Modern-Day Classic: 2006-2008 Dodge Magnum SRT8 - Philly.com
Most people who lease like the idea of lower monthly payments, as well as shorter contract periods -- often 24 to 36 months -- after which, in theory, they simply return the car and walk away. Terms such as "residual value," "capitalized cost" and "acquisition fees" litter the car-leasing landscape. com, we found a lease for a 2014 Odyssey LX with an MSRP of $29,655 including a destination charge of $269 per month for 36 months with $2,499 down at signing. After haggling the price to a respectable $27,950, making the same down payment and financing the balance for 60 months at a 3 percent interest rate (the average for a 60-month loan at the time, according to Bankrate. Of course, at the end of the 36-month lease, you would return the Odyssey, which you would own at the end of the 60-month loan. But that lower monthly payment may not represent all the real and potential costs of a lease. Other factors can influence just how good a lease deal is. Down Payment or Open-End Balloon Payment Leasing is simply paying for the value of a car the leasing company predicts you will consume during the term of the lease. A $30,000 car that the leasing company projects will be worth $18,000 at the end of a 36-month lease will cost you $12,000 divided by 36, plus interest per month. Source: www.philly.com
