Any good lease deals on trucks out there?

[ModMike1572]

I go through cars and trucks pretty often so this time around im trying to lease so i can have options after 3 years.

I went to my local ford dealership and some of their rates were outrageous. 5,000/down with a payment in the mid/high 300's for a base model 6 cyl F-150 - sticker price 29,000. ... dodge wouldnt even lease any of their new rams at the local dodge dealer.

I even went to toyota (and i dont even like toyota) to look at some tundras with the 5.7 and so far they are offering the best deal... 3200/down and 352 /month - sticker price 34,000. Even that seems kinda high to me. Ive never leased before so maybe i had false impressions on landing a good lease deal.

Any tips on negotiation or any other advice?

Has to be a truck capable of pulling a 16ft trailer.

 

[slapshot]

I looked at a truck lease a few years ago. I found that trucks are not good vehicles to lease. They don't think they hold their value enough, so you pay lots of depreciation. Not like a BMW that holds much more of it's value. Heck, I could have leased a $50k 5 series BMW cheaper than any GMC, Chevy, or Ford truck at the time.

I ended up buying a GMC Sierra near the end of the model year when they had $7k in rebates, etc. Between the rebates and dealer discounts, I bought it $10k under sticker. The loan payment was way cheaper than the lease and I had equity from day one, so when I traded it in for my wife's 335i, we had equity to use as cash down.

I am like you, i go through vehicles every 3-4 years. I learned that as long as I buy right, I don't lose money when I trade in or sell outright.

 

[ModMike1572]

I looked at a truck lease a few years ago. I found that trucks are not good vehicles to lease. They don't think they hold their value enough, so you pay lots of depreciation. Not like a BMW that holds much more of it's value. Heck, I could have leased a $50k 5 series BMW cheaper than any GMC, Chevy, or Ford truck at the time.

I ended up buying a GMC Sierra near the end of the model year when they had $7k in rebates, etc. Between the rebates and dealer discounts, I bought it $10k under sticker. The loan payment was way cheaper than the lease and I had equity from day one, so when I traded it in for my wife's 335i, we had equity to use as cash down.

I am like you, i go through vehicle every 3-4 years. I learned that as long as buy right, I don't lose money when I trade in or sell outright.

Thanks for the reply. Makes sense. I offered 2,00/down and 329/month on the tundra and they rejected the offer.. This is the most I feel comfortable paying for a lease and it looks like its not gunna happen.
I have a buddy who works at Nissan who said he would hook me up with a sick deal on a lease (whatever that means), on a Titan - another truck im not crazy about lol.

 

[ff500]

Try swapalease.com

We leased a jeep wrangler but when we relocated to Va we had to get rid of it, we used swapalease. Basically you take over another persons lease, usually good deals.

 

[Chris!]

Leasing trucks is never a good deal. Unless you want a stripped out model.

I reccomend you buy, certified pre-owned. Someone else takes the depreciation, you get a good buy.

 

[SNCBOOM]

This is also a great time of year to buy. My dad just picked up a 2012 Dodge 2500 with diesel/4wd for about $12k less than sticker.

 

[lobra97]

Hell of a deal......lol
2008 Ford Mustang lease in West Haven, CT

 

[SLVRBLT]

IIRC you do bread routes right Mike?

Try looking at delivery trucks. Prob a little more but will it pay itself IMO.

 

[ModMike1572]

Try swapalease.com

We leased a jeep wrangler but when we relocated to Va we had to get rid of it, we used swapalease. Basically you take over another persons lease, usually good deals.

I'll check it out, thanks

IIRC you do bread routes right Mike?

Try looking at delivery trucks. Prob a little more but will it pay itself IMO.

Ive used a box truck before and hated it. I like the truck/trailer combo because I can drop the trailer off and use the truck for business/personal, that way I only need 1 vehicle/insurance, etc..

 

[ModMike1572]

Try swapalease.com

We leased a jeep wrangler but when we relocated to Va we had to get rid of it, we used swapalease. Basically you take over another persons lease, usually good deals.

Found a few decent deals on swap a lease. Might consider that, especially since some of them require no down payment and just taking over the lease..

Anything I should watch out for or advice on the process?

 

[Equalbracket]

This is also a great time of year to buy. My dad just picked up a 2012 Dodge 2500 with diesel/4wd for about $12k less than sticker.

