Did I get a good deal?

[rob]

I just signed an offer for a 2005 Nissan Maxima, 5 Seat, SE with auto.

It's a lease for 48 months costing $500 per month + tax.

The salesperson came back too quick and there really wansn't much negoiation.

Did I get a good deal or did I get hosed.

I hate buying cars.

[Drthorne]

seems like a lot for a lease, so you're paying about $575 total? Did you have a trade in or down payment

[rob]

No, I don't have a trade and I don't want to put a down payment into the lease.

[Drthorne]

Actually, it's not that bad a deal...

[rob]

I like what you're saying :) Please tell me more and maybe why.

I need some reassurance here - the sales person (the business manager) only took a couple of minuites with the sales manager to review the deal and said everything was approved.

I'm use to a bit of back-and-forth and this made me uneasy. I left fealing like I could have asked for (a lot) more and started to question my decision.

[Yogi]

What's the interest rate on the lease?

[rob]

2.8%

[Yogi]

2.8%
That's an excellent rate. But there's more to it than just interest rate.

From what I can see on the Nissan.ca website, that car retails for $34,898.00 stripped, and your payments total over 4 years total $24,000.00 (without tax). So, in order to assess the deal properly....can you tell me what the total sales price of your car is and what your buyback (residual value) is?

Btw - nice car :)

http://www.nissan.ca/en/buying/configure/default.asp?modelCode=U4SG55

[rob]

Btw - nice car Thanks! Also, thanks for the replies. You're making me feel much better.

I'm sorry, but I don't have the residual value or the buyback. They're on my desk with the credit app waiting for our accountant to fill out.

I remember the sales person saying that the residual value was part of corporate Nissan's deal of the month to clear out the 05's but I don't remember the dollar value without the documents.

[Yogi]

Thanks! Also, thanks for the replies. You're making me feel much better.

I'm sorry, but I don't have the residual value or the buyback. They're on my desk with the credit app waiting for our accountant to fill out.

I remember the sales person saying that the residual value was part of corporate Nissan's deal of the month to clear out the 05's but I don't remember the dollar value without the documents.
Your welcome :). When you get the info, post it here.

I read an interesting article in Car and Driver last year and it said that the (redesigned) Altima and Maxima basically saved Nissan's financial bacon. They were a hurtin' for awhile and there was even talk of another manufacturer buying them out.

[rob]

Will do - thanks! Interesting about the Altima and Maxima redesign. They've done a lot of work since 2003 on their whole line. Thanks again!

Anyone else have an oppinion about my lease?

[Mr. Apollo]

It's a bit late to ask if you got a good deal or not. ;)

It's good, nothing great, but you didn't get hosed either. It's pretty much the standard deal that they give people.

Just as a tip to anyone buying a car, NEVER negoiate on monthly payments. Always negioate on the price of the vehicle. It's really easy to hide a high price in monthly payments.

[rob]

It's a bit late to ask if you got a good deal or not. Buyers remorse law in Ontario gives me 10 days to revoke a large purchase before accepting delivery. Also, contracts signed by a buyer on the premises of the seller aren't legally binding. But the bottom line is that I haven't provided them with my credit info or permission to process the lease. Having said all that, I'd really like the car before the weekend :)

But that's all mute, I'm really interested to see if you think that it's an ok deal. I don't need a "great" deal, just something to feel good about :)

But the tips are great for the next time I buy a car.

[Yogi]

Just as a tip to anyone buying a car, NEVER negoiate on monthly payments. Always negioate on the price of the vehicle. It's really easy to hide a high price in monthly payments.
Excellent advice...and one that I've followed religiously for years. But without the buyback figure, I really can't say if it's truly a good deal or not. I like the car though :)

[Dr.Dan]

Without knowing all the numbers (that Yo asked for), it's hard to say just how good a deal it may be.

But I can tell you that on a lease they have set out ask and minimum numbers... and they're not far apart from each other.
You only have room to play when you're paying cash ;)

If you got it for anything less than the asking price, you got a good deal :)

[Mr. Apollo]

Buyers remorse law in Ontario gives me 10 days to revoke a large purchase before accepting delivery. Also, contracts signed by a buyer on the premises of the seller aren't legally binding. But the bottom line is that I haven't provided them with my credit info or permission to process the lease. Having said all that, I'd really like the car before the weekend :)

But that's all mute, I'm really interested to see if you think that it's an ok deal. I don't need a "great" deal, just something to feel good about :)

But the tips are great for the next time I buy a car.
Based on what you have told us, I'm going to tentively say "feel good about the deal you got" It's nothing to lose sleep over. However, as others said we'll need to know the buy back figure to really say one way or the other.

[hbk2k1]

All I can say is Nissan is one of the best makes to buy....I'd prefer it over most makes.

[Taz]

bottom line is if your happy then you got a good deal

[Drthorne]

Did you get the 18" wheels? Gonna cost a few bucks to get new tires after 90k. Are you gonna buy the car at the end of the lease or get another