windsor202

Yes, a lease! It's cheaper to lease a GT500 than a Boss 302, $50 more per month than a loaded Mustang GT, and $90 more per month than a loaded Mustang V-6! Right now, the residuals are high on the GT500 based on the history of their resale value over the last few years. Now with X-plan, slow economy, and rising gas prices, these factors will take an eventual toll on the GT500's resale value, at least in the short term. GT500's have held their value pretty well so far, but the market reality is you can buy a 2012 base GT500 on X-plan for a little over $45,495. There are many used GT500's for sale with an asking price over a brand new 2012 GT500!

Now is the time to lease a supercar. This is the car of my dreams. The residuals are adjusted every two months downward, so the monthly payment will go up a bit June 1st if I don't lock in before the end of this month. The lock is good for thirty days. It's also cheaper to lease a 2012 than a 2011, because the 2011 is one year older model with lower residual value.

I Ordered mine on X-plan with a $1,000 deposit. A 2012 GT500, Black with Tape Stripe Delete, Navigation and Glass Roof. MSRP is $53,830. X-plan is $49,368.72 out the door with no sales tax in my state. A 39 month lease with $2000 down will be $541 per month, with 12,000 mile allowance per year. My Dealer has changed his existing dealer order he already had in to my retail order. Ford's Zone Rep said that since the car was already in the piperline, I would'nt lose my spot in the production line. I was told the car would be built late this month, delivered in June. I hope.

At the end of my 39 month lease, I can buy it, or give it back. One reason to buy it would be because I love it, and it's the best bang for the money. One reason to give it back is the economy. Or, the other reason to give it back is because I want the latest, greatest, all new SVT product! Either way, I'm in control. I am not subject to market changes or a bad economy, and having fun in a supercar for a crazy low monthly payment. I don't believe this opportunity will last for long. This is perfect for me.

Maybe your dream car is more within reach than you ever thought possible!

Ivan 5.0

That's not a bad monthly rate - but I prefer to own my car after three years

Five Oh Brian

With a Ford Red Carpet Lease, the residual is clearly posted in the lease contract. You can buy the car at the end of the lease for that amount guaranteed. Or, you can simply return the car to Ford at lease end if you decide against buying it.

eliyarbrough

Hope it works for you. I thought of it. Couldn't get past the idea of after spending for the 36 months, I might have nothing to show for it? It you know what you're doing, go right ahead! I didn't, so I didn't lease. Have your eye on a certain one?

windsor202

The idea I was proposing is "how to afford a supercar". The 2012 GT500 I'm leasing has an out-the-door price of $49,369. If I were to purchase the car for the same 39 months, same down payment, the payments would be $1276 per month. I could not afford the monthly payment of $1276 for 39 months. Instead, I'm leasing for $541 per month, the difference is $735 per month over purchasing which, if saved would equal $28,665 at the end of the 39 month lease. The residual is set at $34,452 at 39 months, with the option to buy. At this point I would have a substantial downpayment. I could buy it or turn it back in.

If the GT500 was financed at 3% for 72 months with $2000 down, the payment is still $689 per month. A loaded Mustang GT financed at 3% for 72 months at invoice is $573 per month, still more than my monthly lease of $541 on a GT500. Of course, there are a number of variables affecting monthly payments, such as down payments.

Leasing is not for everyone, I don't hold the title, the bank does, but the same is true of purchases. A lease also would not be ideal if you want to modify a car. But you can if you intend to return it to stock when the lease is over. With a lease, your paying for the use of the car. When you buy, your paying for the use of the car with extra money going towards equity build up. You only own it when you pay it off, and receive the title.

LEwis26

It makes sense if you don't wanna own it after. If you buy it after the lease, you essentially paid 63k for the car, which is clearly not a good deal.


Leasing is only a good option for those that want to be able to have a new car every few years. Otherwise, it just does t make sense financially to lease, and then buy.

SD6

^^^ In addition to the above, you only pay taxes on the monthly payment, not on the entire purchase amount like you do on a regular purchase.

Leasing isn't for everyone, but it's a great option for those who can fit the criteria. My uncle used to do it all the time. Drove a brand new car every 2 or 3 years.

I do about 35K km a year (22K miles), and high mileage drivers do not benefit from leasing.

1 COBRA

One issue to consider is the total amount due upon the end of the lease/purchase which would include taxes and finance charges at used car rates if not paid in full at the time. When it is all said and done the full cost is a lot more than if purchase and financed at the beginning. My latest purchase was at 2.85% last year and recently my wife's came at 2.75 both on 60 months with our local bank.

A lease is a good deal if there is no intention to keep the car.

Bert

Very tempting . . . that payment is about the same as the payment on my 2010 GT . . . only difference is I will own the car at the end, you will give it back or buy it . . .

How much is the buy-back at the end?

oops, just read the rest of the thread and found it -- $35K? nope, a little too rich for me . . . but if it works for you, great, have a blast!

VALCAD

I don't know...I have always been gun shy when it comes to leasing...but you make it sound good. For one thing, when I get my 'Stang, I am keeping it. I WILL have a payment on it and the lower the payment the better.

A high payment will make the wife look at me with that disgusted look, like, "once again, something that only YOU enjoy is keeping me from nice things". However, a lower payment will make her perk up and say "Oh, that's not bad at all" and she can still plan on our (her) future purchases and my Mustang will not be a hinderance.

