Anyone Leasing Their Mustang?

[expo11]

It seems like most people are financing their vehicles, just wondering if anyone went the lease route...

I was in the dealership the other day, test drove an 08 GT , and generally talked about the numbers which weren't too special. I'm most likely going to wait for the '09's to appear and cash in on the incentives for the remaining '08's.

So, if anyone is leasing their Mustang please let me know how much per month, how many miles/yr, and how many months the lease is.

Thanks.

 

[DarkFireGT]

You could always go with an '07. They've got a $3500 rebate right now.

 

[whyask]

Yup and you can talk the dealer into ALL kinds of extras... upgraded interior, wing delete... Lease sounds great and cheap but do you WANT TO MOD your car is what it comes down to ..??

 

[The Fang]

I doubt anybody on the forum leases, but you never know. IMO leasing is almost like throwing cash in the wind. The penalties for over mileage will kill the average joe from leasing again. My wife has delt with a lot of customers that have been very un happy at the end of there leases.

 

[expo11]

I didn't even think about remaining '07's Darkfire GT. In the Northeast it seems hard enough just to find the '08 models (GT at least).

I'm in a lease right now which has worked out well and I'm under miles, in fact I 7,000 miles left before I turn it in June. I don't foresee mileage to be an issue but on the flip side I know a few people who have been burned by going over.

As far as mods go on the vehicles you have purchased, does Ford cover engine mods in terms of warranty? I've heard some people will mod and when something bad happens they are forced to convert the engine back to stock in order to get warranty service, which may be denied due to abuse.

 

[Mr_Q]

Do you rent your TV? Your stereo? Your Furniture?

Leasing is a way for people to afford cars they can't. Or it's for people who like to have a new car every three years and are comfortable with renting.

Me, not so much so. Bleah. I look forward to ZERO payments and owning. Even a $2500 tranny rebuild 8 years from now is cheaper than spending another $18,000 on a three year lease! And then again in three years, and then again and again and again.....

 

[DarkFireGT]

You can search dealer inventories at fordvehicles.com Once you get your zipcode put in, change the car to 2007 Mustang and you'll find the remaining ones. There's at least 5 or six within 20 miles of me. Good luck!

 

[expo11]

...it's for people who like to have a new car every three years and are comfortable with renting.

I look forward to ZERO payments and owning.

I like a new car every few years. Vehicles are a depreciating asset and thus I prefer to lease and essentially pay for the car's depreciation while it's mine. I certainly wouldn't look forward to the $7-800 dollar monthly payments for 36 months while financing.

Mustangs lease poorly because of Ford's over the top interest rates. While a 3 yr lease on a Mustang may be in the neighborhood of 18k, my $31k Jeep cost me a mere $8500 for 27 months.

In some instances, leasing is a poor choice and in others it works out better than financing. The Mustang isn't a good choice to lease...yet. We'll see what happens to the rates once Ford's rolls out the '09's.

 

[Mr_Q]

True, Ford has GREAT interest programs for buys. You just have to wait for end of year. I got my Shelby at 1.8% from Ford MoCo Credit.

But to get back to my point is too many people are leasing at 4, 5 and even 7 years. When in that time they could have OWNED their car. Instead of looking for a 2008 or 2009, drop back to 2006, go used and still super clean and after 3 to 4 years actually OWN your car. Never look back, hell I still have my 1990 5.0 Convert!

But if you MUST have a new car every three years then leasing still seems to be the most cost effective.

 

[MikeysOTP]

Lease rates are not one size fits all. Ford purposely imposes a higher money factor on Mustang GT leases for a reason. They know through experience what they will get back, a car that has been driven hard. It really isn't going to save you a lot to lease when you factor in the higher insurance rates that come with leasing along with the inflated lease prices.

 

[blacksheep06]

If you have to have a new car every 3 years and don't drive much it's not that bad. You'll always be driving a newer car and you'll always have a warranty. Plus you can drive it like you stole it.

I just feel sorry for the guy who buys a used GT that has been leased for 3 years.
Probably been rode hard and put up wet.

 

[wht-v6-vert]

When you lease a car you get hosed. Not some of the time, every time. Leases were set up so people could drive cars they can't afford to buy, and they end up paying a hell of a cost per mile to look good in that Benz or Beemer.

 

[Amstung]

I've been leasing new GTs because it's better for my taxes; and since I don't (get to) drive very much, I get cheap mileage rates. When I turn this one in, I'll have to take off the CAI and put the OEM air box back on, but I'd likely have to do that anyway for the smog check. Little enough to be able to drive a Stang!

 

[stangdude2000]

Curious - how does leasing help your taxes? I didn't think there was a difference between leasing an purchasing a vehicle come tax time. Didn't think it affected it at all actually. I'm not that well versed in tax rules though.

 

[Amstung]

Because I'm self-employed--I deduct more with the lease as a business expense than I could deduct for depreciation if I bought it. (That's my understanding from an accountant; I have no understanding of tax rules themselves.)

 

[226embarcadero]

The biggest drawback to leasing I can think of is you CANNOT modify your pony in any way whatsoever.

And for some stang enthusiasts, that's like saying you can't breathe.

If you are fine with keeping the thing 100 percent stock, leasing is a fine way to go.

 

[Amstung]

You can lease a fully equipped GT, and then do some minor mods to still end up with a pretty good ride. I arranged for my '07 GT to come with 20" wheels and Nitto 555s, then I put on Eibach springs, Magnaflow axle-back, sway bars, and a CAI w/tune. Its a blast to drive!

I'm not looking to race or compete, so I don't need a supercharger or nitrous. I did spend some money I didn't have to, but anyone who mods their car spends more than they need to just for transportation. We're not here for cheap transportation -- but because we love Mustangs and driving.

 

[ApexStang]

Leased a car once. The leasing company said I could do what ever the heck I wanted to do to the vehicle as long as it didn't depreciate the car. She used examples such as 4 different style of wheels, or painting the car pink. Ha, ha!

 

[Amstung]

Exactly! I had an electric sunroof put in my '04 GT--the dealer loved the condition of that car when it was turned back in.

 

[beecha91]

Ya mines a lease, I was looking for one because im the one that sees what comes out new every year and gets the new car urge. Then I wouldnt be stuck upsidedown like Id be if I bought the car. I kinda got the lease so I knew myself I couldnt go crazy on the car. I had a 600whp subaru wrx that was built beyond built, and one HHUGE headache and told myself id never go that route with a car again. So being a mustang fiend at heart ever since I was young, and still getting mmff I saw the bolt on potential of the s197s. So the car has a few bolts ons that I can bolt off "IF" I had to take it in for something wrong, and "IF" I was to give it back to Ford in the end. With the pricing I couldnt beat it, we first haggled on the price, then how much I was going to put down. I put $2k down and the first payment of $440. Its a 39 mth lease for $440 a mth Im happy and the balace should I keep it is like 15k . The miles are 10500 a year, but seeing as I have a DD/beater, and the car doesnt see salt/snow it works out great for me Now this spring/summer Itll probaly get driving every single day regardless, because I got it late late summer early fall with only a month or so to drive it and its only at 1600 miles haha