2023 Lease Thoughts

[lancersrock]

Now that new IRA is passed what are the odds of traditional leases coming back? Seeing as the ER are not eligible any ways why not? I know not everyone likes leases but with interest rates climbing they offer a low rate loan if you plan on buying it out anyways.

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[metroshot]

If you lease, don't go thru Ford Red Carpet lease - the new stipulation says they will keep the car after the lease ends - no buy out option.

If you must lease, go thru a 3rd party lease bank like: Ally or US Bank.

At least with a 3rd party bank, you have the option to buy it out at the end.

 

[lancersrock]

If you lease, don't go thru Ford Red Carpet lease - the new stipulation says they will keep the car after the lease ends - no buy out option.

If you must lease, go thru a 3rd party lease bank like: Ally or US Bank.

At least with a 3rd party bank, you have the option to buy it out at the end.

Good point!! unless the lease terms are really good idk if i would go with it. Something like $5k down and 15,000 miles sounds fine on a 23 lariat ER if the payment was under $800 (very unlikely) even if i had to trade it in at 3 years.

 

[BennyTheBeaver]

Now that new IRA is passed what are the odds of traditional leases coming back? Seeing as the ER are not eligible any ways why not? I know not everyone likes leases but with interest rates climbing they offer a low rate loan if you plan on buying it out anyways.

State's like mine also offer generous Tax Rebates/credits (my state is up to $7,500 POS) unrelated to the IRA. You better believe Ford will keep that if you lease.

 

[metroshot]

Good point!! unless the lease terms are really good idk if i would go with it. Something like $5k down and 15,000 miles sounds fine on a 23 lariat ER if the payment was under $800 (very unlikely) even if i had to trade it in at 3 years.

On a lease, never put money down to pay down the cap cost.

You never will see that money if you total it or declared loss.

Best to lease with closing costs (tax, title, reg, tire, doc fees) + first month.

 

[BigNerd]

Lease terms are not very good today either. MFs are higher and residuals aren't as good as the used car market has been.

You might be better off with Ford Option or a 3rd party balloon payment loan (payment saver).

 

[metroshot]

Lease terms are not very good today either. MFs are higher and residuals aren't as good as the used car market has been.

You might be better off with Ford Option or a 3rd party balloon payment loan (payment saver).

Yes, this is correct - lease terms are very bad now and has been since the pandemic.

Normally, for a first year model vehicle - I usually lease because I can get out of it if turns out to be a lemon.
I wanted to get the Ford Options balloon but it was very pricey!

This time around, the Lightning was financed with minimal down (10%), hoping that it won't be a flop.

On a sidenote:
My worst brand I have leased was a Land Rover Discovery Sport - first year model had so many issues, recalls, and TSB that it spent about half it's time in the service bay waiting for parts from the UK.

The only silver lining was that I was able to drive all kinds of loaners: Range Rover, Velar, LR4, Jaguars. And I got a nice under mileage check from Land Rover when I turned her back in.

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