A new car!!! (1 Viewer)

[TheIronSheik]

Just curious, but (as a potential buyer) what do you want to still be sorted out?

Well, up until about an hour ago, I hadn't thought about buying a used car.

Just realized I answered the wrong question.  Yes, it's about the charging stations, work not having charging areas, my house not having a charging area.  Worrying when I drive certain places that I might not have a place to recharge.  

I don't have any of those worries with gas.

 

[BoltBacker]

Buying slightly used, in the Certified Pre-Owned category is the sweet spot. Lots of times you can find a very low mileage vehicle that is under two years old with a better than new warranty (because of the warranty extension offered under most CPO programs) at a sizable discount to new.

I can't imagine ever buying a brand new car again. Maybe I just don't make what most FBG's do. But I would have to have just stupid money sitting in the bank and even then I'd probably rather spend it on travel(or about a million other things).

If people are buying new because they get better financing terms...... then you can't really afford a $40k car imo. Not saying that's the case with Sheik, just speaking broadly.

 

[Bull Dozier]

We’ve owned 2. It’s my wife’s car and she won’t drive anything else.  She absolutely LOVES the car.  Our first one went 220 and drove like new when we got rid of it.  Current one has 60k on it.  Great cars.  

Another vote for Lexus, specifically the 350.

My dad sold me his 2002 (330) five years ago.  He bought it new, but it needed a timing belt and "didn't feel new" to him anymore.  I gladly paid $3000 for it, which is what they offered him in trade.  I drove it a few years, then handed it down to my two kids to drive.  It did have a little rust (goes with the territory of a car with over 200,000 miles in Minnesota), but I never paid for non scheduled maitenence.  Oil changes, tires, timing belt, headlights.  That's it.  Then a teammate backed into it in a parking lot after practice.  Insurance company totalled it out and gave me $4600.  Yep, I got more than I paid for it after putting over 50,000 miles on it.

A couple years after I bought that 2002, I bought his 2008.  Much faster far, still the fastest car I've ever owned.  0-60 isn't a Corvette or anything, but 40-70 is just a touch of the pedal.  More speed than I need at my age.  Anyway, the boys are driving this now.  Has 130,000 on it.  Looks and drives new.  Not a single issue with it and might be the first car I have to sell.  I can't imagine wearing this out before we don't need a third car anymore.

My wife wanted 4WD, so after the '02 was totalled, I took that cash and a little extra and bought a 2004 RX330.  While it doesn't feel brand new, it is definitely solid and feels better than any other mid sized SUV of another brand I've ridden in.

Lexus just knows how to make vehicles that last.

 

[BoltBacker]

BMWs, in particular, lease better than most any other vehicle. 

I'm just curious why you think that is the case? Does BMW offer terms better than most of it's competition?

BTW I'm not saying that you are wrong. I've just never thought that BMW's held their value all that great at least in part because both parts and service often were more expensive.

 

[matttyl]

Well, up until about an hour ago, I hadn't thought about buying a used car.

I mean what still needs to be sorted out about electric cars, in your mind, before you'd be interested in buying one?

 

[TheIronSheik]

I mean what still needs to be sorted out about electric cars, in your mind, before you'd be interested in buying one?

I fixed my post, GB, when I realized you were asking a different question.  You replied back too quick. 

 

[Hawks64]

I'm just curious why you think that is the case? Does BMW offer terms better than most of it's competition?

BTW I'm not saying that you are wrong. I've just never thought that BMW's held their value all that great at least in part because both parts and service often were more expensive.

Their residual value is one of the highest, so it's definitely about having higher value than most other mfg.

 

[gianmarco]

I'm just curious why you think that is the case? Does BMW offer terms better than most of it's competition?

BTW I'm not saying that you are wrong. I've just never thought that BMW's held their value all that great at least in part because both parts and service often were more expensive.

This is exactly the opposite.

First of all, the residual value (value of the car at the end of the lease) is typically much higher for "luxury" cars like BMW compared to a car like Ford, for example.  The residual on a BMW is typically ~60% on a 36 month lease.  Other cars don't usually have that high of a value and are usually closer to the 50% range.  That helps keep lease payments down. 

Secondly, with a 36 month lease, the BMW parts AND service is covered.  You don't pay anything.  The only thing BMW owners pay on a lease are for tires. 

