I appreciate everyones input but I went into this wanting to buy not lease. But after being educated about the terms, payments, restrictions, everything on a closed end lease. It just makes more sense. Maybe he lied to me and maybe I've read wrong but from what I was told. Whether I choose to keep it, trade it in, or whatever else, I will not be upside down. Open end lease yes. Trust me, I've got concerns about it myself. I'm going to walk in Monday morning and make sure all my concerns and questions are answered when I make the final decision. I haven't bought it yet but I'm a lot more comforatble walking into this purchase than I was before cause I actually understand every bit of what I've been told about leasing vs buying. Again, I've got a lot of questions I want answered cause this is a lot of money. And if something doesn't sound right to me I don't have to do this and I wont.

My biggest thing is I want to have money to play and invest while owning this car. I will not be able to do either buying the car. Yea, I could buy it. I could afford it but I would be mentally upside down. I don't want to make this a struggle on myself.

 

Sorry to keep dragging this on but this is a big decision. And I'm not trying to blow you guys off but I want everyone to understand the restrictions and how I've been educated on how this is supposed to work. I've done a lot of reading. Which really brings no complete answer. Cause its all based off the individual. I'm still really neutral in this and I'm completely open to what you guys have to say. I'm just really firm in what I've told about leasing because I've learned so much I had no clue about nor did my dad in the past 2 days. My dad always is involved when anyone in my family buys a car. Hes been a salesman for 30+ years. Its irritating at times when he things something should go a certain way. Hes all about numbers but the one thing that just seems to make sense is leasing. Cause buy or lease, I would like to have a life outside of paying for a car and the other needs.

Heres another reason why I would like to go this route. If I buy, my payments would be much much higher. Like $550-$650 a month just on the car. Then; my insurance will be not so bad for my age (19), $238. Lease or buy, I would like to at least have money for other activities.

Let me just spill the beans for everyone. Leasing vs Buying all depends on the person really. I've researched a lot and that just seems how its being defined no matter where I read or who I talk to.

So heres the spilling beans. I make roughly a net pay of $1,400 to $1,500 a month. I'm moving up in the company and pretty much guranteed a higher position (management) in the next 6 to 18 months. They are training me now for it. I live with my parents, plan to for much longer.

The MSRP on this car is $35,540. The price I'm getting it for is going to be $500 over employee cost which is $32,433. I'll be putting down $6,000. I do plan on keeping it and paying it off early after my income increases.

One thing that attracted me towards the lease is that it gives me room to put money aside for investment. Which that money after the end of the term will be used to buy the car at the end of the term. Lets just say $200 a month I put aside and invest into stock. At the end of my term I will have saved up $12,000 give or take which I can use to buy the remainder of the car with cash. And it will be mine.

Now, considering my income. After you add factors like, food, maintenence, and gas etc. If I were to buy the car I wouldn't have money to invest or do other fun activities. Money would be so tight. Yea, I'm planning on getting promoted but I can't plan on money thats not here.

I do plan on keeping the car in the end. And would also like to modify it.


Heres a few facts.
Insurance will be $238 a month.
Lease on a 3 year term is $375 a month.
Buy will be roughly $500-$650 a month.

Considering my income. Considering my goals. Considering me still wanting to have a life. What should I do? Hate to ask again but I really didn't explain to well my situation. I'm still neutral in this and am taking in all information.

 

Might be wondering why I'm saying $375 now instead of the fixed $398. Well thats a close estimate cause by the time its ordered, I would have collected another $1,000 to put down on the car which would bring the lease down.

 

No sure where you get those figures. 200 a month for 12 months is 2400 dollars in three years the term of your lease is 7200. dollars. Can you terminate your lease if you have to? and how much is it? or do they just let you turn the car in

 

I meant for the investment to be $12,000. Which is how much I would collect at the end of the term if I saved $200 a month. It could even grow, depends on who I invest in.

I don't have an answer for that, it depends on how the contract is written. These are all questions I'm going to ask Monday morning. Or Bobby if you want to call Marlin you can ask him. I'm just going to write down a bunch of questions and ask him everything that I feel needs to be asked when I go in to do this.

 

well i called ken brantley at holmes honda to see what he said as he is there finance manager and he will get back to me shortly

 

Oh my god I was ripped off Keith stop posting those cars! Man I paid $23,000 for a 2000 in '05 with 26K. Those are 2002 models with lower miles and only $22,500!!! BOO HOO HOO!

Anyways man don't rush in to buy it if all your questions haven't been answered or you feel uncomfortable. Just make sure if you get a brand new '07 you break it in properly so it will have an extended life!

 

I'd love to have that Spa '02 as a dedicated track car. Only 12K mi. And I could sale most of what I ripped out of it........hehe

 

Anthony is right Collin, don't buy unless all your questions are answered first! I waited along time to get mine and I'm BUYING it for $238 per month. And my insurance is only $199 for mine, my wifes mustang, her old lincoln (the pimp boat, which i'm selling) and life insurance! I almost bought a BMW 328i before I decided on the S, I'm glad I waited!
This is just PURLY me, but I like the AP1's better. If I'm right, the AP2 has a lower redline, more hp, but lower redline. I love 9k! Anyway, I looked into a new one, but the money I would save by buying a used out weighed the new one. I can now afford to buy a house and my wife the car she has always wanted and still have money to mod my car. Just my $.02
Whatever you do, I cant wait to see your ride! I know your gona love it!

 

Well go for it rich man!