Does the $498 monthly payment include taxes?

 

yes it does


Posted from ClubLexus.com App for Android

 

Yes, tough decision. And I will say this about myself....I like driving more than I like my house, and more than I like vacationing. So I place an extremely high value on having a quality car, I really do....

I'm one of those people who would rather live in a modest single family home and take modest vacations, and then get to drive a sweet ride every day. And hec, half the fun for me when I DO vacation is actually driving....that's how much I like driving. So I completely understand your desire, trust me.

But for now, seriously consider just get a nice fun car that you can afford, then save for the car you really want in the next 4 to 5 years. Maybe a Volkswagen GTIs or a used Lexus (if you like luxury more) would be a decent choice for now. Hec, you can get used 2IS' and used 2GS' and 3GS' for pretty cheap now, and they're still pretty rock solid when it comes to reliability (and can be lots of fun!). My GS has 270,000 sunny day miles and my ES has 250,000 rainy day miles (both still going strong) ....see, I drive a lot.

And of course my 2001 Lexus GS430 (heavily modded) is paid for...as is of course my 2003 ES (my rainy day car), as is my Ford F150 (my snow/ice/utility vehicle). I'm currently saving for an M3, which I will be able to almost pay cash for since the car savings account money has been invested well. So, I'll have a tiny car payment if any, and will be able to spend money on a few mods right away (a must for me!). And of course, I'm not buying a brand new one (for me, a waste of money)....I am buying a 1- or 2-year old used one, which will save me about 30% right off the bat. A used 911 or Cayman is on the wish-list too, but every time I check the maintenance costs on those, I run scared. LOL If I am fortunate, I will eventually own one...

In the end, I am so glad I waited, but it was hard. I was ready to pull the trigger 3 or 4 years ago, and I would have had a pretty big payment. My financial planner was a big help in assisting with my patience.

My little old rancher with a 1-car garage is perfect for me, I need nothing more. And as much as I like to vacation, every sunny day I choose to "travel" someplace in that M3 will certainly put a smile on my face....just as my GS still does. For me, it's a wonderful trade-off (but that's just me).

Good luck!

 

That sounds like a pretty awesome deal. I'd go for it, and perhaps negotiate more mileage or some tints.

 

the taxes are included but not for the residual amount, that I would have to pay for if I were to buy the car by the 28th month.

I'll def. try to get more on this offer though


Posted from ClubLexus.com App for Android

 

I really think you would be making a mistake by doing this...

Have you made application for this lease? Will they even approve it with your income?

 

I'll restate that, I meant IF I were to take this deal I would try to get more.

But yes I did fill out a form and they ran my credit which was around 710, I don't exactly remember.


Posted from ClubLexus.com App for Android

 

I understand that your credit is fine, but they also have debt to income ratios they use to qualify you...granted its not like a mortgage where there are hard and fast rules, but 12% on a car lease is a risky proposition IMHO for a lender...perhaps not for TFS...

 

Even with a low six figure salary I find a $50k car purchase a hard pill to swallow.

 

Dude - you can't afford the car. You just said it yourself. You're basically trying to buy a car that is 100% of your annual salary. You're trying to live way above your means through financial credit.

Don't know how old you are, but I'm assuming you're slightly younger than me.

I'm 31, I make probably close to 10x what you're making and the thought of buying a $45-50K car is still something that I have to stop and think about.... just trying to give you a perspective here. You're trying to do too much too soon.

Yeah... that's what my parents did and it got them nowhere, spun their wheels and just never got out of the hamster wheel of being a worker-bee in life.

 

All depends on where you live. I see you live in NY, where you live and where I live I agree, but in a lot of places a low six figure salary is huge...

If you live someplace where $150k buys you a nice house and your cost of living is low...

 

You are over stretching your budget. When you need tires or maintenance you will be hosed. Give yourself breathing room.

 

That's where I plan on moving to as soon as I retire. I would love to get my hands on a brand new IS-F but will concentrate on saving and paying off my Mortgage first. Keep in mind I'm still legally single and without kids at this point.

 

In short i will say this is not a deal, your putting down too much and the payment is too high.

 

Good for you both. But then again, some people have different priorities. Personally I get uncomfortable when the car purchase price is more than 10% of my salary. Doesn't mean I haven't done it. As a matter of fact the highest I've ever spent was 80% my salary. Hey what can I say life is short!

However that's still no excuse for not understanding some important principles of the leasing process. Like NEVER EVER putting down on a lease car, or what is the money factor or the general process of negotiating a lease. All this takes no more than an afternoon of research.