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Does it pay to lease an '02 loaner to save $1,400
Posted by mack (more from mack) on Sat, 30 Mar 2002 23:05:54
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The dealer in Long Island, NY i've been speaking w/ has offered me to lease a loaner car w/ cap cost of $25,000 which has 4,100 miles on it (fully loaded '02 9-3 SE 5 dr. w/ auto., premium , metallic, heated seats) for $305/mo. and $1,565 up front which is 1st mo.+bank fee + sales tax. Lease is for 36 mo. & 15K/ yr.
The dilemma i'm having is the following:
1)For an additional $38/mo. ($1,370 during the lease term)I can lease a brand new 9-3 w/ same equipment & only an additional $140 up front payment
and not have to worry about possibly going over my 45,000 mi. under my lease and running past the 50,000 mi. warranty.
2) Since the car already has 4,100 mi. on it plus my lease of 45,000 mi.
I may be forced by Saab at the end of the lease to buy new tires for a car that i would probably be returning to them at lease end. Which would eat into my $1,400 savings.
3) Under the lease terms the dealer is required to reduce the residual value of the loaner by $611 (4,100 mi. x $.15) to $14,133 which theoriticaly increases my monthly payments. I probably won't be interested in buying the vehicle at lease end since it would be close or out of warranty so the lower residual doesn't really matter to me.
What am i really gaining by leasing the loaner vs. a new car?
Please advise.
posted by 152.163.2...
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