In a pickle, car pickle. Help!?!

NightExplorer96 · Jun 5, 2016

Hey guys,

So I posted a thread about 1 year ago where I bought myself my 2000 Volvo S40 for $4,000. Well, it's now been a year and I've spent around $2,000 on repairs and a new, expensive repair may be in the works soon. I had a talk with my folks and started thinking about leasing a car instead. The particular car I wanted was a 2015/2016 Focus Sedan. Below is the info about it:

2016 Focus S | View Focus S Sedan Highlights | Ford.com

Now, my credit is pretty good! Have had my credit card for about 1 year now and my credit limit started at $300 and is now at $1,000! Never been late on a payment and always manage my money well. Would you guys recommend I save up the down payment and lease this car? Are there any other costs? I can easily afford the $141 monthly payment which is why I am very interested in this!

Now, before you say "you need a co-signer silly", im on my own lol. Let's just put it that way. What do you guys think? Is 1 year of good credit score enough? Never missed a payment, always paid my credit card in full!

Help me guys!

-Alex

ElectricPlasma · Jun 5, 2016

Good for you, Alex! That vehicle looks great, and I think you should go for it - 2016 technology has come quite a way since 2000

Which means you'll probably save a bit on gas too.

NightExplorer96 · Jun 5, 2016

ElectricPlasma said:
Good for you, Alex! That vehicle looks great, and I think you should go for it - 2016 technology has come quite a way since 2000 Which means you'll probably save a bit on gas too.

Thanks Plasma!

Hopefully I qualify. I'll need to give them a call first :yh:

-Alex

Rivem · Jun 5, 2016

As long as you're okay with the payment for as long as you have the car and you want it, I'd say go for it. I'm sure you'll get the lease as long as you've got a decent credit score.

Personally, I'm not a fan of leasing vehicles, but it's not that big of a deal. A nice, reliable car can make a big difference, and leasing is sometimes the best way to get one.

Edit: Make sure to check up on insurance though. Since it's a car you don't own, you've got to pay to fix anything that happens and the sticker price of the vehicle if totalled or stolen.

NightExplorer96 · Jun 5, 2016

Rivem said:
As long as you're okay with the payment for as long as you have the car and you want it, I'd say go for it. I'm sure you'll get the lease as long as you've got a decent credit score.

Personally, I'm not a fan of leasing vehicles, but it's not that big of a deal. A nice, reliable car can make a big difference, and leasing is sometimes the best way to get one.

Yeah, thanks!

Should I call them to submit an application or wait until I have the "down payment" saved up first? I should call them & ask to get more specific answers, along with my other questions!

-Alex

GSS · Jun 5, 2016

Hap said:
Yeah, thanks!

Should I call them to submit an application or wait until I have the "down payment" saved up first? I should call them & ask to get more specific answers, along with my other questions!

-Alex

Find out everything first and while your saving you have time to think.
I think there's alot of red tape with leases such as limited yearly mileage and possible fines without proper upkeep. Also your going to have to hand it back in a few years and to me it would be hard after making so many payments.
Then its a nice car with amazing gas mileage, pretty much worry free and your credit will get a great boost. $141 dollars a month

Bionic-Badger · Jun 5, 2016

Unless you have other assets or job qualifications that can back up your credit, I don't know if one year of credit -- even though you've been good about payments -- will get you real good terms on the lease. Maybe just talk to the dealership you're planning on leasing from and see if you qualify under the terms you'd be be willing to sign.

You might also consider getting a slightly newer used car. Cars that are 10-years-old can actually be pretty nice and cars don't evolve all that much year to year compared to how much they depreciate.

Lifetime17 · Jun 5, 2016

Hi Hap,
First when you lease a car there are stipulations on mileage use and some others and you never own it out right. Second Buying brand new cars are ok i have bought many and found that they depreciate in resale out the driveway so to speak. Third a preowned car with a great warranty now aways is the way i will go from now on through experience from a reputable dealer. These are my opinions through my past car purchases.. Good luck in deciding on what you want to do buddy, Lots of cash involved choose wisely ..

Rich

steve001 · Jun 5, 2016

ElectricPlasma said:
Good for you, Alex! That vehicle looks great, and I think you should go for it - 2016 technology has come quite a way since 2000 Which means you'll probably save a bit on gas too.

Things may be different in Canada. Don't ask for opinions. Do a web search to help you decide. Here's a start Leasing vs Buying a Car - Consumer Reports

NightExplorer96 · Jun 6, 2016

Thank you for all the help guys!

Would you recommend I ask for a loan from my bank? I like Toyota's new cars, but they require a $1,999 down payment, which I don't have unfortunately. This won't be for awhile(if at all) since I need to pay a couple things off first :yh:

-Alex

VirtueViolater · Jun 6, 2016

Hi Hap,
I myself have purchased brand new vehicles and as posted above, they depreciate a huge amount soon as you drive them off the lot. They are not like a house that will gain value. The vehicle I own now is a 10 yr old Volvo xc90. I paid $2600 cash for it. Notes and excessive insurance premiums are money spent you'll never get back. I try to save and pay cash for everything. If you have a decent ride now, is recommend you save till you found something you like used and pay cash.

trussmonkey25 · Jun 6, 2016

Save and buy a newer used car. Get a loan through your bank. That is your best bet. Otherwise find an older used car you like, spend the money to restore it. Not cheap but worth it you come out cheaper than leasing or buying brand new

InfinitusEquitas · Jun 6, 2016

One year credit history with 1k limit will not be enough. You will need a cosigner. Either that or you're gonna be bent over and screwed on interest, down payment, and installments, probably all three.

Taking out a loan to get buy or lease a cal is also a bad idea. Debt is very easy to acquire and very hard to get rid of.

Do not suggest ever buying a new car. Even if you have the money to spend on it, IMO, you're better off spending the money elsewhere, as cars depreciate in value a lot.

In your place I would consider saving up for a certified used car, with warranty (And read that warranty carefully! Unless something is said to be covered specifically, it's not.) or a 2nd lease. Many places will lease cars that have already been leased.

Alternatively consider how much more in repairs is needed for the current car, that may be the easier option to go with.

Lifetime17 · Jun 6, 2016

Hi Hap,
Like i said in the beginning certified used car with warrant on mileage and drive train. No to new cars , no to leasing. I had 12cars since i started driving you lean a lot over the years buddy. Don't be to hasty take your time ..

rich

NightExplorer96 · Jun 6, 2016

Lifetime17 said:
Hi Hap,
Like i said in the beginning certified used car with warrant on mileage and drive train. No to new cars , no to leasing. I had 12cars since i started driving you lean a lot over the years buddy. Don't be to hasty take your time ..

rich

Thanks Rich & everyone else. Like previously stated, I need to pay off a few things then we'll see how things go

-Alex

Lifetime17 · Jun 6, 2016

Hi ,
Buy american keep your money here in the states . just my opinion ..

Rich

In a pickle, car pickle. Help!?!

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