|
Thanks guys for your input.
I don't know if this is relevant, but I did the calculations to see how much it would have cost me if I bought the car to own rather than lease for 36 months. Here's what it would look like if I took a 60 month loan out (I wouldn't be able to pay it off in less time) with a 1.99% APR.
MSRP: $49,548
Negotiated price: $43,999
Selling price with tax, title, tags, fees, grad bonus: $46,205.43
5 yr loan at 1.99% ARP with USAA
10% down: $4,620.54
Principle is now $41,584.89
Monthly is $728.71 for a $41,584.887 loan
36 months of $728.71 = $26,233.59
Cost of car at 36 months = $4,620.54 + $26,233.59 = $30,854.13
Amount of loan left to pay off = $17,131.61 or $16,431.32
Total interest paid: $1,780.21 or $1,808.62
Car’s predicted worth after 36 months = $29,233.32 (59% residual)
$29,233.32 - $17,131.61 = $12,101.71 money returned when sold
$29,233.32 - $16,431.32 = $12,802.00 money returned when sold
Cost of car for 36 months $30,854.13 - $12,101.71 = $18,752.42 true cost
Cost of car for 36 months $30,854.13 - $12,802.00 = $18,052.13 true cost
Total cost of a 36 month lease = $19,172.16 (without $350 disposition fee)
I lose at least $419.74 - $1,120.03 on leasing compared to owning assuming the residual value is on point at 36 months, AND I am able to sell it for at least that much.
|