Dodge Durango (is this a good deal?)

[Adamski47]

Via Chrysler employee discount, I have the chance to lease a 2005 Dodge Durango V8 (forget which make but she said something like a step down from the fancy one) for 24 months with zero down and no trade in for $300/month flat.

According to their website this is half the price I should be paying. Is this really legit? The salesperson was in her first month selling cars...maybe she made a boo-boo? Should I jump on this? I don't NEED a car by any means but I wouldn't mind either.

Thanks!

[Schmidty]

Leasing = Fleecing.

[sovereignstar]

Are you gonna trade in your used e-licenses?

[AgustusM]

it all depends upon the mileage clause and how many miles you drive.

Generally the miles allowed are around 12,000 a year - if you go over that you pay and often big time. Most important thing to do is check the miles clause and compare it to what you actually drive.

Leasing is actually a very good option but only if you meet ALL of these criteria
1. your normal commute and driving habits are considerably less then the mileage clause
2. you want to drive a new car every 2-3 years
3. you don't care about paying off a car and owning it free and clear (with the obvious downside of driving an older car)
4. You are unlikely to change jobs/habits that would require a drastic increase in the miles you drive

When I was younger and had less financial responsibilities and drove very few miles to work every day a lease made a lot of sense for me. I liked always having a new car and my payments were about $100 less then they would have been had I bought.

However when I changed jobs and had to drive 200+ miles a day AND didn't know all of what I am telling you now I went way over on my last lease and had to pay a fortune at the end.

often leases also include a maintenance plan since the dealer wants the car coming back in a few years in decent condition.

[Adamski47]

Originally Posted by sovereignstar

Are you gonna trade in your used e-licenses?

I'd get more for your nerd angst but I doubt I could pry that away from you brah!

[Adamski47]

Originally Posted by AgustusM

it all depends upon the mileage clause and how many miles you drive.

Generally the miles allowed are around 12,000 a year - if you go over that you pay and often big time. Most important thing to do is check the miles clause and compare it to what you actually drive.

Leasing is actually a very good option but only if you meet ALL of these criteria
1. your normal commute and driving habits are considerably less then the mileage clause
2. you want to drive a new car every 2-3 years
3. you don't care about paying off a car and owning it free and clear (with the obvious downside of driving an older car)
4. You are unlikely to change jobs/habits that would require a drastic increase in the miles you drive

When I was younger and had less financial responsibilities and drove very few miles to work every day a lease made a lot of sense for me. I liked always having a new car and my payments were about $100 less then they would have been had I bought.

However when I changed jobs and had to drive 200+ miles a day AND didn't know all of what I am telling you now I went way over on my last lease and had to pay a fortune at the end.

often leases also include a maintenance plan since the dealer wants the car coming back in a few years in decent condition.

Thanks. I am starting a new job but am not worried about job security. I have no idea how many miles I WILL be driving but I have about a 12-15 min commute (in a 45 zone).

I've leased before and was pretty good about miles. It was when I was at school so there was a time when I was hardly driving it at all living on campus.

In 6 years with this car (I ended up financing the remaining balance) I've driven just over 80,000 miles. This includes commuting to school for a year and a half (30 min freeway drive).

Either way, I'll probably just wait for now as I am happy with my truck but this deal just seemed really nice.

Thanks for the help.

[Blackadar]

Originally Posted by Adamski47

Via Chrysler employee discount, I have the chance to lease a 2005 Dodge Durango V8 (forget which make but she said something like a step down from the fancy one) for 24 months with zero down and no trade in for $300/month flat.

According to their website this is half the price I should be paying. Is this really legit? The salesperson was in her first month selling cars...maybe she made a boo-boo? Should I jump on this? I don't NEED a car by any means but I wouldn't mind either.

Thanks!

Uh, a Durango lease isn't $600 per month. That's bullshit.

Last time I checked, which was about a year ago, a lease on a new Durango (2004).

New 2004 Dodge Durango ST 2WD

Lease for only $289.45 per month plus tax.

48 month lease through Chrysler Financial OAC. No security deposit required. $1999.45 total down includes cash cap reduction, 1st payment, sales tax & license fees. Includes $750 Loyalty/Conquest Bonus Cash allowance as down. Assumes customer is eligible for $1000 lease loyalty rebate. $300 "turn-in" fee, if returned at lease end. 20¢ per mile if over 12k miles year.

I'm pricing them out on the web and finding leases on V8, 4WD Durangos for $300-$350 or so. So $300 doesn't sound like all that great of a "deal".

[cougarfreak]

Sure, it's a great deal if you don't mind paying out the wazoo for gas.

[Adamski47]

Originally Posted by Blackadar

Uh, a Durango lease isn't $600 per month. That's bullshit.

Last time I checked, which was about a year ago, a lease on a new Durango (2004).

New 2004 Dodge Durango ST 2WD

Lease for only $289.45 per month plus tax.

48 month lease through Chrysler Financial OAC. No security deposit required. $1999.45 total down includes cash cap reduction, 1st payment, sales tax & license fees. Includes $750 Loyalty/Conquest Bonus Cash allowance as down. Assumes customer is eligible for $1000 lease loyalty rebate. $300 "turn-in" fee, if returned at lease end. 20¢ per mile if over 12k miles year.

I'm pricing them out on the web and finding leases on V8, 4WD Durangos for $300-$350 or so. So $300 doesn't sound like all that great of a "deal".

