Opinions needed...possible new car

[Raven519]

I bought my current car a year ago, its a 2012 chrysler 200. Got it because I needed something better on gas than my Jeep was and because I got a very good deal on it. My commute at the time was 50 miles round trip. Recently I got a new job, pays better and my commute is only 3.5 miles round trip. Since I have never really been happy with the car, I went to look at what I've been wanting for awhile, a new Grand Cherokee.

My car has zero issues and is a very good car, but it just doesn't do much for me. After talking with my sales guy, we couldn't get the number i wanted for financing, I wanted to stay at $300 a month (currently I pay $89). However, he came back to me with a different deal. I can lease one for $299 a month and get a check for 7k. So my question is, would I be stupid if I took the deal or don't take the deal? I've had different responses from people I know, figured I'd ask on here too.

 

[Led_Zep]

Hey if you want it go for it, you only live once!

 

[FordMustangLove]

Hey if you want it go for it, you only live once!

worst finance advice ever

 

[KingJacobo]

7k for a 2012 200?

 

[1Bad04Mystic]

I say stick it out for awhile until the price levels out a bit. No sense in eating a bunch of money unless you are really that unhappy with it.

 

[Led_Zep]

worst finance advice ever

If he's thinking about it and asking on an Internet website, he can obviously afford it. Don't be a meanie head.

 

[jpro]

I bought my current car a year ago, its a 2012 chrysler 200. Got it because I needed something better on gas than my Jeep was and because I got a very good deal on it. My commute at the time was 50 miles round trip. Recently I got a new job, pays better and my commute is only 3.5 miles round trip. Since I have never really been happy with the car, I went to look at what I've been wanting for awhile, a new Grand Cherokee.

My car has zero issues and is a very good car, but it just doesn't do much for me. After talking with my sales guy, we couldn't get the number i wanted for financing, I wanted to stay at $300 a month (currently I pay $89). However, he came back to me with a different deal. I can lease one for $299 a month and get a check for 7k. So my question is, would I be stupid if I took the deal or don't take the deal? I've had different responses from people I know, figured I'd ask on here too.

Doesn't this amount to a free new car for two years basically? If they give you a check for $7K and your payment is $300/month that $7K will cover two years of payments.

I've never leased so I don't understand what happens at the end of a lease, but this sounds like a good deal to me. Also, a 7 mile round trip commute pretty much allows you to now have to worry about the mileage limit for the lease.

Then again, i don't know what you gave up to get an $89 current payment but that would definitely effect my decision. If you put a big chunk down on your current vehicle to get the low payment I don't know if I would do the deal.

 

[Raven519]

7k for a 2012 200?

I would net 7k, after the remaining balance is paid off and the down payment is taken out. Roughly looking at 14.5k for the car, which is 4k less than what I paid for it.

I say stick it out for awhile until the price levels out a bit. No sense in eating a bunch of money unless you are really that unhappy with it.

Thats the reason I haven't pulled the trigger yet, but also if I wait longer, that means that the new 14' model year cars will come out and prices will be higher and my car will be worth less. I'll eat some money on this one, but right now its not a ton of cash. Hence why I'm not fully decided yet on which way to go.

If he's thinking about it and asking on an Internet website, he can obviously afford it. Don't be a meanie head.

Yes I can afford it.

 

[Raven519]

Doesn't this amount to a free new car for two years basically? If they give you a check for $7K and your payment is $300/month that $7K will cover two years of payments.

I've never leased so I don't understand what happens at the end of a lease, but this sounds like a good deal to me. Also, a 7 mile round trip commute pretty much allows you to now have to worry about the mileage limit for the lease.

Then again, i don't know what you gave up to get an $89 current payment but that would definitely effect my decision. If you put a big chunk down on your current vehicle to get the low payment I don't know if I would do the deal.

Effectively, yes it does. I also looked at it this way, its $199 more a month than what i've been paying, just using the $7k to pay the difference, it would effectively pay for nearly the entire lease. Mile limit would definitely not come into play. At the end of the lease, I would probably just buy it out, the monthly payment would more than likely be less than the lease at that time.

I traded in my 2010 Jeep Liberty to get the very low payment. I will lose money, there is no doubt there. But the fact that I can get exactly what I want for a price I can easily afford is what is making this decision tough, plus you add on the fact that I'm getting a check for 7k. Thats a nice bonus to put into savings.

 

[Kannif]

Sell the 200 outright and then go get a fresh toy. Telling the dealer what price you want to pay is one shot in the foot before you start man.

 

[Raven519]

Sell the 200 outright and then go get a fresh toy. Telling the dealer what price you want to pay is one shot in the foot before you start man.

I thought about selling it outright, and honestly for the extra 1,000-1500 I'd net, the hassle just isn't worth it too me. I've sold one car and that was a trip.

Also, I only told the dealer what I wanted to pay after they wrote up an offer for financing the new truck. Those numbers were a good deal off. I was fine with it and prepared to walk away, then he dropped this lease offer, which is exactly where I wanted to be.

 

[Riddla]

It seems you have already made your mind up. Go for it.

Sent from my office in the Bureau

 

[canibus]

Any chance you'll commute again?dont want to be back in the same boat.

 

[OutKast]

You may want to find out about which bank they are leasing through. I cant remember the name, it started with an a. One of the two they use has lease origination and close out fees. I think they were 400 a price. Also, if you wait a little, the GC diesel is coming out soon.

 

[Raven519]

It seems you have already made your mind up. Go for it.

Sent from my office in the Bureau

I'm leaning towards getting it, mostly because the added money would be nice to have.

Any chance you'll commute again?dont want to be back in the same boat.

I don't see it happening, but if it does happen, i;m making a good deal more money than I was, so it wouldn't be an issue.

You may want to find out about which bank they are leasing through. I cant remember the name, it started with an a. One of the two they use has lease origination and close out fees. I think they were 400 a price. Also, if you wait a little, the GC diesel is coming out soon.

I'll have to look into that. As for the diesel model, i have no interest in it.

Thanks for the responses guys.