Finance or Lease For 2020 Mustang Ecoboost
Hi all
I spent few days in this and other forums, I know that Ford mustangs are bad for leasing and financing, and if I want one better to go with GT, BUT I drove The Ecoboost model, and that fits my needs.
I came up with some numbers, so I need your help to understand, which one is better
Car MSRP is $33,500
Selling Price is $29,485
LEASE: My monthly payment is $450 with $1000 drive off, so in 3 years I would have spent $17,200
FINANCE: If I do 5 years with 2.9APR, my monthly payment is around $540, and after 3 years I would have spent $19,440.
If I want to buy out the car for both scenarios.
LEASE - The Residual is 49%, so buying out would cost me $16,415.
FINANCE - I will have to pay the rest of 2 years, which will be $12,960.
So which option do you guys think I should go with?
I spent few days in this and other forums, I know that Ford mustangs are bad for leasing and financing, and if I want one better to go with GT, BUT I drove The Ecoboost model, and that fits my needs.
I came up with some numbers, so I need your help to understand, which one is better
Car MSRP is $33,500
Selling Price is $29,485
LEASE: My monthly payment is $450 with $1000 drive off, so in 3 years I would have spent $17,200
FINANCE: If I do 5 years with 2.9APR, my monthly payment is around $540, and after 3 years I would have spent $19,440.
If I want to buy out the car for both scenarios.
LEASE - The Residual is 49%, so buying out would cost me $16,415.
FINANCE - I will have to pay the rest of 2 years, which will be $12,960.
So which option do you guys think I should go with?
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Comments
You avoid the acquisition fee up front, and when you buy it out, you have to pay sales tax and finance it at what is likely to be a higher APR.
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