Oh, great info thanks. I just checked last night at dodge.com and built a relatively moderate one and according to their website the prices were outrageous.

Thanks again, this definetly isn't worth pursuing then as it doesn't appear to be as good as I first thought! Or at least, it's nothing that can't be done later.

Thanks FOFC!

[Adamski47]

Originally Posted by cougarfreak

Sure, it's a great deal if you don't mind paying out the wazoo for gas.

Yeah, wasn't crazy about that, no doubt.

[Dutch]

Originally Posted by cougarfreak

Sure, it's a great deal if you don't mind paying out the wazoo for gas.

It's about the same somebody in Europe would pay to fill up their lawn mower.

[digamma]

Originally Posted by Blackadar

Uh, a Durango lease isn't $600 per month. That's bullshit.

Last time I checked, which was about a year ago, a lease on a new Durango (2004).

New 2004 Dodge Durango ST 2WD

Lease for only $289.45 per month plus tax.

48 month lease through Chrysler Financial OAC. No security deposit required. $1999.45 total down includes cash cap reduction, 1st payment, sales tax & license fees. Includes $750 Loyalty/Conquest Bonus Cash allowance as down. Assumes customer is eligible for $1000 lease loyalty rebate. $300 "turn-in" fee, if returned at lease end. 20¢ per mile if over 12k miles year.

I'm pricing them out on the web and finding leases on V8, 4WD Durangos for $300-$350 or so. So $300 doesn't sound like all that great of a "deal".

A 24 month lease is going to have a significantly higher payment than a 48 month lease, however. Even at the same price per month ($300), you're paying $7200 more over two years. I don't think the car is going to depreciate that much over years three and four.

It may be a better deal than you think, and one where you need to compare comparable lease terms, rather than one twice as long as the one you're presented.

[Bo Jackson's Hip]

I'd run, not walk away from the Durangos. The city that I work for uses them as their fleet and they have been absolute POS. Constant problems with fuses, gages, fuel pumps, etc. They have been terrible across the board.

[rlfreeze]

You should be able to get a much better deal on buying a car through your employee discount. I am able to get a supplier discount, which isn't as good as the employee discount, and I was able to get my 2004 at 2% below the price that the dealership purchases the car. Just something to think about.

[Blackadar]

Originally Posted by digamma

A 24 month lease is going to have a significantly higher payment than a 48 month lease, however. Even at the same price per month ($300), you're paying $7200 more over two years. I don't think the car is going to depreciate that much over years three and four.

It may be a better deal than you think, and one where you need to compare comparable lease terms, rather than one twice as long as the one you're presented.

Fair enough.

[Adamski47]

Originally Posted by rlfreeze

You should be able to get a much better deal on buying a car through your employee discount. I am able to get a supplier discount, which isn't as good as the employee discount, and I was able to get my 2004 at 2% below the price that the dealership purchases the car. Just something to think about.

Again, thanks for all of the help everyone. I hadn't noticed the one post had a 48 month lease vs a 24 that certainly makes a difference (just scanning posts while at work).

Freeze,

My discount is through my dad's work where he is also a supplier but he gets the full discount for Chrysler (suppllier discount for the other).

Thanks everyone. I'm probably going to wait regardless as I'd like to see what happens at my new job (all of the variables that go with it including moving to a new state). I just thought this might have been a real special deal. Some say no, others say maybe. My buddy's dad who works for Chrysler at the plant couldn't believe it. He swore I was talking about the prices for a Dakota and I had to keep telling him that no, it was indeed for the Durango.

[Ksyrup]

Originally Posted by Bo Jackson's Hip

I'd run, not walk away from the Durangos. The city that I work for uses them as their fleet and they have been absolute POS. Constant problems with fuses, gages, fuel pumps, etc. They have been terrible across the board.

It's a Dodge. I figure that goes without saying, and he's just decided to deal with the problems that will come.

[digamma]

Originally Posted by Blackadar

Fair enough.

I didn't mean to imply the price offered is a "good" deal.

[Raiders Army]

I believe even with leases, you can negotiate the price of the car (or SUV in this case).

[cougarfreak]

Originally Posted by Dutch

It's about the same somebody in Europe would pay to fill up their lawn mower.

The lawn mower would get better mileage.

[digamma]

Originally Posted by Raiders Army

I believe even with leases, you can negotiate the price of the car (or SUV in this case).

Yeah, there are three things you can negotiate.

1. The price of the car. You want this to be as low as possible.
2. The residual value of the car--or how much the car is worth when your lease ends. This is often expressed as a percentage of the price of the car. You want this to be higher, and you want it to be calculated off the MSRP, not the price you negotiate.
3. The money factor, which is the lease calculation for the interest rate. To find out how the money factor you are quoted relates to interest rates, multiply the money factor by 2400. (For example, a money factor of .0025 equates to a 6% interest rate.)

The monthly payment is based on the following formula:
[(Negotiated price - Residual value) divided by lease term] plus [(Negotiated price + Residual value) multiplied by money factor]

[sovereignstar]

Originally Posted by Adamski47

I'd get more for your nerd angst but I doubt I could pry that away from you brah!

Did you just call me 'brah'? This isn't Road Rash 2.

[Adamski47]

Originally Posted by sovereignstar

Did you just call me 'brah'? This isn't Road Rash 2.

ANGST (with supporting evidence)!