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03-02-2020, 11:04 PM | #1 | |
AF Newbie
Join Date: Aug 2004
Location: San Francisco, California
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Lease or Buy? - 2020 STI Base
Hi,
I am currently working with a Subaru dealership in the Bay Area on a 2020 STI Base model in Crystal White Pear with no options. Below is the breakdown cost of the vehicle: 2020 STI Base Crystal White Pearl no options: Car Price: $34,399.00 Document Fee: $85.00 DMV Filing Fee: $30.00 Tire Fee: $8.75 DMV: $463.00 Sales Tax (CA Tax): $2,920.14 OTD: $37,905.89 My dilemma is either to Buy or Lease it. If I were to BUY it below is roughly what I calculated using a few of the auto loan calculators: Term: 60 months (5 years) Sales Tax (CA Sales Tax): 8.25% Interest Rate: 0.99% (Going through a local credit union that I have a savings account already with them) Down Payment: $20,000 Monthly Payment: $246.00 - $295.00 As for LEASING below is the information that I got from the dealership: MSRP: $37,895.00 Mileage: 10,000 miles a year Residual %: 62.00% Residual Value: $23,494.90 Initial Cap Cost: $34,399.00 Bank Fee in Cap: $595.00 Accessories: $30.00 Doc Fee: $85.00 Adjusted Cap Cost: $31,226.56 Term: 36 months (3 years) Money Factor: 0.00155 Base Monthly Rental: $299.57 Monthly Use Tax: 8.50% ($25.46) Total Monthly Payment: $325.03 License: $461.00 Total Cap Reduction: $3,797.44 Cap Reduct Tax: 8.50% ($322.78) Cash Down: $5,000.00 Total Working Cash: $5,000.00 Drive Off: $5,000.00 The reason I want to lease this vehicle for 3 years is that I know the new STI will be coming out sometime in 2021 or after. By the time the new STI has come out once my lease ends after the 3 years. I plan on getting the new STI. I know that I could purchase this 2020 STI and sell it after the new STI has come out. I would really like to get some input and feedback from the community. Thank you, |
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