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Jeom049 OP t1_ja6071n wrote

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

its going to be fairly the same as if I were to finance the car (at the end of the 3rd year) plus I would be tied to a higher interest rate, Whereas with the lease I can refinance with a 3-4 percent IF rates tank in the next 3 years. Most likely whatever we do We will get rid of the car on the 3rd year but uncertainty of the market is whats making me think leasing could work

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HokieEng t1_ja7aov6 wrote

> its going to be fairly the same as if I were to finance the car

How exactly? $16,000 for the lease, plus a $14,000 residual, plus interest on the car note means you would likely pay $33,000 or so for a car you know to cost $23,000…

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Jeom049 OP t1_ja7ega7 wrote

Do the finance math as well

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HokieEng t1_ja7f6xx wrote

Assuming that $999 down, $23,000 at 6%/60mo would have a $425 payment and a total cost of $28,400. Change it to 2.9%/36mo and you get a payment of $639 and a total cost of $25,900.

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