This dealer beat what Carmax and Vroom had offered by about $2000 total. Plus I was able to roll that into the loan at .5% vs sticking it on a credit card or paying cash, or messing with getting a clear title.
What are your thoughts? Is there something that I’m missing where I shouldn’t have done this?
Thanks in advance for your input.
If you rolled the negative equity in the monthly payment, then you’re paying 7.5% tax on that on top of rent charge. Did you purchase the 2 cars that you traded-in? If yes, you are effectively paying double tax (paid tax on the purchase price and are now paying tax on the negative equity).
That does suck. I hate paying taxes, let alone twice. But given my current financial situation, I’m ok with paying an extra $623 over the next three years to not have to come up with $8317 cash. Thanks for pointing it out though. That’s why I asked the forum for their input.
Personally I’d have gotten a $150 car and paid down the loan every month as quickly as possible but that’s just me.
Actually, that’s why I traded in two cars for one. This payment is still less than one of the other vehicles. The plan is to go about a year without the second vehicle. And I never claimed I was smart or I would have just gotten a beater car for a year.
That kind of sums up the cause and effect all in one. I’d rather look into getting out of debt before signing a luxury brand SUV but that’s not my money. Hopefully the lease will help you get there.
The deal doesn’t scream like it was a bad one or great one, just a deal. Enjoy your new ride.