lease vs finance
this is the first time i'm experiencing a lease, or even buying a new car.
This is how it works out, yes, on the 42 month lease, i end up shelling out
$20,680 (w/tax included). the residual "buy back" value of the car after 42 months is $16000 + tax. so the total "buy back" value is $17,380.
In conclusion the total spent, if i lease then "buy back" is $20,680 + $17,380 = $38,060.
As for financing it, I got a quote at 4.9% for 60 months. Payment per month is $598 with $3700 down. the total i would spend at the end of the 60 months is $39,580.
So, all in all, its about the same. just less money per month with a lease, and no worries about selling the car at the end.
Please tell me if i did something wrong in the calculations, or if you know a place with a better deal, i'm in the NYC area. Thanks guys!
by the way, i'm ready to buy asap. thanks.