Leasing Evaluation- 2020 Mercedes Benz A220

breparker5

Hi can someone help me out with evaluating my leasing options? Currently This is my best offer after finding out that the MF is .00050 with a RV of 57%. I do currently have a vehicle in which the value is slightly over the trade in offers I have gotten from 8-12k. I'd realy like to know if this is even worth in getting out if my financed vehicle at monthly payments of $498. Any advice would help

Michaell

breparker5 said:

Hi can someone help me out with evaluating my leasing options? Currently This is my best offer after finding out that the MF is .00050 with a RV of 57%. I do currently have a vehicle in which the value is slightly over the trade in offers I have gotten from 8-12k. I'd realy like to know if this is even worth in getting out if my financed vehicle at monthly payments of $498. Any advice would help

Two questions immediately come to mind:
1. If you've owned the Mustang since new, and have put 91,000 miles on it in 4-5 years, will a 12,000 mile per year lease work for you?
2. Rolling $5500 of negative equity into your lease is not a smart decision - that is adding $150/mo to your lease payment, right there. Best to wait until you are in a better position with the Mustang loan before trying to get out of it.

breparker5

Got it CPO's at 15K. Used to commute heavily for work. Now working from home.

breparker5

Yes, I'm thinking it may not be ideal. Just trying to avoid being stuck with a high milage vehicle that I'm already paying$500 monthly for that may run into issues before being paid off.

Michaell

breparker5 said:

Yes, I'm thinking it may not be ideal. Just trying to avoid being stuck with a high milage vehicle that I'm already paying$500 monthly for that may run into issues before being paid off.

Right, but if you're working from home, you won't be putting many miles onto the Mustang, which will slow down the depreciation.

Paying $600+ each month for a car you aren't driving much makes no sense, to me - even if it is new and shiny (and under warranty). Especially when a significant chunk of the lease payment is for a car you don't own, and can't drive.

My .02, FWIW.

breparker5

You’re definitely right. I’m planning to just pay it down and find the best deal to sell it when the time is right. Thanks for the help!