I went into my local GMC dealer today to testdrive the terrain. we figured out some #'s for the slt2 with the navi. For a lease wit 15k miles and no money down i was quoted 685 a month. Is this really even possible? Just from seeing what kind of cars friends and family have the avg car u can get for 685 a month lease is like a bmw 5 series or a benz. If this is the case, i dont see how the terrains are flying out the door.
This cant be possible
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Just did some quick research and it looks like the residual value on a Terrain after 3 years is about 45% which is terrible. So if you your terrain was sold at $35,000, that means you need to pay $19,250 of that within the 3 years of use. Which is $534.00 before you start adding taxes / interest and everything. That is why it is coming out high.
EDIT: needed to redo the math.
EDIT: needed to redo the math.
A fully loaded Terrain (V6, AWD, SLT2, Nav) comes in at around $40K, so yes, it can certainly get up there, even for a lease. I'm going to guess a 5 year old Terrain is going to sell for about $8-$10K, so $600'ish a month is about right.
Sure, of course you can get into a BMW or Benz for that kind of payment, even a 5 series... But a 5 series can be a $40K car (bare bones 528), or a $100K car (M5). I've driven many bare bones 3 and 5 series, they're not that special. I'd rather drive a fully loaded car with all the toys versus a base model of something else, dollar for dollar. I considered a 3 series (335d), an Infiniti M37, and an IS350 alongside the terrain. You don't get much, barely even bluetooth for the price of a nicely equipped SLT1 or 2.
Sure, of course you can get into a BMW or Benz for that kind of payment, even a 5 series... But a 5 series can be a $40K car (bare bones 528), or a $100K car (M5). I've driven many bare bones 3 and 5 series, they're not that special. I'd rather drive a fully loaded car with all the toys versus a base model of something else, dollar for dollar. I considered a 3 series (335d), an Infiniti M37, and an IS350 alongside the terrain. You don't get much, barely even bluetooth for the price of a nicely equipped SLT1 or 2.
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$40,000 for one with all the toys that you need ......RNOX said:$40,000 for a small SUV.. Unbelieveable :
Just saw a 2011 SLE1 one the lot with a sticker of 26400. nothing on it
Start adding those goodies and it adds up
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Zero down is your problem. You are asking for a $40k loan with nothing on your end being put down. Change that to around $4k and you might see lower leasing rates.
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Better yet, go buy a cheap Malibu for around 19000. pay for it it will be your's and your neighbors really wont care that you have a 40,000 dollar vehicle sitting in your drive that your going to have to give back.bballr4567 said:
If your leasing you really should not be putting a lot of money up front. Generally I will only pay the tax and bank fee and that is it! If he had the 4k to put into the deal he should keep it and just take from it to make up the monthly lease payment. In a lease you will be out the up front money if the car is stolen or lost in an accident.bballr4567 said:
The biggest problem I see with the lease is the residual value of the car after 3 years. A Honda CRV has a 56% residual after the same time period and mileage. That would equate to an extra 5k in his pocket because the vehicle is holding its value.
To me he would have to negotiate the price of the vehicle hard, try a 2 year lease with less miles or see if you could get a 3yr lease with less miles to up the residual value.
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Yes, he will be out that money but if he wants a good lease deal, he will have to do it. Itll probably drop the lease amount $75 a month or possibly even more.
Almost @ par yes but that has nothing to do on dealer pricing between the States and Canada. When i was building and pricing mine i saw a huge spread on the price between GM.CA and GM.COMRNOX said:
In Canada it is VERY easy to pay $40,000 for a loaded SLT2 and IIRC i think the same truck in the states was only hitting $34-35k
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That's why they sell GAP insurance.Do not lease a vehicle without it...nemesis04 said:
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