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1% 10-12k, 1% more 12-15k....Over 15k pricey.. Posted by Mike Lynch [Email]  (#81) [Profile/Gallery]
(more from Mike Lynch) on Thu, 5 Feb 2004 15:42:53
In Reply to: How difficult is it to negotiate a $15k, Rhonda, Wed, 4 Feb 2004 12:56:56 Members do not see ads below this line. - Help Keep This Site Online - Signup |
With most of the advertised leases at 10k per year, the need to increase the miles goes up dramatically. Fortunately it's simple and cheap.
With Saab Financial it's a 1% residual bump from 10k to 12k and another 1% from 12k to 15k. That means on a $30,000 MSRP Saab a 1% decrease in the residual means 1% times $30,000 divided by the term, say 36, = $8.33 a month, which isn't entirely precise as the level yield calculation adds just a skosh of interest to that. Saab's low rates makes that very negigible.
So follow me, if you get an extra 6k miles in 36 months for $8.33 a month times 36 months, that's $300 more for 6,000 miles, = 5 cents a mile. Same is true for 12k to 15k, still another 5 cents a mile, but after 15k Saab financial wants 15 cents a mile.
For a $40,000 Saab at 48 months that's the same 5 cents a mile bump up to 15k per year and again, over 15k Saab wants 15 cents.
So if you say less than $10ish a month to bump from 10k to 12k and another $10ish or less to go to 15k, you're safe.
So you can buy miles up front, up to 15k for 5 cents a mile, but if you don't any excess costs you three times as much or 15 cents per mile. Translation: It's cheap to be safe.
posted by 63.197.222...
, Thu, 5 Feb 2004 15:42:53 <-- Viewing This Message
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