BMWs are actually geared toward leasing with the way they set up their terms and it's why so many people do lease them and why they excel in that market.  With higher residuals and typically lower rates, you can often get more car for a similar price.

Finally, while not the only company that does this, but one of the first if I'm not mistaken, they run a Multiple Security Deposit program (MSD) that helps bring the interest rate down even more.  If you maximize that, it's like taking a small chunk of money and getting a 9% return over the 3 years of your lease. 

It's not to say that you can't get a good deal on another make of car.  There are deals to be had everywhere.  But in general, BMWs lease very, very well and you can get an exceptional deal on one on occasion.

 

[Drunken knight]

I am pretty loyal to BMW.  Over the past 20 years ours have been very reliable in some extreme conditions.  I currently have an M3, mrs has an X3.  We only have one child but frequently have her friends with us... for that reason I may have gone with the X5 in hindsight.

For kicks.... I have saved about 10% on the cars (not the X3) doing Euro-deliveries from the factory in Munchen.

 

[gianmarco]

I'm just curious why you think that is the case? Does BMW offer terms better than most of it's competition?

BTW I'm not saying that you are wrong. I've just never thought that BMW's held their value all that great at least in part because both parts and service often were more expensive.

One last thing.  The other reason BMWs lease well is because you can get big reductions off the MSRP.

Car A          -- The negotiated price  is $30,000 and the MSRP is $35,000.

Car B(MW) -- The negotiated price is $30,000 and the MSRP is $40,000.

When you look at the above, even though you are paying the same amount for the car itself, the lease payments on Car B are going to be lower because the residual is based off the MSRP. 

The trifecta of a good lease is 1)  A big gap between the MSRP and the negotiated price of the car (cap cost)  2)  A high residual  and 3)  A low money factor or interest rate.  If you can hit on all 3 of those in a single deal, you can hit an amazing lease deal.  In general, anything less than $125 per $10,000 worth of car is decent.  If you can get to $100 or lower, that's exceptional.  That's the goal. 

 

[TheIronSheik]

This is exactly the opposite.

First of all, the residual value (value of the car at the end of the lease) is typically much higher for "luxury" cars like BMW compared to a car like Ford, for example.  The residual on a BMW is typically ~60% on a 36 month lease.  Other cars don't usually have that high of a value and are usually closer to the 50% range.  That helps keep lease payments down. 

Secondly, with a 36 month lease, the BMW parts AND service is covered.  You don't pay anything.  The only thing BMW owners pay on a lease are for tires. 

BMWs are actually geared toward leasing with the way they set up their terms and it's why so many people do lease them and why they excel in that market.  With higher residuals and typically lower rates, you can often get more car for a similar price.

Finally, while not the only company that does this, but one of the first if I'm not mistaken, they run a Multiple Security Deposit program (MSD) that helps bring the interest rate down even more.  If you maximize that, it's like taking a small chunk of money and getting a 9% return over the 3 years of your lease. 

It's not to say that you can't get a good deal on another make of car.  There are deals to be had everywhere.  But in general, BMWs lease very, very well and you can get an exceptional deal on one on occasion.

Can you explain this for the people who don't know what this is?  I mean, I obviously do.  But I feel like maybe some other people don't and I want them to know. 

 

[falguy]

I you want a sedan, I love the exterior look of the Kia Stinger and Kia quality is pretty good these days from what I hear.

Some guy in my office parking garage has one of these. it's a nice looking vehicle. 

 

[gianmarco]

Can you explain this for the people who don't know what this is?  I mean, I obviously do.  But I feel like maybe some other people don't and I want them to know. 

Sure.

So, first rule is that you NEVER want to put any money down on a lease (with the exception I'm going to note below).  When you see lease specials advertised with, say, $2499 due at signing, you will always want to change that amount due at signing and roll it into the lease.  Yes, the payments will be higher, but putting money down on a lease is always a bad idea.  If anything happens to the car during the lease (stolen, totaled, etc), you do not get any of that money back. 

For simplicity sake, if your lease payment is $100/month and it's a 36 month lease, you will end up paying $3,600 total over the time of the lease.  You can give them a check for $3,600 the day you get your car and not have any payments remaining.  If your car gets totaled the next day, you have no car and you do not get that $3600 back.  If you had only paid the $100 for the first month and it gets totaled, you get to walk away from the lease deal without owing any more money.

