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Old 01-24-2013, 10:40 PM   #29
McQueen77
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Originally Posted by ExpiredRice View Post

I'd say get a used car if you really want it and use the saved the money towards something like a house (if you don't already have one), your wedding or hell even your Fiance's education. It always helps to sit down and put all your finances into perspective. It's not always wise to get something simply because you can afford it.
You make great points in your post. We looked at used Tiguan's but for us, unless we got an '09 with 50-60k miles (60k VW miles is like 100k honda miles, no? haha), it was still cheaper to lease unless we got the '09 Tiguan and kept it for a really long time. After factoring in down payment, finance charges and taxes, its still a grip of cash buying 'slightly used' (like how I bought my '10 GTI) vs. really buying 'used'. But then you roll the dice on reliability. Thats fine when you are a kid and yeah, you should have gotten the Echo.. But there comes a point when you just want nice things that you don't have to worry about, like when you are 35 with a kid on the way.

Like so many 'middle class' people in southern CA, we rent and don't own, but her driving her 10 year old beater that needed work for 5 more years wasn't going to bring us much closer to buying a house. Would we have saved more money vs. her getting a great deal on a Tiguan lease? Certainly. A lot more? No. Enough for us to justify driving the beater for years longer? NO.

Average price for a decent single family home in our area that doesn't require at least $35-50k in renovations is easily $500k. For 1099'ers like us, that requires 20-30% down, so you know.. do the math. But that'd sure be a neat thing to do one day.. buy a house I mean. In the meantime, thanks to her business, the lease is a tax deduction, as is home office, etc.. Just gotta like, do the best you can with what you got.
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Old 01-25-2013, 12:57 AM   #30
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nice work. as long as you don't miss a payment and aren't late w/the lease, you're credit will be in great shape after the lease is up. Timely management of installment loans is real good for your credit.
Yea that's one thing I'm super OCD about is late payments and stuff haha I guess that's why I was tier 1 it deff pays off and I set my buy out in the lease agreement and also that the car would be bought as a cpo if I buy it out so that cpo warranty should cover belts and stuff if I do keep it
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Old 01-25-2013, 04:08 AM   #31
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Yea that's one thing I'm super OCD about is late payments and stuff haha I guess that's why I was tier 1 it deff pays off and I set my buy out in the lease agreement and also that the car would be bought as a cpo if I buy it out so that cpo warranty should cover belts and stuff if I do keep it
what do you mean you set your buyout? residual value is set by the manufacturer and is usually at 65%. if you want to buy it out at the end of the lease, this residual could be good or bad. good if the car is worth quite a bit more than the projected residual, but bad if the car is worth less. it all depends. they merely estimate. what many people do, if they are savvy and willing to do a little legwork, is that if the car is in excellent condition at lease end, and is worth more than the residual set by manufacturer, they sell the car privately, pay off the lease and pocket the equity.
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Old 01-25-2013, 06:31 PM   #32
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what do you mean you set your buyout? residual value is set by the manufacturer and is usually at 65%. if you want to buy it out at the end of the lease, this residual could be good or bad. good if the car is worth quite a bit more than the projected residual, but bad if the car is worth less. it all depends. they merely estimate. what many people do, if they are savvy and willing to do a little legwork, is that if the car is in excellent condition at lease end, and is worth more than the residual set by manufacturer, they sell the car privately, pay off the lease and pocket the equity.
When I went in there I had already been running number and knew what I wanted to pay and at what residual% would get me there so in order to get me there he had to tweak the residual and on a 42 month lease (during sign and drive here) 12k a year my residual was 53% and if I buy the car out at the end it will be for 13,387 and Certified pre owned allowing me to have that warranty as well ( this is all from the lease agreement I have out in front of me) and I believe 31/2 years from now the car will be worth more then 13k. I researched this for years lol I'm no professional but I like to believe I did my homework considering when I was 18 and tried getting a mk5 they wanted 410 a month plus tax and so on with 10k a year lol
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Old 01-25-2013, 06:36 PM   #33
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I did but didn't set it i guess you can say but in order to get where I wanted he had to tweak that and I knew he would be able to get that. I got the car for like 800 below invoice sticker was like 25,900 or something
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Old 01-25-2013, 06:43 PM   #34
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I'm on my second lease w/ VW. Credit score is a major factor. Luckily mine is good. I broke my first least 6 months early to get into a GTI. As long as you don't damage the car or anything - you will likely be able to turn it in at the 3 year mark and the value will pay the residual off. I rear ended someone in my Golf so they had to roll over about $1,400 into my new lease. That added a bit to it, but nothing too striking.

Lease will be cheaper and if you are not sure about wanting to buy it. Lease it and think it over for 3 years.
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Old 01-25-2013, 06:56 PM   #35
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I'm on my second lease w/ VW. Credit score is a major factor. Luckily mine is good. I broke my first least 6 months early to get into a GTI. As long as you don't damage the car or anything - you will likely be able to turn it in at the 3 year mark and the value will pay the residual off. I rear ended someone in my Golf so they had to roll over about $1,400 into my new lease. That added a bit to it, but nothing too striking.

Lease will be cheaper and if you are not sure about wanting to buy it. Lease it and think it over for 3 years.
That's why I leased hoping in 3 years the scirocco comes over =) ! Plus for the time being I would like to pocket a extra 100 or so bucks compared to financing and enjoy being 21
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Old 01-27-2013, 02:14 AM   #36
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As long as you don't damage the car or anything - you will likely be able to turn it in at the 3 year mark and the value will pay the residual off.
unless you thrash the car or something, you won't owe anything at lease end OP, and if you are real nice to the car, and crafty, you can sell it at lease end and pocket the equity whilst paying off VW. leasing can work for you if you got the right tools
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Old 02-05-2013, 02:26 PM   #37
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Lots of great information already, so I dont have much to add but my experience.

The only car Ive leased was the Mk5 Rabbit I had. For me it was a wise financial decision as the car was a "bandaid" to get me through 3 years until I was making more in my job. I ended up turning the car in a bit early to buy my Mk6 GTI. Leasing isnt for everyone but can be smart in certain situations. People laughed at me for leasing but shut up when I asked what they did to pay for their apartment (aka lease). I put nothing down on the Rabbit and paid roughly 250 a month for solid and fun transportation for nearly 3 years.
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Old 02-08-2013, 11:11 AM   #38
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the new mk7 have electronic hand brake get the 6! so glad i did when i did and thats making me lean towards definitely buying it...aint nobody got time for pushing buttons to fwd drift lol but i leased mine and worked out great for me im 21 and at this time in life the extra 100 bucks i get to pocket a month compared to financing is nice i have some more spending money. i got my car for 42 month lease 12k a year tax and everything rolled in only thing i pay up front was dmv and they covered first month payment and i was at 301 a month 53% residual buyout of like 12,940 give or take
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