Ya it is, I picked up a '12 2500 over the weekend, 60k sticker, 46k otd. Wanted a '13 but they wont even price them yet, and wont be on the lots locally until march + the DEF etc.

 

[VRYALT3R3D]

Thanks for the reply. Makes sense. I offered 2,00/down and 329/month on the tundra and they rejected the offer.. This is the most I feel comfortable paying for a lease and it looks like its not gunna happen.
I have a buddy who works at Nissan who said he would hook me up with a sick deal on a lease (whatever that means), on a Titan - another truck im not crazy about lol.

Never negotiate the monthly payment. Always negotiate the cash purchase price first. Remember you are buying a car, not a monthly payment.

One of the most important aspects of buying a new car is to find out the invoice price of the car. You can find it on edmunds.com or other sources.
Remember a dealer is in it to make money, so work from the dealer invoice up but never the MSRP down. And obviously never pay over list, that is instant depreciation there.

It is helpful to bring a friend down with you when you negotiate and have them bring up points why they didn't like whatever you are looking at. This keeps the salesman off balance, just when the salesman thinks he has you, hit him with another objection. He will then have to sweeten the pot to keep the deal alive. Even if the objections mean little to you, the salesman will believe it is important to you. Prepare to walk away and never shop at only one dealer. You will 99% of the time overpay. And remember, make sure you don't pay tax on the rebate.

You should be finding out the interest before you even talk price. Make sure you get the lowest possible interest. And shop around, too. If a salesman asks you "how much can you afford a month?" Don't answer it. Say it isn't relavent.

Now the question is: IS LEASING FOR ME?

Leasing isn't for everyone, and it is not the cheapest way to purchase a car. The cheapest way to own a car is to buy it and keep it until it falls apart. But for those who keep a car 4-5 years, leasing may be an attractive way of getting a car. Leasing is sometimes the only way to drive a new car when you can afford to make monthly payments, but don't have enough cash for a big down payment.

Leasing a car has distinct advantages over buying a car:

1. No huge down payment.
2. Lower monthly payments
--Here is why: When you buy a $30,000 car you make payments based on that price minus the down payment. When you lease the payments are lower because the car isn't yours at the end of the lease. That means you don't have to pay for the whole car. That means the car that is worth $30,000 may still be worth $15,000 after a 36 month lease. So the leasing company would base their payments on $15,000 not $30,000.
3. You can walk away from the car at the end of the lease.
4. You can drive a more expensive car.

Sounds pretty good huh? No down payment, no headache of selling a used car...lower monthly payments...

Well there is a reason. Leasing is always more expensive then buying a car. That is because at the end of the lease you have nothing to show for all those payments. You can either drop the car off or buy it at the residual value.

There are two types of leases. Open and closed-end leases.

Closed end lease- Fixed residual rate with the option to buy.

This type of lease means that the residual value is fixed at the beginning of the lease and you have the option of purchasing the car at the residual value or simply walking away from it.

Open end lease- Fixed residual rate with the option to buy, BUT you must pay the difference.

With an open end lease there is still a residual value set at the beginning of the lease but if the car is worth more than the residual value then you must pay the difference. Always go for closed-end lease.

Money factor. This is the phrase used for the finance rate upon which the lease payments are based. The lower the rate, the lower the monthly payments. Obviously you want the lowest rate you can find.

GAP protection This is extra insurance coverage that will cover the lease balance and any early termination fees.

Mileage allowance
Watch the mileage allowance you are getting. If you are going to go over the allowence, trade your car in early. By doing that you can finance what you owe on the car by putting it towards your next lease instead of paying the mileage penalty up front.

Wear and tear
You have to keep the car in good shape. If you don't maintain the car well and run it down, you will be responsible for the damages at the end of the lease.

MISC. Fees

--Be prepared to give a security deposit.

Acquisition fee and Disposition fee. Ask for these fees to be negotiated out of your lease.

*******

Remember leasing a car is not different from buying a car. Never announce to the dealer you can pay x a month to lease a car. Start by negotiating the price of the car as if you are buying the car. Then negotiate the residual value and the excess mileage fees.