I can't believe you can lease a GT500 for less than $550 a month. That is awesome!!!!! I was hoping to get a nicely optioned GT for hopefully less than $600 a month over a 6~7 year purchase. I have looked into leasing a little bit in the past and it was never THAT great of a deal, compared to buying the car. It was usually only saving $100 a month on the payment. Are you sure this isn't one of those too good to be true situations? Is it all because of the residual value? I honestly believe the GT500 will be worth more than $35k after 39 months, so you can purchase at the end for a great price it would seem.

If it all looks legit and you go through with it, keep us posted please.

LEwis26

Valcad,

you're missing one major point, in that after 39 months, he technically doesn't own anything. So if he were to buy it for 36k and already have made 39 months of payments totally 27k, he actually pays 63k for a 50k car.

Thats why leases are only good for cars you don't plan on keeping.

VALCAD

Yes...technically...but, what are you paying over a 7 year term with financing and all? With a $690 payment over 6 years, you are paying over $51,500 on a $47,370 car, so an additional $5000.

Also, I believe he stated that the payment was $541 for 39 months with $2000 down, which is actually $21,099 + $2000 = $23,099, not $27,000. So the $23k + the $35k = $58k.

I know it is more in the long run, no matter how you slice it, but as windsor pointed out, with the money he saves on payment per month, IF he saved that amount, it would make up the difference in total finance costs, in the long run.

I guess it is how you look at it. Personally, I look at the check I write every month and how it affects my standard of living as opposed to looking at how much money I will save after a decade. If we all did things intelligently, there would be no such thing as 30 year mortgages, we would all buy everything cash. But that is not realistic. If he is OKAY with paying more in the long run, and saving hundreds every month in the process, I think it is a good compromise.

VALCAD

Plus, you say after 39 months he doesn't own anything. Well, if you have ever totalled a car you were making payments on, you soon realize, you don't own that either, until it is paid off. So, he doesn't own anything after 39 months. If he purchases it, will he own anything after 39 months? Can he sell part of the car? If he had equity in it, he could take out a small loan against it, but then he would be making it more expensive in the long run again anyway, so that is no good to do.

It is all perspective. If he turns it in after 39 months, he has the satisfaction of driving an awesome car for the last 3 1/2 years. Can't put a price on that. Well, I guess you could. But he would have been driving a nicer car than the payment would suggest for the last 39 months. Plus more money in his pocket over that term.

jaybertx

I am leasing both the car that I have on order and my wife's car. It's definitely, 100% the right thing for us.

Our past regiment was to finance a car over 5 years, get it paid off trade and then trade it in and start the process all over again. Meanwhile we would tire of the car after about three years, stop taking care of it like it should be affecting our final value.

Now we lease a car for 3 years -- and no more than 3 years -- and then trade it in on the next car. The benefit of 3 years is also generally factory bumper to bumper over the entire duration of having the car -- so all you really pay for is regular maintenance.

A lot of people are afraid of leases because of mileage. You ONLY pay a mileage penalty if you turn the car in at the end of the lease. You also (generally) have the option of trading it in, selling it, or buying it. Any of these options and you do not pay a mileage penalty -- although obviously mileage can affect what the trade-in or sale value of the car is. 22k miles a year is probably too many but there are 15 and 18k leases available as well.

All it takes is research. A lot of folks will see what the dealer will give them in trade for the car and if not happy do an auto-trader guaranteed value sale or take it to a dealership that will buy it outright. A lot of times you will get more than the residual value of the car. If the value of the car you're leasing dropped like a rock then you always have the ability to pay the disposition fee and let 'er go.

Lots and lots of options. Just gotta make sure it's the right thing for you. If you love your cars, buy 'em, drive 'em forever then obviously a purchase is the way to go. But if you like to swap the car out every few years then leasing is very much something to look into.

Knight

its not a bad way to get into a car you can't afford normally, pay the 541 a month for 39 months, after thats over you finance the leftover for 5 or 6 years, so you were able to finanace the car for almost 10 years to afford a dreamcar since a regular purchase loan you would never be able to finance that length of time.

VALCAD

Jaybertx, what is your lease payment per month, as opposed to financing it over 5~7 years? Is it a significant savings per month? I am asking because the OP is basing his deal on residual value of the GT500 being pretty high. I know the GT will depreciate faster, so I am wondering if the monthly lease payment will be close to financing it.

I still think leasing is a good option in some cases. The nightmares I have heard are from young people who got talked into leasing cars they never should have been driving...like young Ryan and Breanna - leased a 2001 Passat for like $600 a month for 4 years (yeah, I know, ouch!! Ryan actually paid additional dealer mark-up...on a Passat). They HATED that car after 2 or 3 years and had to not drive it for the last 9 months of the lease. Car broke down repeatedly over the term. But, at least they learned their lesson...next they leased a used Mercedes SLK - which they eventually dropped back off at the dealership and turned in the keys.

ZXMustang

I just signed up specifically to ask you about this. Because my local IL ford dealer is telling me that there is NO lease deals and they dont even show a residual for the GT500. So how are you getting this?

Brian

Edit: I just called portsmouth ford in your state of NH, and they said you cant even lease one through Ford red carpet lease. So what bank did this for you? 5/3 or maybe wells fargo?

cjjiii

Wait the GT500 is available on the x plan? Last time I checked it was not available on the x plan.

VALCAD

Last time I talked to a snalesman, he told me the only thing not on x-plan was the BOSS and the Raptor.

Of course, he also said that since Ford started building the GT500 at the factory instead of shipping them to Shelby, the price dropped from $85k to $55k. So...maybe we need an expert to weigh in on this one. Please?

Knight

You must have checked over a month ago.

I am a Ford salesman and Ford just added it to the GT500s about a month ago. It is dealer discresion though.