Car Lease v. Buying

[pointer]

That vicinity, yup
Driving there now. Hopefully they honor their quote...

And the result is?

[Dan]

And the result is?

A lot better than it would have been from this dealer!

[Dan]

And the result is?

A lot better than it would have been from this dealer offering me a "limited time deal"

[Dan]

And the result is?

Hassle-free pickup experience!

Sticker:


Purchase price:


Pic of DW driving home the new car on the turnpike:

[pointer]

Hassle-free pickup experience!

Sticker:


Purchase price:


Pic of DW driving home the new car on the turnpike:

Nice! Not thousands under sticker though.
No destination, dealer, etc. fees? What was your OTD price?

[Euclid]

A lot better than it would have been from this dealer!

Not to pry, and you can decline to answer. Do you have $50k cash just lying around available to use for a car (which seems like a lot of cash to be holding especially in today's inflationary environment)? Or are you using some other sort of financing (0% APR credit line credit card, or low interest HELOC)?

Curious for myself. I don't hold cash (other than an emergency fund, which I don't want to raid) so I'm curious what your strategy is.

[yelped]

Not to pry, and you can decline to answer. Do you have $50k cash just lying around available to use for a car (which seems like a lot of cash to be holding especially in today's inflationary environment)? Or are you using some other sort of financing (0% APR credit line credit card, or low interest HELOC)?

Curious for myself. I don't hold cash (other than an emergency fund, which I don't want to raid) so I'm curious what your strategy is.

My car was "cash". It is most likely an unsecured loan, so no lien on the title. Less complicated for everyone.

Congratulations @Dan! May you continue to head in good directions with health, nachas and Simcha!

[Dan]

Nice! Not thousands under sticker though.
No destination, dealer, etc. fees? What was your OTD price?

How so?

I got a very nice wedding present from someone who wrote "if only your name was alpayim and not eleff"

OTD sticker:


My OTD:

[pointer]

How so?

OTD sticker:


My OTD:

Thats awesome.

[CountValentine]

Not to pry, and you can decline to answer. Do you have $50k cash just lying around available to use for a car (which seems like a lot of cash to be holding especially in today's inflationary environment)?

Some have many times that amount in liquid assets. Yes, it is an inflationary environment but also a volatile environment where cash is king.

[Dan]

The '14 Touring for example was $570 from the NY leasing places.  Plus $1,650 in fees makes that $616.
Compared to a $42.7K sticker that can be negotiated down to $37K+tax=$40K.
That's a breakeven point of 65 months.  And that doesn't account for damages, disposition, and mileage limitations that come with a lease.

Closing out the books with some quick and dirty math on this one.

Spent ~$40K plus $720 for an 84 month Hondacare warranty. Only did routine maintenance and had a couple Hondacare claims to break even on that.

Kept the car for 111 months, which means it was free for the past 46 months after the calculated breakeven point above, ignoring the car's remaining value.

Carvana says they will pay me $19,715 for it, so ignoring the time value of money, means the car actually cost about $21,000 including tax and warranty. That imputes a breakeven point of 34 months, which would mean it was free for the past 77 months.

You can quibble with the math (feel free to point out any errors @farmbochur), but this is just a no-brainer folks. Just last Shabbos I argued with someone who said they couldn't afford to buy a car, which is why they lease a new Odyssey every 2 or 3 years. 

[CountValentine]

Hassle-free pickup experience!

Nice!
I guess all those who said you can't get these cars at list were right. You can get them under list!!! 

[CountValentine]

Carvana says they will pay me $19,715 for it,

Did you check CarMax?

[Dan]

Did you check CarMax?

Yes, $19,000.
Anyone else worth trying?

[yelped]

Yes, $19,000.
Anyone else worth trying?

Did you check CarMax?

And these: https://forum.leasehackr.com/t/list-of-places-to-sell-or-value-your-car-online/396451

They all have their own quirks and sometimes one place will price a certain car and trim much higher. You can also price match.

[yeshivabucher]

Yes, $19,000.
Anyone else worth trying?

algonation usually has good offers and tell them no they will bump it up 500 at least

[mlight]

Hope it's ok to post here:

Willing to pay $$ for anyone that can find/negotiate an odyssey or sienna at MSRP. Obviously will pay more if you can get below msrp.

Willing to pickup up anywhere in the east coast (or anywhere < 12 hour drive from lakewood).

Pm for more details!

[CountValentine]

Yes, $19,000.
Anyone else worth trying?

Kelly Blue Book but IIRC they have dealers call you.

[Dan]

algonation usually has good offers and tell them no they will bump it up 500 at least

$16.5K.

And these: https://forum.leasehackr.com/t/list-of-places-to-sell-or-value-your-car-online/396451

They all have their own quirks and sometimes one place will price a certain car and trim much higher. You can also price match.

All shy of Carvana, but thanks!

[CountValentine]

Other sites are probably the same, but CarMax prices change all the time. So, I would check every few days.