MINI2 - MINI Forum - View Single Post - Driver Option

eltel · Apr 13th, 2002, 07:58 AM

Quote:

Originally posted by Drakken
Best thing to do is to get the actual numbers from the dealer on your car then add up all the costs for each senario. Most leases you can get out of without penalty but find out exacty what is in the lease they offer you. If you do not plan on keeping the car for more than 3 years then a lease will cost you less than a 5 year loan but selling the car at 3 years.

Here's a real life example based on my S that I'm purchasing for $24,000.

36 month lease $1000 total down
$358(includes NJ tax) X 36 = $12,888
Total cost for 3 years $13,888

5 year loan
$24,000 + 6% sales tax (NJ) = $25,440 - $1000 down
Loan amount $24,440
Payment = $486.71 @ 7.24%
Total for 3 years $18,521.56

Hope this helps.

Don't forget that after the loan is paid off, you'll still have a Cooper S sitting in your garage, that may be worth $15,000 - $20,000, so you have an asset, and you can trade it in on a new one. Regarding the lease, you have paid all that money and you have nothing to show for it.

Regards, ElTel

Apr 13th, 2002, 07:58 AM	#4
eltel MINIstry of Fun Join Date: Dec 2001 Location: Eastern Suburbs, Mel Local Time: 08:42 AM Posts: 1,593 Offline	Quote: Originally posted by Drakken Best thing to do is to get the actual numbers from the dealer on your car then add up all the costs for each senario. Most leases you can get out of without penalty but find out exacty what is in the lease they offer you. If you do not plan on keeping the car for more than 3 years then a lease will cost you less than a 5 year loan but selling the car at 3 years. Here's a real life example based on my S that I'm purchasing for $24,000. 36 month lease $1000 total down $358(includes NJ tax) X 36 = $12,888 Total cost for 3 years $13,888 5 year loan $24,000 + 6% sales tax (NJ) = $25,440 - $1000 down Loan amount $24,440 Payment = $486.71 @ 7.24% Total for 3 years $18,521.56 Hope this helps. Don't forget that after the loan is paid off, you'll still have a Cooper S sitting in your garage, that may be worth $15,000 - $20,000, so you have an asset, and you can trade it in on a new one. Regarding the lease, you have paid all that money and you have nothing to show for it. Regards, ElTel