Lease vw GLi at rate %6.49 or keep my old car

[blaire]

Hi everyone,

I know it might be a weird question but
I am just thinking should i lease a 2024 jetta GLI with $6k down at the rate %6.49 for 4 years?
Full price is $37k and They're giving me residual of %54($19k)

I have a 2015 Impreza, 250k kilometers, rebuilt title, which needs the 2 years Inspection(Nova Scotia Mandatory inspection) and cost about $4k to do all the work.

The rates are high, but i heard the car prices are going to drop as well as the rates.

Suggest anything else comes to your mind!

I have to decide now as i can't drive this car legally!

Thanks in advance.

 

[tracyacharbz007]

@blaire The interest rate is still pretty high, and you’ll see the premium you’ll pay if you calculate the monthly payments over the length of term and compare that with the msrp of the car. I also wouldn’t put any money down on a lease because if something out of your control happens and that car is totalled, or just bad luck accident, you’ll most likely be out of the money you put down because you don’t own the car. I know this because my wife works in insurance and it happens to people.

That residual seems normal, it’s just the price of the gli going up a lot and the interest is high.

Can you shop around for more quotes on the repair?

I would repair the current car and wait for better opportunities.

 

[blaire]

@tracyacharbz007 I have to mention the Impreza is rebuilt title and has 250k kilometers. That is the only reason i reconsidered repairing it.

 

[tracyacharbz007]

@blaire If you think you can comfortable afford monthly payments of $600 ish for the lease, then it’s probably fine. I still wouldn’t put any money down though because of what I said earlier. The gli is a fun car.

 

[iwishgodwasgone]

@blaire That's very much a false dilemma, in that you have other choices that you are purposely ignoring! The Subaru certainly sounds like it's beyond economic repair, but you need to also look for cheaper choices than a Jetta GLI.

 

[dee1720]

@blaire Why are you looking into leasing over buying?

Financing is ~7.5-8% right now, so not much higher than the lease rate.