I really really really want the 05 Mustang but right now buying one is not really an option money wise. I have not established credit and no one will co-sign for me so I really can not afford to buy one right now. The other day in the Money Wise section in our newspaper they were comparing buying a new car to leasing one. The conclusion was that leasing a new car would be cheaper than to buy one.

Does any one have a ballpark figure of what leasing one would run me a month. I would want to get a

Black Premium
icap
iup
std wheels
anti theft

Then I figure in 2-3 years if I am not happy with the car or if the newer models are out then I could upgrade to it and then buy it or after my lease is up i could buy out the car.

Thanks.

jsmth86

 

Go to fordvehicles.com and build the mustang you want. You can then use the payment estimator to estimate the monthly payments.

There won't be any lease deals on them though, so the lease will still likely be fairly expensive. The residual should be pretty good though, which will help a bit.

 

Join your local credit union, they often have the best rates for lease and buy.

 

jeff, 27,800 w/ 3500 down is 442month

 

Thanks for the info mike. Really helps me alot!

 

You are young and inexperienced so do not fall into that LEASE trap.

 

I wouldn't exactly say that leasing in general is a "trap." It's all about how much you drive, and how often you want a new car.

I did buy the Mustang, but leasing has always worked well for me in the past, since I can easily stay within 12,000 miles per year, and want a new car every 2-3 years. Typically, leasing a vehicle allows you to have a more expensive vehicle than you could afford to buy, since you are only paying a percentage of the vehicle's MSRP.

There are pros and cons. Leasing allows you to avoid a down payment, and a 3 year lease keeps you protected under the warranty, but at the end of the lease period, you have no equity in the vehicle that you can put towards your next one.

Of course, if you want the car for longer than that, drive a lot of miles, or plan on modding, buying is the way to go.

There are plenty of sites out there that can give you information on the pros and cons of purchasing and leasing - you need to find the one that's right for your situation.

 

heres a suggestion. look into the red carpet option. its a good option im looking into doing it. i donno what im gonna do yet. i have alittle while to decide. but look into it, its a good option

 

I've never leased, but several years ago I considered it and was told by several dealers that the criteria for leasing (credit) was more stringent than if you were applying for a loan to purchase. "IF" this is true, and you don't have edtablished credit, you might be wasting your time. Just a post based upon what I was told at the time.

 

jeff, 27,800 w/ 3500 down is 442month
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i never leased before but figured i try it and see if i would love the car and if it worked out in my world. if i love it and have no issues then maybe i buy it . or maybe buy a new cobra or shelby??? got 3 years to think about it.