Let's evaluate my lease deal

[Fugue]

I needed a car short term (2 years), so I decided to lease a 2013 Ford Focus SE. I tried both the Mazda 3 and the Focus, and while they are very close in terms of road feel, I felt the Focus had a bit more power. The Focus SE also came with bluetooth audio and Ford MySync (which is like Siri, but much worse) as a standard option. I needed bluetooth, so I went with the Focus over the Mazda 3.

With that said, here's the deal I got:

MSRP: $21,175 (includes winter package, ruby red color, sirius xm radio)
Downpayment: 0
Monthly Payment: $260 (includes dealer fees, taxes, doc fee, and everything else)
Term: 24 months
Miles: 10,500/year

For the lease pro's out there, would you say I got a good deal?

Thanks!

 

[ucfgrad93]

Seems a bit pricey, but overall not too bad. Enjoy your new ride.

 

[Tomorrow]

What's the car's residual value and your interest rate? How much per mile over your 10.5k limit per year?

 

[GoCubsGo]

^ that and well, if you signed on the dotted line already then there is no sense in worrying if you got a good deal. You are locked for 24 months.

Have fun.

 

[Mousse]

How much per mile over your 10.5k limit per year?

That's the killer clause right there. It's hard to keep within the mileage limit that low. You might be better off buying (and reselling later) if the charge for going over the limit is high.

10.5K? I'm already over that limit in only 6 months of commuting.

 

[mobilehaathi]

^ that and well, if you signed on the dotted line already then there is no sense in worrying if you got a good deal. You are locked for 24 months.

Have fun.

While I agree it would be too late to worry about getting a different deal, there is no harm in trying to learn if/why a better deal could have been made.

Whether or not MR is an appropriate source of such information and whether the OP actually gave enough information for others to accurately comment on is something else to consider...

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That's the killer clause right there. It's hard to keep within the mileage limit that low. You might be better off buying (and reselling later) if the charge for going over the limit is high.

10.5K? I'm already over that limit in only 6 months of commuting.

It really depends on the circumstances. I drive my car about 3500 mi/year.

 

[GoCubsGo]

While I agree it would be too late to worry about getting a different deal, there is no harm in trying to learn if/why a better deal could have been made.

Whether or not MR is an appropriate source of such information and whether the OP actually gave enough information for others to accurately comment on is something else to consider...

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It really depends on the circumstances. I drive my car about 3500 mi/year.

True but still, this is MR.

As for the mileage, in So. Cal, this would have been impossible for me. Heck, probably even where I live now but I rarely have to drive unless I want to.

 

[Fugue]

Thanks for the replies all! Some more info:

Residual is around $14,500.
.15/mile extra

10,500 miles is more than enough for what I will use the car for, so I wasn't worried about that part!

 

[mobilehaathi]

As for the mileage, in So. Cal, this would have been impossible for me. Heck, probably even where I live now but I rarely have to drive unless I want to.

Indeed, and I'm probably somewhat of an anomaly in my area. I know people who push 20k/year, in which case they'd be paying an extra $130/mo...

 

[GoCubsGo]

Indeed, and I'm probably somewhat of an anomaly in my area. I know people who push 20k/year, in which case they'd be paying an extra $130/mo...

If public transport in most of CA was like it was in SF, then driving would likely be limited to the weekends for me ... if I lived within city limits.

 

[Tomorrow]

Thanks for the replies all! Some more info:

Residual is around $14,500.
.15/mile extra

10,500 miles is more than enough for what I will use the car for, so I wasn't worried about that part!

Residual value looks pretty good, so you're financing $6675 over 24 months with nothing down. At zero interest, your payments would have to be $278.13, so something doesn't seem right.

 

[Fugue]

Residual value looks pretty good, so you're financing $6675 over 24 months with nothing down. At zero interest, your payments would have to be $278.13, so something doesn't seem right.

I bargained the MSRP down to $18,750, on which $1,700 in dealer fees/taxes/etc were added.

 

[wordoflife]

My friend got a new Camry SE for $275/mo on a 3 year lease, 12k miles per year, with $0.10/mile overage having his credit card for maybe 2 years.

Not really sure what a good deal is and is not, but just putting this out there for comparison.