The exception to that is putting down a security deposit.  This is to cover any costs at the end of the lease (excess miles, excess wear and tear, fines, etc.).  If there are no costs, you get that money back.  If the car is totaled or stolen, you also get that money back.

The MSD program allows you to put down multiple security deposits.  They are equal to one month's payment and BMW allows you to put down 7 of them.  What they do, in return, is lower the money factor/interest rate on the lease.  So, for example, a lease payment of $550/month will get dropped down to maybe $515/month.  You are now saving $35/month x 36 months = $1,260 over the 3 year span of the lease.

The cost to do that is giving them $550 x 7 = $3,850.  When you sign the lease, you give them $3,850 that will be returned to you at lease end (minus whatever costs you might incur).  But you've saved $1,260 by letting them hold that money for you.

If you invested $3850 in an account, you'd have to earn almost 10% annually in order to make $1,260. 

In other words, it's a no brainer unless you don't have that money around to spare.

ETA -- MSD programs aren't really advertised.  You have to ask about it.  And, in general, ask about it at the end after terms are negotiated.

 

[Phil Elliott]

Love my Audi A3 Sportback. 

Rented a car a couple weeks ago and ended up with a Nissan Altima. Not a bad car at all. 

Was going to suggest A4 sport.  Not sure tbe cost. Certified Used maybe?

 

[Chaos Commish]

Also a Ford guy. Also bought a Fusion (Hybrid) in 2013. It has been flawless despite a few call backs. I gave it to my kid to take to college, and bought a 2017 Raptor, that I love, but it is impractical. I want a minivan. I looked at the 2020 Fusion Hybrid for a long time yesterday. I don't care that they are discontinuing it. It is so nice for the price (27k and they will come down). But I suggest you get the most car for the money, which is a modern mini-van. I mentioned it in another car thread and was surprised how many FBGs agreed with me. I'm down to a Pacifica HYbrid or the Sienna AWD. Just haven't been able to pull the trigger for several months.

 

[Bull Dozier]

Another vote for Lexus, specifically the 350.

My dad sold me his 2002 (330) five years ago.  He bought it new, but it needed a timing belt and "didn't feel new" to him anymore.  I gladly paid $3000 for it, which is what they offered him in trade.  I drove it a few years, then handed it down to my two kids to drive.  It did have a little rust (goes with the territory of a car with over 200,000 miles in Minnesota), but I never paid for non scheduled maitenence.  Oil changes, tires, timing belt, headlights.  That's it.  Then a teammate backed into it in a parking lot after practice.  Insurance company totalled it out and gave me $4600.  Yep, I got more than I paid for it after putting over 50,000 miles on it.

A couple years after I bought that 2002, I bought his 2008.  Much faster far, still the fastest car I've ever owned.  0-60 isn't a Corvette or anything, but 40-70 is just a touch of the pedal.  More speed than I need at my age.  Anyway, the boys are driving this now.  Has 130,000 on it.  Looks and drives new.  Not a single issue with it and might be the first car I have to sell.  I can't imagine wearing this out before we don't need a third car anymore.

My wife wanted 4WD, so after the '02 was totalled, I took that cash and a little extra and bought a 2004 RX330.  While it doesn't feel brand new, it is definitely solid and feels better than any other mid sized SUV of another brand I've ridden in.

Lexus just knows how to make vehicles that last.

Just out of curiosity, I looked at a local website for the ES, to see what 35-40k got you.  Two 2019s popped up.  If I had that kind of money and was buying a sedan, that's what I would be doing.  0-60 in six seconds, 33 mpg on the highway.  Will last forever.   

 

[RedmondLonghorn]

I can't imagine ever buying a brand new car again. Maybe I just don't make what most FBG's do. But I would have to have just stupid money sitting in the bank and even then I'd probably rather spend it on travel(or about a million other things).

If people are buying new because they get better financing terms...... then you can't really afford a $40k car imo. Not saying that's the case with Sheik, just speaking broadly.

That 15-20% depreciation hit for driving it off the lot is a pretty silly luxury item, IMO.

 

[TheIronSheik]

Just out of curiosity, I looked at a local website for the ES, to see what 35-40k got you.  Two 2019s popped up.  If I had that kind of money and was buying a sedan, that's what I would be doing.  0-60 in six seconds, 33 mph on the highway.  Will last forever.   

