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Discussion Starter · #1 · (Edited)
Hey to all,

My name is James. Joined this forum because I am looking to own a CLA. Im from north NJ. I currently own a 2008 Mitsubishi Lancer Evolution GSR. Looking to be able to ask everybody here for some tips and pointers. I apologize in advance if my questions are like that of a teenager. I assure you I am far from that. I am 28, my 6th year as a critical registered nurse (Emergency department, ICU, CCU). So as you can see I have very little to no experience on the business aspect of things. Again, my apologies. With that said here it goes.

First of, this will only be my 2nd vehicle that I will be owning. Hence, my lack of experience and knowledge with dealerships, negotiations, and so forth. I am currently financing my current car now with about $4k left on the contract. I have a few questions before I am ready to go to the dealership. I have read through many threads on this forum before posting so please forgive me if I am asking questions that has already been asked and answered.

1. Is it worth/safe leasing or financing? I personally don't like the idea of paying for something monthly just to walk away with nothing to show for it at the end of my contract.

2. Looking to either trade in or sell my current car. Is it better to sell my car myself, either by local ads or to autotrader or carmax.. or trade it in as a down payment and lower my monthly lease? I've read that trading it in isnt the best.. one example in an insurance aspect; if you total the car, the insurance company will only pay for the remainder of the lease..and you are left with neither your lease or your trade in.. is this true?

3. Have you guys ever use the service of CarBargains/Leasewise to help and make it easier to find the best possible lease on dealerships? The service is $350. Worth it? In terms of them having to do all the work and research and having multiple dealerships compete through them, hence saving me time and headaches.

Thank you guys for your time. Any comments and help would be much appreciated.

-James
 

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Welcome James. I'm in NJ also. I bought mine instead of leasing because I drive too much to lease a car. I also don't like leasing for the same reason as you in that at the end you're left with no car and you still have to pay more fees to return it. Also there's too much room for the dealer/bank to pad their profits by providing confusing numbers and terminologies. Buying is much straight forward. That's just me.
 

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1. Is it worth/safe leasing or financing? I personally don't like the idea of paying for something monthly just to walk away with nothing to show for it at the end of my contract.

The issue of leasing v. buying often comes down to mileage driven per year. I drive about twenty-five thousand miles per year. There is always the possibility of negotiating the mileage down or away if you get into a new MB, but you might want to get into a different car and then it really becomes a problem.

2. Looking to either trade in or sell my current car. Is it better to sell my car myself, either by local ads or to autotrader or carmax.. or trade it in as a down payment and lower my monthly lease? I've read that trading it in isnt the best.. one example in an insurance aspect; if you total the car, the insurance company will only pay for the remainder of the lease..and you are left with neither your lease or your trade in.. is this true?

Again, it depends on the amount of hassle factor you want to experience. Selling privately always gets you more $$ but with the dealer, once they take the car you are free and clear of any further problems. I wouldn't expect to get much on your 2008 particularly if the mileage is high. Auto Trader has a service where they generate what they say is a legitimate offer for your car from a dealer close to you. There is no charge for this service. Might want to give that a try.

3. Have you guys ever use the service of CarBargains/Leasewise to help and make it easier to find the best possible lease on dealerships? The service is $350. Worth it? In terms of them having to do all the work and research and having multiple dealerships compete through them, hence saving me time and headaches.

Sorry have not heard of them.

Thank you guys for your time. Any comments and help would be much appreciated.
 

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Discussion Starter · #5 ·
Thanks guys.

I drive about 10-11k miles a year.

I used the autotrader service online and provided me with a $18k trade in offer.
 

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Hi James! I was in the same exact boat you are. I am around the same age and drove a 2013 GSR, and just bought a CLA250. As they say, it is better financially to finance (haha) than to lease, as you will indeed have equity. I took a huge hit on my trade in due to Mitsubishi's tarnished reputation and huge depreciation, so selling privately would net you more money for sure. It doesn't hurt to go to a Benz dealer and see what they will quote you as, but remember that whatever online quote you obtained, it won't be that high. Try Carmax as well to get some idea as to what your car is worth.
 
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