What kind of car should I lease?

caschmid

I am a recent college grad. My life is going to change a lot in the next couple years. I have decided I would like to lease a vehicle due to the uncertainty of where exactly I am going to end up.

I am highly interested in hybrid vehicles since I would not be at the gas station as much, but fuel efficiency is a 100% MUST for me either way. I will be moving to LA from the Midwest very soon and need a car that doesn't require me running to the gas station multiple times a week. On the flip side - I probably won't be living in an area where I can plug in my car. I might always have to park on the street. The actual charging of a hybrid vehicle confuses me, so I will be investigating this further.

That said, money wise I am looking to spend 200 a month. With a credit score of 750 and a cosigner who has a near perfect credit score (even better than mine) I feel that I can and will negotiate 0 down. Does this sound reasonable?

Lastly - mileage limits. Has anyone heard about negotiating/pre-paying for a higher mileage limit? 12,000 seems rather stingy to me and I would like something higher.

Mr_Shiftright

By the time you add in taxes and lease fees I don't think you have anywhere near the budget at $200/month to lease any kind of hybrid vehicle. And if you can't live with 12,000 miles a year, you will be paying even more for a mileage increase.

I think you'll have to set your sights quite a bit lower, say a honda civic coupe selling for around $17775 or so, or a Honda Fit, but you'll need some front money for that $139/month deal ($1995) plus you'll pay taxes on the lease term and some dealer fees and acquisition fees. So really it's not $139 a month at all. I doubt it'll even be $200....more like $235--$250.

Not all hybrids need to be plugged in, only those advertised as "plug-in hybrids".

You don't really sound like a good candidate for leasing for a number of reason--one, the mileage restriction, two, your uncertainty about what you'll be doing (you are LOCKED into that lease and it's very hard to get out of one) and leaving the car outside in a harsh midwest climate. You are responsible for any unusual wear and tear on the car.

caschmid

No, no...I won't be leaving the car outside in the midwest. I am moving to Los Angeles. That's why I said I will probably be parking it on the street - in LA. In the midwest, I would have plenty of places to park a car, but in L.A. I might not be in an apartment complex that has a garage. The one I am looking at seems to be street parking only.

Mr_Shiftright

Oh I see...well that's better but still not great for a lease car. Even a car port would be a much better idea then the street. Look at it this way. If someone bangs into your car while it's parked and drives off, or keys it, you'll have to make a claim and pay the deductible. You can't turn in a damaged lease car, or one with ripped upholstery or bald tires.

At any rate, I don't see how you can afford a hybrid, nor do you really need one. Some of the regular gas engine cars put up some impressive MPG numbers.

I'd say explore leasing a little hatchback or maybe a Honda Fit if you need more space.

texases

As a very rough guide, $200 will get you something less than about $20,000 in a lease. No hybrids at that price. I agree with Mr Shiftright, a Honda Fit would be one good choice. And $0 down just means a higher monthly payment.

kyfdx

I think a Civic LX can be had for right around $200/mo. with just 1st payment at signing, as well...