I've never leased before, though relatives have. Of the closest, all have taken the buy-out and kept the car because they liked it and wanted to keep driving it (and the terms of handing it back weren't favourable). For the most part, those who didn't keep it, handed it back because they wanted a new vehicle not because it was financially smarter to keep it for a couple of years. I'm thinking of leasing this time, since there is no vehicle (from Genesis or otherwise) that ticks enough of our boxes to say it's a winner (my last 3 vehicles, while not perfect, all stood out as the preferred choice, and I owned them 13 years, 9 years, and now 7 years, respectively).
Going into this, I anticipated just buying another Subaru Outback (only decision: how much higher trim level for which specific features) but now the Outback has some things I don't like, and others have features I might like. Thus the search through almost all the possible choices and ending up with GV70 as one of top 3 (but none of those 3 is clearly #1, thus the quandry). We're thinking it might be worth getting a 2-year lease, then when it's up either buying it out or doing another wide search for something else. Will cost a little more than buying outright I think, but it's a form of paying for flexibility.
Genesis.ca site offers leasing costs (3.40% for 2-5 years; financing is 2.90% for 2-7 years). Is there a way to calculate the residual value (or buyout or whatever it would be)? I know the dealer will probably tell me that information, but I like to figure things out myself when possible. I've found many online lease calculators but all seem to want that residual value as an input. I feel like if I have agreed price (in this case I'd use MSRP), monthly lease payments, and interest rate, it should be possible to calculate how much is left owing after (in effect, by calculating how much the principal on this "loan" was). But I don't know if there are other factors, and the lack of a simple online calculator to do that makes me think it's not that easy.
Does anyone know a calculator (or spreadsheet formula) that will give me that info for a Canadian lease? Also welcome any comments on the strategy and what to expect.
Thanks.
Going into this, I anticipated just buying another Subaru Outback (only decision: how much higher trim level for which specific features) but now the Outback has some things I don't like, and others have features I might like. Thus the search through almost all the possible choices and ending up with GV70 as one of top 3 (but none of those 3 is clearly #1, thus the quandry). We're thinking it might be worth getting a 2-year lease, then when it's up either buying it out or doing another wide search for something else. Will cost a little more than buying outright I think, but it's a form of paying for flexibility.
Genesis.ca site offers leasing costs (3.40% for 2-5 years; financing is 2.90% for 2-7 years). Is there a way to calculate the residual value (or buyout or whatever it would be)? I know the dealer will probably tell me that information, but I like to figure things out myself when possible. I've found many online lease calculators but all seem to want that residual value as an input. I feel like if I have agreed price (in this case I'd use MSRP), monthly lease payments, and interest rate, it should be possible to calculate how much is left owing after (in effect, by calculating how much the principal on this "loan" was). But I don't know if there are other factors, and the lack of a simple online calculator to do that makes me think it's not that easy.
Does anyone know a calculator (or spreadsheet formula) that will give me that info for a Canadian lease? Also welcome any comments on the strategy and what to expect.
Thanks.
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