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Cars: Buy used? New? lease? Advice needed

Leasing a pre owned select car is the cheapest way topay for a car, if you get the right deal.

You need to make sure the residual is good along with the right money factor. The money factor is the interest rate, .00125 equals about 3 percent. Make the dealer explain what the money factor is and what it relates to in terms of percentage rate.

I recently leased a Jaguar XJ8 Vanden Plas, it is the second high end Jaguar I have done this with. They both had the 6 year 100,000 bumper to bumper warranty and I saved over 35,000 dollars on each one. I lease them 2 years old and put no money down with 12,000 miles per year.

Never buy a used car from a private party. The price is always to high and you have no warranty and no recourse.

I used to run car dealersips so I know everything there is to know about purchasing a car.
 
I know this doesn't help you, but I bought one car that was an old work car and am about to buy a truck from them. They're both 4 years old, have 90k miles, been maintained per the dealer's schedule at the dealership, and have just been completely gone through by the dealer and all problems fixed. On top of that, the Senior VP sold me the first one and will sell the second one at ~35% below market value.
 
The Master said:
Leasing a pre owned select car is the cheapest way topay for a car, if you get the right deal.

You need to make sure the residual is good along with the right money factor. The money factor is the interest rate, .00125 equals about 3 percent. Make the dealer explain what the money factor is and what it relates to in terms of percentage rate.

I recently leased a Jaguar XJ8 Vanden Plas, it is the second high end Jaguar I have done this with. They both had the 6 year 100,000 bumper to bumper warranty and I saved over 35,000 dollars on each one. I lease them 2 years old and put no money down with 12,000 miles per year.

Never buy a used car from a private party. The price is always to high and you have no warranty and no recourse.

I used to run car dealersips so I know everything there is to know about purchasing a car.
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So you leased an older car? You can do this? I thought leases were reserved for newer cars only?

You're point on certified pre-owned is taken. That's what I thought for a long time.
 
The Master said:
Never buy a used car from a private party. The price is always to high and you have no warranty and no recourse.
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Depends on on how well you know the market. For me its the preferred way. For my father its definitely the best way. We've made nice side of cash by finding the good deal from the private party and then selling them at higher prices, or keeping them if we liked the car enough.
 
Leasing high end used cars like Jaguar, Mercedes, Lexus and the like is the best way to buy them. You do have to do your homework on the values though. NADA is the best source for values. Take their trade in price and knock off a few thousand and that is the wholesale value generally.
 
I bought all my cars from The Master -- always got a great deal and never got a dud. I haven't purchased a car since he got out of the business. LOL. Just kidding.

I used to do the same -- lease pre-owned, pre-certified, etc., whatever the industry is calling it these days. What I did find though is that due to interest rates, residuals, resale marketplace, etc., other factors, in some cases, I've been able to lease new for not much more than the pre-owned car. The term was always shorter though as the resale/residual starts to drop off the cliff so to speak. My thinking is that this would only be the case in high-end cars ($50k and up, probably more). I'll premise this however as I have automakers, and large dealers who are clients of mine.

I've leased pre-owned Jags, MB, Lexus and BMW. Jaguar, here in NJ, several months ago was running a great deal on "leftover" 2005 new XJ-8's -- better than the pre-owned. The difference between them and the new ones was not that much, but they needed to move cars so the deals got agressive. I also think the retainer money and holdbacks, and all the other variables factor into the equation.

BTW, on the other side of the equation is the overall "cost" of the car -- the tax side vis a vis lease, buy, etc. That too has to be quantified and factored in.


Eric
 
A little late for your initial question, but my father is 63 years old and was a new and used car dealer most of his life. For his own personal use, he never purchased a new car his whole life. Does that tell you anything?

When searching for the right vehicle, take your time, don't buy the first one you find. I usually get several different dealers involved who will fight for my business.

Good luck!
 
Digger said:
I usually get several different dealers involved who will fight for my business.

Good luck!
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I want to see an old school cage match! That would be cool :thumbs:
 
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