Wow.  Do they have any that are faster?

 

[gianmarco]

Brand new or used?  New will severally limit your options where used the world becomes your oyster.  For 40k there are a ton of great option in the newly used market.  I’m a massive car guy and flip cars pretty frequently.  Current own an Audi A6 3.0, which fit all your requirements, and that’s been an outstanding car.  

I assumed he was going to lease again.  If so, then you're looking at new cars.  However, that does include demos and loaners at dealerships as long as they are under 5K miles. 

Those cars can make exceptionally good lease deals.  It drops the residual a small amount (I believe it's $0.25/mile) but the drop in the overall cost of the car is significantly higher. 

If planning on keeping the car for at least several years (7+), then buying makes sense.  Otherwise, leasing becomes a viable option.

 

[Bull Dozier]

Wow.  Do they have any that are faster?

Ha ha.  Whoops.  Fixed.

Don't worry, they are plenty fast (for me, I guess.  Everyone has their own requirements).

 

[Buck Bradcanon]

Accord.  Drive it forever, holds value, etc.  New ones look pretty slick IMO.

 

[East Coast Bias]

Just out of curiosity, I looked at a local website for the ES, to see what 35-40k got you.  Two 2019s popped up.  If I had that kind of money and was buying a sedan, that's what I would be doing.  0-60 in six seconds, 33 mpg on the highway.  Will last forever.   

I’m looking to get something with better mpg in the next few months. Adding this to the list to check out.

 

[Mr. Mojo]

I've had a Kia Optima for nearly 4 years and it's been a great car.

Quiet, smooth, good looking, easily under your $40K limit and the available packages typically throw in the whole kitchen sink.

 

[Keerock]

My son works for Nissan and has brought home many different models.  I'm an SUV guy, so I loved the Murano... but he's had an Altima which was pretty nice and a Maxima which was awesome.  If you can swing it, I'd get the Maxima.

 

[matttyl]

I can't imagine ever buying a brand new car again. Maybe I just don't make what most FBG's do. But I would have to have just stupid money sitting in the bank and even then I'd probably rather spend it on travel(or about a million other things).

If people are buying new because they get better financing terms...... then you can't really afford a $40k car imo. Not saying that's the case with Sheik, just speaking broadly.

Right there with you on this thinking.  My last two car purchases....

Last year purchased a used Mercedes E320 (from a family member).   Great condition, all the bells and whistles (that were available in 2004....) $5k.  Still worth that today, if not more.

Coming up on 5 years ago purchased a used RAV4, which was just fine for my personal needs (4x4, sunroof, tow hitch, decent mileage).  $14k, and likely still worth $8k or so 5 years and ~80k miles later.  It's cost me ~$100 a month to own, before taxes, gas and insurance. 

 

[BoltBacker]

This is exactly the opposite.

First of all, the residual value (value of the car at the end of the lease) is typically much higher for "luxury" cars like BMW compared to a car like Ford, for example.  The residual on a BMW is typically ~60% on a 36 month lease.  Other cars don't usually have that high of a value and are usually closer to the 50% range.  That helps keep lease payments down. 

Secondly, with a 36 month lease, the BMW parts AND service is covered.  You don't pay anything.  The only thing BMW owners pay on a lease are for tires. 

Admittedly, I've never owned a luxury car so I'm just going off published data. There are several sources but this is one site that doesn't involve a stupid slide show and doesn't want you to login to see the article.....

https://www.thedrive.com/news/24184/these-are-the-cars-on-the-market-with-the-lowest-and-highest-depreciation

.... it seems to me that list is littered with luxury cars and electrics as the highest depreciating cars out there. BMW has three of the seven fastest depreciating vehicles on the list. I wasn't really surprised to see Mercedes on the list either. And of course Jaguar should get some sort of award for being on these type of lists for decades.

I know that the parts and labor are covered while the car is on a lease, but to me the value of the car AFTER the lease is up is very much effected by the price of the parts and labor. That's why I had assumed they would depreciate more than most. 

 

[Jaysus]

But I suggest you get the most car for the money, which is a modern mini-van. I mentioned it in another car thread and was surprised how many FBGs agreed with me. I'm down to a Pacifica HYbrid or the Sienna AWD. Just haven't been able to pull the trigger for several months.

