Friday, November 6, 2009

Am I getting a good deal???

I was at the Nissan dealer late last night and I left knowing this deal was on the table. My fiance and I both have 700+ credit. We are trading in a 2004 Jeep Grand Cherokee with 48,000 miles owing $6400 on it still and a 2000 Chrysler Concorde in Fair/Good condition with 100,000 miles worth $1000-$2000. We would be getting into 36 month leases for the following vehicles : 2008 Nissan Altima 2.5SL loaded (everything but navigation) and a 2008 Nissan Rogue SL AWD loaded (everything but navigation). The dealer started with a combined payment of $1000/month and by the time we left last night he was down to around $750/month without any money down but the trades and the first payment. I plan on going back, is this a good deal for these 2 vehicles????
Am I getting a good deal???
No. I don't know what the prices of the new cars are, but you have around 3500 equity on the jeep and say 1500 on the chrysler. Thats almost 5000 down. Using a lease calculator, I came up with around 1000 a month with NO $ DOWN. Adding in the 5000 it goes to 800 a month. That is paying sticker price, which you are dumb if you do. As a former car salesman, I can tell you never shop by payment. Always shop price, because payment can be manipulated easily.

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