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Lease Purchase Thoughts
Posted by PaulD [Email] (more from PaulD) on Mon, 8 Apr 2002 10:57:03
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Thoughts on lease Purchase.
I’ve posted before that Saab has not been very aggressive regarding lease purchases. My 1999 SE is coming off lease in July. Purchase price is about 18,100. The best I can get them down to is about 15,000, and they won’t finance that so I have to pay cash or get a loan. Let’s look at the math:
If you buy the car for 15K and find a loan at 7% for three years your payment is $463 per month. You can lease a new one with no money down for around $350 per month. Take the extra $133 per month and any money you will have to spend on a three-year-old car (let’s say it’s about $500 per year or $41 per month) and even at 3-4% interest rate you will almost 6,000 saved up. After 6 years the 1999 Saab most likely won’t be worth 6K.
So at the end of the day you can drive a three-year-old Saab OR a brand new one for about the same price. If you can stay within the mileage, leasing a Saab is a good deal – let Saab take the hit on the depreciation.
Just my thoughts – others may have a different opinion.
PaulD
1999 9-3 SE
2002 9-5 Aero
posted by 12.91.1...
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