AWD minivans are a thing now, huh?  That is intriguing. 

 

[BoltBacker]

Their residual value is one of the highest, so it's definitely about having higher value than most other mfg.

I'm not saying that you are wrong, but where are you getting that impression from? I mean what source?

 

[Hawks64]

I'm not saying that you are wrong, but where are you getting that impression from? I mean what source?

Actual real world values. Look at the resale of any BMW/Mercedes. They retain value very well.

 

[gianmarco]

Admittedly, I've never owned a luxury car so I'm just going off published data. There are several sources but this is one site that doesn't involve a stupid slide show and doesn't want you to login to see the article.....

https://www.thedrive.com/news/24184/these-are-the-cars-on-the-market-with-the-lowest-and-highest-depreciation

.... it seems to me that list is littered with luxury cars and electrics as the highest depreciating cars out there. BMW has three of the seven fastest depreciating vehicles on the list. I wasn't really surprised to see Mercedes on the list either. And of course Jaguar should get some sort of award for being on these type of lists for decades.

I know that the parts and labor are covered while the car is on a lease, but to me the value of the car AFTER the lease is up is very much effected by the price of the parts and labor. That's why I had assumed they would depreciate more than most. 

That's the 5 year mark.  I would assume part of that is the price of parts/labor for repairs.

But that's completely irrelevant for leases since those are almost always 2-3 years in length.

Having researched this in the past as well as leased several different makes of cars, I can tell you from my experience that BMWs are easily highest on cars I've looked at when looking at residuals. 

Here's a better list. That Toyota Tacoma residual is insane.  After that, you see a few cars in the 60-65% range and then you see a whole bunch of BMWs at 59% and above with almost every model represented.

 

[Chaos Commish]

AWD minivans are a thing now, huh?  That is intriguing. 

Just the Toyota

 

[Redwes25]

That's the 5 year mark.  I would assume part of that is the price of parts/labor for repairs.

But that's completely irrelevant for leases since those are almost always 2-3 years in length.

Having researched this in the past as well as leased several different makes of cars, I can tell you from my experience that BMWs are easily highest on cars I've looked at when looking at residuals. 

Here's a better list. That Toyota Tacoma residual is insane.  After that, you see a few cars in the 60-65% range and then you see a whole bunch of BMWs at 59% and above with almost every model represented.

Yes, because BMW itself pushes leases so they set very high residuals for their cars.  Unless you are buying something exotic at BMW (M3, etc.) there is no reason you should ever buy a BMW and should just lease it as they push lease option.  This is especially true for some of their sedans like 3 series, which is basically all leases.  

 

[mr. furley]

I you want a sedan, I love the exterior look of the Kia Stinger and Kia quality is pretty good these days from what I hear.

a 4 cylinder that gets 25 mpg??

 

[eoMMan]

Souped up Honda Civic with NOS would be dope.

 

[gianmarco]

Yes, because BMW itself pushes leases so they set very high residuals for their cars.  Unless you are buying something exotic at BMW (M3, etc.) there is no reason you should ever buy a BMW and should just lease it as they push lease option.  This is especially true for some of their sedans like 3 series, which is basically all leases.  

Actually, I've seen some leases on an i8 when poking around that are ridiculous.  I've read lease deals where people are paying like $800-900/month to lease that car.  While not cheap, that's about the amount you spend to lease a $70K-$75K vehicle in general.  Except the i8 is a $150,000 ridiculous sports car.  

 

[Redwes25]

Actually, I've seen some leases on an i8 when poking around that are ridiculous.  I've read lease deals where people are paying like $800-900/month to lease that car.  While not cheap, that's about the amount you spend to lease a $70K-$75K vehicle in general.  Except the i8 is a $150,000 ridiculous sports car.  

They can’t sell that thing so getting desperate on leases. 

 

[BoltBacker]

That's the 5 year mark.  I would assume part of that is the price of parts/labor for repairs.

But that's completely irrelevant for leases since those are almost always 2-3 years in length.

Having researched this in the past as well as leased several different makes of cars, I can tell you from my experience that BMWs are easily highest on cars I've looked at when looking at residuals. 

