Looking to trade in my wife's car for a truck and the local dealers have some deep discounts on 2014s right now.

2014 FX2
MSRP: $46,640
Sale: $36,718

What would I be looking at for leasing something like this for 24/36 months? My credit is in the "fair" category according to the Ford website.

 

It all depends on how much you put down, and how much they give you in trade.

 

+1.

 

Do you make a down payment or trade in on a lease?

 

I will have a trade but i will around $2k upside down on it so my down payment would cover that. Basically 0 down.

 

It is going to be tough with $0 down.

I am picking up my 2014 FX4 Screw, 5 1/2, ecoboost, 3.55, 402A, pwr moon roof, nav tomorrow and here is the deal I got:

36 months, 15,000 miles/yr, $6,500 down payment (Due at Signing), 1500 rebate. 1.75% Money factor and 57% residual.

$411/mo

Not sure how great of a deal I am getting but I wanted back into a truck and wouldn't/couldn't wait for the 2015s. So, at $411/mo I am happy.

Good luck!

 

Are all lease only 15,000 miles per year? I don't think I've ever driven that little.

 

What was your MSRP and out the door price? Local dealer is coming down around 10-12k from MSRP on 2014s.

 

Don't ever lease! You're basically renting! Making big payments every month and it won't be yours at the end. Biggest rip off ever! Look for a used 2009 or 2010 with low miles. They are out there, you just have to be patient and do some looking.

 

Pay off your car first then sell your car on your own because the dealership won't give you anything for it.

 

The economics of leasing don't make any sense to me.

My 2012 currently is costing me a total of $0.45/mile to own and operate. That includes payment, insurance, fuel, all maintenance and service and accessories added (tonneau, Line-X, etc...) since I bought it new.

If I pull out fuel, the truck is costing me $0.204/mile to own. If I compare to a 45,000 mile lease, I will pay out $9180 for the next 45,000 miles I drive my truck.

If I factor in my down payment of $20,000, this number increases to 0.376/mile for my first 151,414 miles on the truck. This equates to $16,920 out of pocket for 45,000 miles of operation, not counting fuel.

This number is higher, but also assumes that the truck will have $0 trade-in at 5 years and 151,414, which isn't true. A 2009 similar equipped is valued at $12,700 for trade at the same miles. That drops overall to 0.292/mile, or $13145 for 45,000 miles, which is about $8151 over 36 months, or $226/month more out of pocket to lease (for the miles I drive).

Sooooo, if I were to lease, I would spend $13,560 more to lease the same truck over the same 60 month period as I'm making payments. Again, these are for my higher mileage numbers results will vary in Hawaii and Peurto Rico...

Once my truck is paid off, any miles I put on are only going to cost me gas plus maintenance and service. Above 150k, a nicely equipped F-150 depreciates about $0.0375 cents per mile driven. So any additional miles above 150k cost me 0.28 to own and operate. Considering I get $0.43/mile for work, I'm pretty happy overall!! I get to drive the truck until 220k before I'm required to trade...

- Andy

 

Good example! Leasing doesn't help you in the slightest. It helps the stealership stay in business!

 

Nobody leases a vehicle for 60 months. The idea is to get a new vehicle every 2-3 years (which I do already weather I am buying or leasing).