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Discussion Starter #1
Hello! Not sure if this is the proper place for this thread, so I thought I would try in R/T specific lounge.


Anyway, hello all! My particular story is that I love Dodge Challengers and I've always wanted one since they have come out, but unfortunately due to school and other responsibilities it's not really a feasible choice ATM. I moved to California a few years ago and when I bought a car, I had to forgo the Dodge Challenger and instead purchase a much more realistic Chevy Cruz ECO. Its been a fantastic little car. Additionally, I am waiting for the updated interiors to come out which really also influenced my decision at the time.


I've recently completed my Masters Degree at school and I've been employed in California for the past two years. My job outlook has changed for the better and now I'm re-evaluating my options. I was driving my car and I saw a bunch of Dodge Challengers parked outside a Dodge Dealership. It looked like candy in a candy shop so I decided to take a look. Specifically, I was inquiring into the new 2015's when they arrive. Of course, when I purchase one I want leather, NAV, etc because I'm under the impression that options will keep the resale value high. It would also push it out of my price range but I thought it wouldn't hurt to ask.


Not surprisingly, there is a lot of momentum to move the 2014's. What was surprising is when the saleslady told me about the lease option that Dodge currently has where you lease a 2014 for a year, then purchase a 2015 a year later for no money down. That's unheard of. It basically says, "Hey, come back in a year but in the meantime here's a car to drive."


We went to look at the options and I found a base R/T Challenger with a six speed manual transmission. No options, nothing. Just a stripper with a V8 and three pedals. Perfect. Specifically, it's this one. New 2014 Dodge Challenger For Sale | Redwood City CA


This makes a lot of sense to lease. It's no frills, it's fun, I can drive it for a year, and then I can turn the keys in and actually order the Challenger that I want a year later.


Right now, the big determining factor would be the trade in on my Chevy Cruz ECO. I purchased it in December of 2012 for 24.5, at 0 Down, 0% for 60 months. Plus it's fully loaded, aftermarket leather, NAV, backup sensors, premium stereo and wheels, etch etc. I currently owe about 17K on it, and unless they can work a deal on the trade in it might be a bit premature to work the deal.


So the question is, do you think this one year lease then buy is a good deal, or should I just wait for another year and get into the 2015 when I can. I'm just curious as to what you guys think. Plus, I'll be trading in a car that I'm purchasing for a lease vehicle which carries a lot of risk in itself. Or does it?


Thank you!
 

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You gotta check on the terms of the lease. I know they are doing lease one down and trade it in for a 2015 with same payments/no extra down. But if you get a Base R/T I would assume that the 2015 would have to be of equal value so you would get just a base 2015 r/t. I could be wrong but just in case I would check with the sales person or better yet finance person.
 

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I have not checked into leases for many years now but there used to be so many downsides that a popular radio finance guy still calls them Fleece's. You might want to check with your insurance carrier. It used to be you needed higher coverage on Leases and there might be restrictions on taking it out of the country. With this offer, what I don't like is no option to purchase after the lease and of course with all leases, you're obligated for the term and you get hammered for over mileage and loss of value if you wreck it.
 

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Don't care for leasing. For the average guy, there's just too many unknowns as to what may happen while you're driving it.

That "fine print" can kill you in many ways.

The low payment sounds good at first, but that's about it IMO.
 

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I wouldn't do it. Be patient. The 15s will be out in a few months. Drive your bruze till then. You'd of lowered the payoff on your chebby bruze. Wait till January or so and maybe you can a good deal on a 15 that's been sitting on a lot. They should start hitting the lots in September.


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Discussion Starter #6
I wouldn't do it. Be patient. The 15s will be out in a few months. Drive your bruze till then. You'd of lowered the payoff on your chebby bruze. Wait till January or so and maybe you can a good deal on a 15 that's been sitting on a lot. They should start hitting the lots in September.


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Pretty much the deal as it stands. I went ahead and had them value my trade in and run my credit for the hell of it. We'll see what they come back with.

The trade in value is what will probably hose the whole deal, but I'll see.
 

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Check on the sales tax situation in your state. You don't pay when you sign, you pay every payment and it might be more than the sales tax if you buy.
 

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Pretty much the deal as it stands. I went ahead and had them value my trade in and run my credit for the hell of it. We'll see what they come back with.



The trade in value is what will probably hose the whole deal, but I'll see.

Take your car to Carmax for an appraisal. At least you'll have an idea and you can use it as leverage.
You have to be carful with leasing when a trade in is involved. Most states don't have laws in regards to transparency on leasing. The numbers can be manipulated to the dealers advantage.
I'd think with 0% financing in regards to your bruze, you won't be much upside down. If you wait another 6 months, I think you'll come out even on the trade since on most cars the break even point is at 36 months.
You can also do some research on the inter web for leasing tips. For example how to convert the money factor dealer uses to interest rate and so on.


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I thought this lease program says after the year you can get the 2015 as a lease without the down payment not a purchase correct me if I'm wrong
 

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Discussion Starter #12
While I am buying the Challenger, I have leased many times in the past and I am a big fan....more car for the money.
I bought my Chevy Cruze brand new with zero miles in Dec. 2012. As of today, I have 9000 miles on it. 2400 of them was driving from Texas to California. I've put 6600 miles on the car in 17 months.

I'm thinking a lease would have worked out better in this situation. I'm making payments on a car that sits half the year.
 

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Discussion Starter #13
Check on the sales tax situation in your state. You don't pay when you sign, you pay every payment and it might be more than the sales tax if you buy.
Sales tax is approx. 11% of the purchase price.

Dodge is offering 3K incentive, but you pay that back with taxes. So the sticker is essentially the out the door price.

Welcome to the new shell game economy.
 

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Discussion Starter #14
Take your car to Carmax for an appraisal. At least you'll have an idea and you can use it as leverage.
You have to be carful with leasing when a trade in is involved. Most states don't have laws in regards to transparency on leasing. The numbers can be manipulated to the dealers advantage.
I'd think with 0% financing in regards to your bruze, you won't be much upside down. If you wait another 6 months, I think you'll come out even on the trade since on most cars the break even point is at 36 months.
You can also do some research on the inter web for leasing tips. For example how to convert the money factor dealer uses to interest rate and so on.


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Thanks, I'll look into this.
 

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Sales tax is approx. 11% of the purchase price.
11%! Holy crap, where do you live?

In NC it's like 3% and I thought that was outrageous.
 

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California. San Jose, specifically.
That's good to know. My step-daughter lives in LA and we're getting ready to buy her a new car. What do they charge to transfer a car from another state?
 

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I could see leasing if you don't have much of a down payment, although they're looking still about 15% down. Miles also are limited 12/15,000, with a surprise if you go over. Dodges new lease deal allows you to purchase the 2015 model as well at a discount, so it may be worth a try. One thing if you buy, Challengers hold their value better than most as long as not excessive on the miles.
 

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Discussion Starter #19

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Save your dough, keep your econo-box chevy, and buy the a new 2015 SRT when they're available. Otherwise it'll just only ever feel like a half measure and you won't be able to really bond with your car like you could if you owned (and could mod) it.
 
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