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Discussion Starter · #1 ·
Hey guys i was wondering what you think is a better idea. My lease will be up in a little while and i have a torred daytona. When its up i was gonna just continue to pay for it and buy it cause i like it so much but im thinking if i should get an srt instead if i decide to give the car back. I heard that srt's are going to hold the same value as daytonas will, but what would you guys do?
 

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Typically, one's ass gets lost in a lease. Personally, I'd figure out a way to roll it into an SRT8 (or at the very least, another new car of some kind), and purchase it.
 

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Do you NEED 75 more horses? Do you enjoy having a new car every two? Do you intend to keep the Torred forever? Do you like car payments? What makes you happy?
 

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Discussion Starter · #4 ·
whell i figure with all the performance mods i can do to my 5.7 it'll probly take me a couple years or i can get an srt and have the full potential of a 5.7 already and then upgrade it some more and make over 400+ wheel horse power.
 

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What is the residual value? The amount you need to pay when the lease is over to own the car? Can't make a decision like this without knowing the numbers.
 

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What is the residual value? The amount you need to pay when the lease is over to own the car? Can't make a decision like this without knowing the numbers.

This is the biggest factor. When I got my car, they tried to get me to lease it. I actually did go through with it. I then realized that it was a keeper and marched down to the dealer the following day, and made it a purchase, with a very little increase in payment ($30). If you really just want to get an SRT8, go for it, but you have to keep in mind what your residual is, and whether or not you are gonna have it be your keeper.
 

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i'm in the same boat. i love my black RT and my lease is going to be up soon. i'm all ready way over my miles so i'm stuck either way. hard to tell if buying the rt i have or going into a new one is better? def dont want to spend even more money though.
 

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Mr Finance Sez

1) If you like the car and you want to keep it, then option your buyout.

2) If you want to trade up, then there are a few scenarios:

a) If the market value of the car is more than the buyout on the lease, then buyout the lease and sell the car and use the proceeds to help finance the new car

b) If the market value of the car is less than the buyout on the lease; let the lease expire, return the car, and start fresh on the new car

c) The scenario 'b' above assumes that the car is in good condition and within the mileage specified in the lease contract. If there is damage and/or mileage overages, you will need to factor those costs into the equation.

Hope that helps,

-=FLEX=-
 

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Park it in a bad area with the keys in it!
 

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well what im doing with mine is, i got 15 months to go and the car will be paid for. 3.5 years before it should be, ive been sending in my normal payments with a side payment to the principal only on my loan with a separate check...this allows me to pay off the interest faster while reducing my monthly payments gradually...the number you pay on a monthly basis is all fees ands charges into one basket so you have one number, and you pay that every month...thats why it can take 5 years to pay off a loan ETC. the way im doing it allows me to pay the loan off faster and own the vehicle before warranty is out and before the end of my contract, and gives me a nice trade in value when it comes time to do whatever...at this rate i could own the charger and go a finance something brand new and still have a nice low monthly payment on a brand new vehicle, with the equity and credit i have established through chrysler, and still keep my charger, not use it as my DD and put some good use to all these after market parts that are out now and the ones that will be out soon...or use it as it is on a trade on maybe a challenger or whatever suits me, while still having a brand new vehicle to drive...possibly an srt...i can only imagine that...a CSRT8 and a challenger:D
 

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well what im doing with mine is, i got 15 months to go and the car will be paid for. 3.5 years before it should be, ive been sending in my normal payments with a side payment to the principal only on my loan with a separate check...this allows me to pay off the interest faster while reducing my monthly payments gradually...the number you pay on a monthly basis is all fees ands charges into one basket so you have one number, and you pay that every month...thats why it can take 5 years to pay off a loan ETC. the way im doing it allows me to pay the loan off faster and own the vehicle before warranty is out and before the end of my contract, and gives me a nice trade in value when it comes time to do whatever...at this rate i could own the charger and go a finance something brand new and still have a nice low monthly payment on a brand new vehicle, with the equity and credit i have established through chrysler, and still keep my charger, not use it as my DD and put some good use to all these after market parts that are out now and the ones that will be out soon...or use it as it is on a trade on maybe a challenger or whatever suits me, while still having a brand new vehicle to drive...possibly an srt...i can only imagine that...a CSRT8 and a challenger:D
That's fantastic, but the OP was talking about a LEASE, not a pure finance situation. Apples and oranges. In a lease there is no option to make additional payments, nor any reason to...
 

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That's fantastic, but the OP was talking about a LEASE, not a pure finance situation. Apples and oranges. In a lease there is no option to make additional payments, nor any reason to...
yeah you know your absolutely right he was, its just ive been really excited about paying it off and owning it that i had to share my plan...
 

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yeah you know your absolutely right he was, its just ive been really excited about paying it off and owning it that i had to share my plan...
It's a good plan. :D
 

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Agreed on Flex's idea... You have to weight the options and see what is best. IF the market value is over the buyout, then use the cheddar from the equity to the new car, if not, ride out the lease, turn her in, and start fresh. That was my intention when I went to trade in my car for the Charger, my previous car was a lease. The dealer bought out my car and I got this MOPAR machine at 0% for 72m. Can't beat that with a stick!
 

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Agreed on Flex's idea... You have to weight the options and see what is best. IF the market value is over the buyout, then use the cheddar from the equity to the new car, if not, ride out the lease, turn her in, and start fresh. That was my intention when I went to trade in my car for the Charger, my previous car was a lease. The dealer bought out my car and I got this MOPAR machine at 0% for 72m. Can't beat that with a stick!
looks like i'm going to buy out the lease and hold on to the car i'm way over my miles right now and i know thats going to cost me.
 

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well what im doing with mine is, i got 15 months to go and the car will be paid for. 3.5 years before it should be, ive been sending in my normal payments with a side payment to the principal only on my loan with a separate check...this allows me to pay off the interest faster while reducing my monthly payments gradually...the number you pay on a monthly basis is all fees ands charges into one basket so you have one number, and you pay that every month...thats why it can take 5 years to pay off a loan ETC. the way im doing it allows me to pay the loan off faster and own the vehicle before warranty is out and before the end of my contract, and gives me a nice trade in value when it comes time to do whatever...at this rate i could own the charger and go a finance something brand new and still have a nice low monthly payment on a brand new vehicle, with the equity and credit i have established through chrysler, and still keep my charger, not use it as my DD and put some good use to all these after market parts that are out now and the ones that will be out soon...or use it as it is on a trade on maybe a challenger or whatever suits me, while still having a brand new vehicle to drive...possibly an srt...i can only imagine that...a CSRT8 and a challenger:D
If you can make more than the monthly payment, why finance for 5 years?
 

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If you can make more than the monthly payment, why finance for 5 years?
Flexibility.

Lower car payment allows fo r future unknowns. He may be able to afford more than the monthly minimum payment today, but future events may change that. I think it was a good plan.
 

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If you can make more than the monthly payment, why finance for 5 years?
you agree on a 5 year loan to bring your monthly payments down...plus thats what most loans are for 60 mos. And im not making more than one monthly payment...i am making the monthly payment, then in a separate check i am making a payment to the principal only...Your monthly payment is a number including all fees...the price of the vehicle, taxes, and the interest on the loan...paying the monthly payment, then putting some money towards the principal reduces the monthly payment while cutting out the interest earlier then expected...which allows the loan to be payed off faster than the time alloted for the loan...its a confusing thing to explain but i think i said it pretty well...my uncle works for Chrysler so he knows all the inside maneuvers...
 
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