Here's a better list. That Toyota Tacoma residual is insane.  After that, you see a few cars in the 60-65% range and then you see a whole bunch of BMWs at 59% and above with almost every model represented.

Ah, that makes sense. And I notice most of the models on the top of that list aren't sedans like the OP was asking about. Of the sedans on that list the BMW's are well represented. It is interesting the BMW 5 series seems to lose so much value between year-3 and year-5. They are CLOSE to the top 10 on your list and well into the bottom 10 on my 5-year mark list. I guess that makes them a perfect candidate for a lease.

 

[schlesinj]

Sure.

So, first rule is that you NEVER want to put any money down on a lease (with the exception I'm going to note below).  When you see lease specials advertised with, say, $2499 due at signing, you will always want to change that amount due at signing and roll it into the lease.  Yes, the payments will be higher, but putting money down on a lease is always a bad idea.  If anything happens to the car during the lease (stolen, totaled, etc), you do not get any of that money back. 

For simplicity sake, if your lease payment is $100/month and it's a 36 month lease, you will end up paying $3,600 total over the time of the lease.  You can give them a check for $3,600 the day you get your car and not have any payments remaining.  If your car gets totaled the next day, you have no car and you do not get that $3600 back.  If you had only paid the $100 for the first month and it gets totaled, you get to walk away from the lease deal without owing any more money.

The exception to that is putting down a security deposit.  This is to cover any costs at the end of the lease (excess miles, excess wear and tear, fines, etc.).  If there are no costs, you get that money back.  If the car is totaled or stolen, you also get that money back.

The MSD program allows you to put down multiple security deposits.  They are equal to one month's payment and BMW allows you to put down 7 of them.  What they do, in return, is lower the money factor/interest rate on the lease.  So, for example, a lease payment of $550/month will get dropped down to maybe $515/month.  You are now saving $35/month x 36 months = $1,260 over the 3 year span of the lease.

The cost to do that is giving them $550 x 7 = $3,850.  When you sign the lease, you give them $3,850 that will be returned to you at lease end (minus whatever costs you might incur).  But you've saved $1,260 by letting them hold that money for you.

If you invested $3850 in an account, you'd have to earn almost 10% annually in order to make $1,260. 

In other words, it's a no brainer unless you don't have that money around to spare.

ETA -- MSD programs aren't really advertised.  You have to ask about it.  And, in general, ask about it at the end after terms are negotiated.

Just did the MSD with my wife's new Mercedes A220 (really nice sporty smallish sedan).  $37,875 sticker and paying $400 (including 9% monthly tax in PA) per month.  I think we did 2,000 and they use a 60% residual factor on a 3 yr.

 

[gianmarco]

Just did the MSD with my wife's new Mercedes A220 (really nice sporty smallish sedan).  $37,875 sticker and paying $400 (including 9% monthly tax in PA) per month.  I think we did 2,000 and they use a 60% residual factor on a 3 yr.

That's a solid deal. Congrats!

 

[bigbottom]

I drive a Toyota Avalon (work car) and absolutely love it. I have the Touring edition, which takes it slightly above your $40k limit (Touring edition is around $42k), but base is around $35k.  I recommend you take the Touring edition out for a test drive.  It’s got a very sporty look for a decent size sedan. Performance and handling is very good in my opinion. Has great safety features and some luxury appointments that make it feel like Lexus-lite. 

 

[Mrs. Rannous]

I asked Mr R and found out our KIA Niro gets about 40mpg highway and 44 in the city.  It would be higher, but he wanted the touring edition.  

 

[TheIronSheik]

@gianmarco

I meant to ask you: I know you don’t put money down, but the past two times I’ve had the sales guy tell me something like I’m not actually putting money down, it’s part of the payment or something. So just say the car payment is $400 a month. They’ll have me write a check for like $700. I feel like it’s a scan of sorts but at the same time it’s such a small number, I never feel like arguing. 

Should I always just be writing a check for the first payment?

 

[gianmarco]

@gianmarco

I meant to ask you: I know you don’t put money down, but the past two times I’ve had the sales guy tell me something like I’m not actually putting money down, it’s part of the payment or something. So just say the car payment is $400 a month. They’ll have me write a check for like $700. I feel like it’s a scan of sorts but at the same time it’s such a small number, I never feel like arguing. 

Should I always just be writing a check for the first payment?

