Best time to finance/lease?
 

For those who went one of these routes, what did you look for? Waited for year end deals ? Whenever it was 0% interest?

Been wanting to upgrade my car as its too small for me (6'6 and mazda3 don't mesh well) and after I financed this car (6% rate, and I was too noob and didn't know its 6% per year so that was an extra 30% over 5yrs) I want to be a bit more informed and obviously do my best to get it down to 0% as much as possible.

Lease gives you more flexibility if you ever get tired of the car, its much easier to get out of and Lease usually has lower interest rates. If you decide to buy your car out you will get loyalty towards financing the residual.

I can help out on new Honda's. Family and friends deal. I think the Accord would be perfect for you. Ridiculous leg room.

Residue value is more important than rates imo, which could fluctuate over $100 in monthly payments.

I know for Fords, the residue changes every month or so and the best time of the year to lease would be the beginner of the year.

Sorry I couldn't be of much help for other brands

ive been leasing for years. The company pays me 500 a month for leases so it makes a lot of sense for me. Ive found the best interest rates are usually in the fall (aug/sep) when they are trying to clear out this years models and make room for next years stuff. Residual is important if you want a lower payment per month as you lease less of your car = less payment per month.

crap ive leased over the years
Nissan Cube SL - 410 a month - 36 months - lease takeover by some kid
Toyota Corolla CE - 300 a month - 36 months - lease takeover by a guy who purchased it outright to make it into a taxi
Honda CRV AWD LX - 400 a month - 48 months - lease takeover
Toyota Corolla LE - 250 a month (this was a great deal) - 48 months - lease takeover
VW Sportwagen Highline - 436 a month - 48 months - still have it.

these are all the cars within recent memory. I usually get somebody to take over the lease when its almost up as it saves me the headache of doing the end of lease commitments (ie wear and tear). There are people out there who only want to lease for a year or so and thus it works out for them. I usually end up splitting the lease transfer fee (500 bucks in most cases) and they assume the lease.

I wouldn't say it's easier to get out of lease. In fact, more often than not, it's tougher to get out of a lease because not a lot of brands offer lease options that leave equity on the table through the term of your lease.

My f10 5 series is a good example. I have excellent monthly payments but when I looked into getting out of the car early, 24 months into my 48 month term, I was under water by about $12,000. As I treat my lease as a rental, this type of a situation is great for me as it keeps my monthlies low and I can get a new car every 3/4 years without any worries. I just give the car back and I'm done with it.

Leases are good for those who like to change cars every 2/3/4 years. It's often more costly over the long run, but that's the price you pay for the flexibility of being able to change cars every few years more easily.

Finances make sense if you plan on keeping the car longer term.

That's my take based on my experiences with leasing.

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Thanks everyone for their info appreciate it!

JLC : I do think lease might work the best for me..over the last 6 years ive gone through 6 cars..i just get bored very easily, and even tho I understand ill pay more in the long run, I gotta pay to play ahah

The last time I busted out the excel spreadsheet, 4.5 years is the magical ownership number for lease vs finance for me. If I kept my car anytime longer than 4.5 years, it was better to finance.

I should of been more clear. I'm basing it off Honda's. We have people that get out of the lease within 2.5/3 years on a 4 year lease and most of the time they end up with a wash or in rare cases positive equity. The equity usually comes from Odysseys and Pilots.