Well guys my salesman called me and my car is in! Picking it up at 6 tonight Just had a few questions when i go in to make the deal and sign the papers.. My fathers going to be with me to help me out because hes bought a lot of cars in the passed. He wants me to lease the car and not buy it. He thinks it will save me money in the end. What do you guys think i should do? Thanks for anymore replies and thanks again for helping me out guys i really appreciate it

 

Chris, there are a lot of factors to take into account when deciding between a lease and a buy. One, how long do you plan to keep the car? If you are pretty sure that you'll want to get rid of it in 3 years, and also that you won't exceed the mileage allowed under the lease, then leasing might be the way to go. Your total out-of-pocket cost over that 3 years would almost certainly be less than if you put $$ down and financed. However if the car is a "keeper" that you want to have for 5+ years you are probably better off buying from the outset. In my amateur opinion a lease only makes sense when the manufacturers are subsidizing them to move cars off the lot. I don't know if Ford is offering anything now -- I know they have 0% for 36 months, 3.9% for 60 months for financing but haven't seen anything listed for leases. You'll have to just see what numbers the dealer puts in front of you and do the math yourself to see what makes sense for your situation.

 

Chris, I looked back at this thread, and you didn't mention what you ordered? If you ordered a GT, they don't lease out that well (compared to the V6 autos). The lease rate is rather high, compared to vehicles they need to lease to be competitive (like the Edge, and Fusion). If you ordered a V6 auto, its not a bad idea, as a 5-speed V6 loses 3 residual points due to it being a manual (GT's don't have this deduction, cause they're GT's).

Leasing is all up to the buyer. If you plan on keeping the car for only a few years and would want to trade it in, lease it. If you plan on keeping it, and modifying it, buy it. When you lease a vehicle, and mod it, and give it back, you will lose all mods you can't remove. Plus, you will have a mileage limit on the lease, and any type of damage other than normal wear and tear is counted against you when you turn it in (if you don't plan on buying the lease out at the end of iit). Just have the salesperson run the numbers both ways.

 

Yea i ordered an automatic GT. And i remember hereing from a lot of members here not to lease because it will make me end up spending more money. Heres what i have planned..

Im putting down $6500 and my salesman said a lease would put me down at 300/month/36 months with a 10,000 mile limit/year. But i kind of tried to work all the math out and see how much it would be to finance it for 72 months at 5.9% and its $350 which i can also do and i can even get it lower then that if i decide to trade in my truck.

 

i wouldnt lease personally. You Putting 6500 down to rent a car for three years. Any mods you lose. If you buy it out at the end of the lease, you're buying a used car at a higher interest rate.
Just my opinion, but the mileage is low too. standard leases are for 15000 miles. you get a better residual value at the end of the lease. but again, then youre buying a used car. When you buy a used car and finance, your interest rate is going to be higher.
good Luck either way.
Jaime

 

Chris, JRaines is right. I tell everyone who wants to lease, that the most you should ever put down on one, is around $2,000 or so. When you put down $6,500, you lose that money at the end of the lease, and if you want the same payment, you have to put that large amount down again. You are better off doing what you stated. Finance it for 72m with a $350 payment, is MUCH better than the lease.

 

Check now the 0% is in!!!! Thats how I got my 06GT last year and here is another trick for all you Guys.. Become a member of the American Quarter Horse Association... $35 a year and you get an Instant $500 off any new Ford!!!

 

I got it guys! Had 3 miles on it when i turned it on for a test drive. Ill get pics tomorrow because its really dark outside and all i can see are the shiny 18" bullits Plus i need to buy a disposable.

I ended up leasing the car. When i made the deal two months ago they had me sign a paper that we agreed on 299/month and he brought out the same paper and it said 344/month. I almost went into shock. I told them if they dont drop it back to 299 im leaving. He ended up dropping it down to 301. I couldent believe my eyes when i saw my signature on that paper. It was the original copy to..

But ya i ended up leasing the car and everything went down fine. I want to thank all you guys for helping me out. You've all been great and i really appreciate all the help