OK, hopefully this isn't violating any agreement I have with my dealer or anything, just wanted to put in the details of my lease. The dates aren't correct, of course, because this was an estimate he ran for me before I actually picked up the car. The new numbers lined up almost exactly, with the exception being that I adjusted the term and down payment a little bit:
Quote Number: 68225
1) Contract Date: 01/21/11
2) First Payment Date: 02/20/11
3) Stock Number:
4) M.S.R.P.: $ 35,775.00
5) Initial Cap Cost: $ 34,800.00 Adjusted Cap Cost: $ 26,264.81
6) Mileage Penalty:
7) Term: 36 Base Monthly Rental: $ 368.81
8) L.E.V.%: 45.00%
9) Money Fact Sell Rate: 0.00204
10) Lease-end Value: $ 16,098.75
11) Add To MSRP W/Markup:
12) Customer Cash Down: $ 2,384.00
13) Rebate: $ 7,500.00
14) Total Sales Tax:
15) Total Front We Owes:
16) Total Insurance:
17) Total Add Cap Costs: $ 595.00
18) Cash Cap Reduction: $ 1,630.19
19) Total Trade Allow:
20) Security Deposit:
21) License Fee: $ 200.00
22) Title Fee: $ 35.00
23) Total Initial Fees: $ 185.00
24) CapTax1 Rt/Amt: .0000%
25) Amount Due At Start: $ 2,384.00
26) Total Working Cash: $ 2,384.00
27) Total Monthly Payment: $ 368.81
First Monthly Payment....... 368.81
License Fee................. 200.00
Title Fee................... 35.00
DOC.SRV.FEE (U)......... 150.00
____________________________ __________
Total Inception Fees........ 753.81
+ Cust Cash as Cap Reduction 1,630.19
____________________________ __________
Total Drive Off............. 2,384.00 ( or 1999 + 200 lic+35 title+150 documentation)
So, $2384.00 on delivery, which includes first month payment, then 35 monthly payments of $368.81 for a total of $15292.35
Buyout at the end of the lease is listed at $16,098.75, so finance that over the next 2 years to match an overall 5-year loan @ 4% and that gets you 24 months of $699.05 for a total loan price of $16,777.2
Total purchase, if I were to buy it out at the end: $32069.55
Alternatively, take the same base price of $34,800, plus same fees, comes to $35965 (not factoring in 7500 yet)
Assume 4% financing over 5 years and the same down payment of $2384 (which includes first month payment) gives monthly payments of 627.91, for a total bill of $2384 + (59 * $627.91) = $39,430.69
Subtract out the fact that I'll get 7500 back in the tax credit, resulting price: $31930.69
$32,069.55 (Lease then buy option)
$31,930.69 (Buy Option)
$138.86 savings to buy over course of 5 years
Somebody check my numbers, that's significantly lower than what I calculated before when I was spending more time doing so. I may have been calculating a significantly lower down payment or something.