Quote:
Originally Posted by s4play
Oddly the photo shows up correct in my PB but on the forum it shows upside down, sorry not sure why!
thank you, this is actually my first ever purchase of an American car (GMC) however from my understanding the Denali's hold their value super well along with all the other Tahoe, Yukon's since it seems these work horses last forever. We need one for a tow vehicle for the enclosed trailer so hoping its as good as what everyone says.
Is the GMC Money Factor of 0.0015 a bit too high or am I comparing apples to oranges?
There are no MSD applied here but I am still debating if lease is better than financing and the guy told me it's a much better deal leasing since I save on taxes and I could always buy the car at end of lease.
My thinking was the same as I was doing for my F80 m3 purchase as I'm looking at total cash out of my pocket over the course of the deal.
Purchase:
Price is $73,923.35
Put down $5000
Finance the rest at 2.49 through my CU
Monthly Payment $1222.90
Interest paid $4450.87
Sales tax $6837.91
Total cash due up front $11,837.91
Total paid 5 years $85,212.13 (out of pocket)
Lease:
Price is $73,923.35
Put down $5000
MF 0.0015 = 3.6%
Monthly payment $1042.79
Total cash due up front $5000
Total paid in 3 year lease = 1042.79 x 35 = $36,497.65
Residual to buy the car is $43,195.60
Initial cash up front $5000
Total I would pay to own the car: $84,693.25
Are those calculations correct or do I still need to pay tax on the $43,195.60 at end of lease if I wanted to buy outright? My goal is ownership in the end for both the Denali and M3.
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Comparing a GM MSD to BMW is apples to oranges. Just do your best to make sure you are getting the base MF rate. Might find the info at Edmunds or a GM enthusiast site.
You would still pay the taxes on the buyout unless you live in a state where you pay all the sales tax upfront.
If you just want the truck as a tow, consider buying used. If it's a tow vehicle and your wife's DD then just get the new one as I don't think it would go over well to buy her a used car after you get a new M3.