Yes, you still have to make the first payment and then they'll often add fees like title and registration which are required to it.  You can ask to have it added to the lease itself but it's usually a nominal amount so not a big deal.

 

[East Coast Bias]

Almost picked up a Lexus ES350 today based on recommendations in this thread. Was ready to close the deal and realized I didn’t know where the title to my trade was and now everything is closed in WA where it’s titled and I’m physically in NC so doesn’t look like this is happening. The said the price quote was only good for 3 days and I won’t have a title by then. FML.

 

[falguy]

Speaking of the Sheik, where's he been? 

 

[BoltBacker]

Almost picked up a Lexus ES350 today based on recommendations in this thread. Was ready to close the deal and realized I didn’t know where the title to my trade was and now everything is closed in WA where it’s titled and I’m physically in NC so doesn’t look like this is happening. The said the price quote was only good for 3 days and I won’t have a title by then. FML.

Based on what I've read it's going to be a buyers market for used cars for the foreseeable future so maybe you should have told them the offer was only good for X number of days. 

 

[Ministry of Pain]

It's everyone's favorite type of thread:  the one where we talk about cars.  My lease is coming up at the end of the year and I have no idea what I'm wanting this time.  I want a sedan that will comfortably seat 4, I want to stay under $40k, and I would prefer if it was a little sporty.  

I hate SUV's and crossovers, so, as usual, I'll expect to see a lot of SUV's and crossovers suggested.  I currently have a Ford Fusion Sport.  It's a fun car and meets all my needs.  But unfortunately Ford stopped making the Sports.  I'm a "Ford Family" because one of my uncles was an executive with them.  But now that Ford is doing away with sedans, it's time to look at other cars.  I used to own a couple Acura CL/TL's, but they don't make that model anymore, either.  

Right now, I plan to go check out the Fusion, the Acura TLX, and maybe a Dodge Charger.  I know nothing about Dodge, but those cars look cool from the outside.  Any other recommendations as to what I should go at least look at?

If you want a true sedan, the Volvo S60 is one of the smoothest rides you will find and the leather interior was put together on seats designed by Chiropractors. Little tip on these from yours truly...45K New, 20K 3 years off lease, get one used, you'll save a fortune and once you drive one of these regularly you will wonder how you ever got along without one. It has about 250 horsepower on a T5. Mrs falls asleep every time we go for a ride. 

 

[Ministry of Pain]

Based on what I've read it's going to be a buyers market for used cars for the foreseeable future so maybe you should have told them the offer was only good for X number of days. 

The car auctions are CLOSED and cars are piling up in Florida and will flood the market with used vehicles when this is over, going to be a feeding frenzy on used automobiles and I believe new sales will suffer mightily. 

 

[BoltBacker]

The car auctions are CLOSED and cars are piling up in Florida and will flood the market with used vehicles when this is over, going to be a feeding frenzy on used automobiles and I believe new sales will suffer mightily. 

 I think ALL sales will suffer mightily based on the unemployment numbers.

For there to be a feeding frenzy on used vehicles somebody has to be BUYING. The used lot dealers have just been holding onto inventory so without any money coming in will they really be restocking even more inventory from the auctions?

It wouldn't surprise me if a lot of people stop paying their car leases if they suddenly find themselves with no job, that will also add huge numbers to the used car market. When in doubt do you pay for food, shelter, or transportation? One of those things is a DISTANT third. I now my opinion is in the minority but I've felt like the entire car(new and used) industry was a house of cards even before the pandemic. 

 

[Dezbelief]

 I think ALL sales will suffer mightily based on the unemployment numbers.

For there to be a feeding frenzy on used vehicles somebody has to be BUYING. The used lot dealers have just been holding onto inventory so without any money coming in will they really be restocking even more inventory from the auctions?

It wouldn't surprise me if a lot of people stop paying their car leases if they suddenly find themselves with no job, that will also add huge numbers to the used car market. When in doubt do you pay for food, shelter, or transportation? One of those things is a DISTANT third. I now my opinion is in the minority but I've felt like the entire car(new and used) industry was a house of cards even before the pandemic. 

The car sales industry wrote the book on the housing market bubble and escaped, too many Americans prioritize car payments over rent. Cars sales will take a dip, but I don't see a big hit. I hope you are right though my current ride is sitting on 174,000 miles.