To lease or not to lease

-Leasing may be good for you if you want to invest your money in something other then a car.
-Drive a more expensive car
-Trade in every 2-3 years.
-No hassle of selling a used car
====
-Leasing may not be right for you if you usually drive your car more then 15k miles a year.
-You don't take care of your car.
-You want to keep the car long term

Bottom line. Make sure leasing is right for you, and make sure you understand everything you sign. Don't understand it? Walk away.

 

[velocicaur]

Lease cars, buy trucks.

You go through cars, but you always keep the truck around. Take good care of it, and you can get 15 or 20 years out of it. We leased a truck once, never again. It's ridiculously expensive and what do you replace it with... another truck that is the same thing....V8 and 4wd. Get a nicely equipped truck and run it into the ground.

 

[ModMike1572]

Points taken. Thanks for the replys

 

[61mmstang94]

Lease cars, buy trucks.

You go through cars, but you always keep the truck around. Take good care of it, and you can get 15 or 20 years out of it. We leased a truck once, never again. It's ridiculously expensive and what do you replace it with... another truck that is the same thing....V8 and 4wd. Get a nicely equipped truck and run it into the ground.

I see your point but you could make the same argument for a car that you did a truck.

It's not like only cars get updated and improve. Trucks evolve similarly.

I think the real answer can't be given to him by anyone else. The guy needs to define what he wants out of the truck. Like if he wants to keep it for ten years, then buying is the way to go.

And he needs to do research to get his best prices on leasing and purchasing deals. Then evaluate to see what will give him what he's looking for at the most cost effective price.

But I agree, if he's looking to keep it for a long time, say ten years and plans on putting higher mileage on it, then buy a nice diesel truck and don't lease.

I think leasing is a good option for some people, but too often people lease for the wrong reason which is to get more car or truck than they can really afford.

 

[VRYALT3R3D]

I see your point but you could make the same argument for a car that you did a truck.

It's not like only cars get updated and improve. Trucks evolve similarly.

I think the real answer can't be given to him by anyone else. The guy needs to define what he wants out of the truck. Like if he wants to keep it for ten years, then buying is the way to go.

And he needs to do research to get his best prices on leasing and purchasing deals. Then evaluate to see what will give him what he's looking for at the most cost effective price.

But I agree, if he's looking to keep it for a long time, say ten years and plans on putting higher mileage on it, then buy a nice diesel truck and don't lease.

I think leasing is a good option for some people, but too often people lease for the wrong reason which is to get more car or truck than they can really afford.

Buying a diesel to tow a 16' trailer is overkill.

 

[ff500]

Found a few decent deals on swap a lease. Might consider that, especially since some of them require no down payment and just taking over the lease..

Anything I should watch out for or advice on the process?

There will be an application fee on your part and you could pay for an inspection if you couldn't check the vehicle out yourself. There is a transfer fee as well. When we had to get out of our jeep, we paid the transfer fee and even paid to have it shipped from Va to NY to the new owner. It was a fairly smooth transaction.

Look for ads where people are offering incentives, they'll pay some of the fees like we did.

There's another company like swapalease out there, I can't think of the name, do a google search on it.

 

[ModMike1572]

I think the real answer can't be given to him by anyone else. The guy needs to define what he wants out of the truck. Like if he wants to keep it for ten years, then buying is the way to go.

Absolutely do not want to keep it for 10 years. I get bored of vehicles after a few years, plus with owning a distribution business, having something always new with warranties is a nice peace of mind which is why leasing seems like the way to go for me.

 

[61mmstang94]

Buying a diesel to tow a 16' trailer is overkill.

It was moreso for the incredibly high mileage and I'm not sure what weight he's towing. Sounds like he'll also be towing with the majority of his driving if its for work.

Absolutely do not want to keep it for 10 years. I get bored of vehicles after a few years, plus with owning a distribution business, having something always new with warranties is a nice peace of mind which is why leasing seems like the way to go for me.

Gotcha. And how many miles do you put on per year? Makes a big difference for what a lease payment is going to be.

 

[VRYALT3R3D]

Absolutely do not want to keep it for 10 years. I get bored of vehicles after a few years, plus with owning a distribution business, having something always new with warranties is a nice peace of mind which is why leasing seems like the way to go for me.

You can purchase a Ford Premium Care ESP and have it as long as ten years from the warranty start date.
This is why OASIS goes only up to 10 years.