Jeom049 OP t1_ja5webs wrote on February 27, 2023 at 1:56 AM

Reply to comment by javaski in Is this a Good Car Lease deal? Toyota Corolla LE 2023 by Jeom049

the same corolla I bought for 15k 19 SE with 21k miles, was worth 18,500 and had 34k miles when I sold it a year ago. they are still at those numbers and some even have higher mileage. You think the prices are gonna hold for the next 3 years? I honestly doubt it, and we seem to be approaching a huge crash in the next year or so. That's what im speculating on. If the market tanks and I decide to finance the corolla, I would be owing around 14-15k at the end of the 3rd year, I'm worried I won't be given my payoff amount for the car at the least...thats what is making me consider leasing.

javaski t1_ja78fba wrote on February 27, 2023 at 10:41 AM

The other poster did the math on it and you wouldn’t owe more than $10k on it via financing. Also, if you use a local credit union financing, you might be able to get 6-8%.

A big crash of the used market would still make it worth $12-14k used (instead of $20k).

There is almost no scenario where leasing makes more sense for this specific set of circumstances.

Jeom049 OP t1_ja7ek02 wrote on February 27, 2023 at 11:59 AM

Thanks

Jeom049 OP t1_ja7emnn wrote on February 27, 2023 at 12:00 PM

How about changing the interest rate once the contract is initiated. What if rates drop by the 3rd or 2nd year, how can I get a lower rate on my current loan

javaski t1_ja7fjra wrote on February 27, 2023 at 12:11 PM

Most credit unions consider "new" vehicles as anything within a certain number of model years - for example through December last year my CU that I have for my auto loan considered a new vehicle to be 2021 and newer - even when 2023 was coming out. Actually, even looking at older car loans, they have held interest rates across them at the same rate.

Definitely do NOT use dealer financing unless it's an amazing deal. Go to local credit union and get preapproved for an auto loan. Don't say anything about the financing while looking at a vehicle, just sort of say thinking about financing, etc.. Then negotiate the price of the vehicle and say you'd like to use your own financing.