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Old 6th July 2012, 20:45   #1021
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Default re: Buying, Owning, Driving and Maintaining a car in North America

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Hello Bhpian's,

Came across something intresting Lease Swapping, Can anybody give some pointers ?

Came across this website called Lease Swap | Auto Lease Trade and Used auto leasing and there are really good deals for the shorter duration.Help !
Lease swapping is a trend on the rise and it can be a viable option if you want a walk-away vehicle for short term usage.

The pro’s of assuming a handed down lease are obvious. Late model vehicle, all basic maintenance covered, walk out when done, et al. Works like a rental, but many times cheaper.

There are few things you’d have to keep in mind though, while assuming a swapped lease.

You will have to get pre-approved for credit, and a good credit rating and history is expected.

If you do end up paying a security deposit on the lease make sure there is a clause for a refund after the lease expires.

As a lease purchaser you inherit the end of lease costs (paperwork, damage compensation, extra mileage compensation etc.)
Make sure you have enough miles left on the vehicle’s lease. You don’t want to assume a 12 month lease on a car that has only 8,000 miles left on the lease mileage.

Most lease swap offers are done because the first owner can’t afford to keep the car. That usually means that the first lessee may not afford to maintain the vehicle either. Be wary of what you inherit. Make sure you do not inherit a car that has damages. Lease vehicles get scrutinized pretty minutely for even the most minor damages when you turn them in (tiny scratches, dings, dents, bad mats, wear and tear on interior etc.). Have the vehicle inspected closely by a professional, and make sure the lease company knows of your findings on the pre-existing state of the vehicle before signing in.

If the leased vehicle has been in an incident from the previous owner (accident – voluntary or involuntary) then it’s market value is sure to have gone down, and you will end up paying the compensatory difference when the lease gets over. Stay away from a vehicle that has a/any incident in its history.

Scan the market for brand new leases. Chances are you’d get a lease for an all-new car of the same make/model as the one you are planning to second-lease, for not much of an extra payment. An alternate strategy would be to get yourself a brand new lease, and then swap it to someone once your time is done – i.e. be a lease seller rather than a lease buyer.

If you are doing an inter-state lease swap, chances are you will have to pay a transfer tax on the vehicle once you assume it’s lease. Check that out before you jump in.

If the lease terms do make sense after all this, then it should be fine. Lease swapping is not illegal in any way.

Last edited by NinadJoshi : 6th July 2012 at 20:52.
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Old 6th July 2012, 21:02   #1022
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Default re: Buying, Owning, Driving and Maintaining a car in North America

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Hello Bhpian's,

After going through all the pages, I am back to where i have started.

Currently moved to US (Milwaukee area), Would be here for about 1 year or so.

And i need help for choosing my car, Should i go for Pre-owned / leased ?

Came across something intresting Lease Swapping, Can anybody give some pointers ?

Came across this website called Lease Swap | Auto Lease Trade and Used auto leasing and there are really good deals for the shorter duration.

Help !
Ninad explain you perfectly about lease swapping.

i would say, get a pre-owned beater car and use it for a year. In most cases when you sell it a year later, you will get same amount back. You can always rent fun cars during weekend to enjoy. Most rental companies do $10/day during weekends.

This imho is the best way to go. Why worry about leasing, selling, worrying about previous leaser owner's history, car's history.

in case of pre-owned, you just pick one, get it checked professionally, make an offer and you are good to go. you will save a lot in long run.
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Old 6th July 2012, 21:28   #1023
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Default re: Buying, Owning, Driving and Maintaining a car in North America

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i would say, get a pre-owned beater car and use it for a year. In most cases when you sell it a year later, you will get same amount back. You can always rent fun cars during weekend to enjoy. Most rental companies do $10/day during weekends.
I second that too. It is the most sensible and low-liability approach for temporary ownership for newbie owners. Of course, if you are extremely passionate about what you own, then you may choose to follow in Amitoj's footsteps and get yourself a muscle car with a V8 Hemi or an Escalade with doodh-malai suspension.

Opinions may again differ on which cars qualify as 'best-bet used' but time and again real life experiences around me have proven that compact/mid sized Japanese cars often turn out to be better bets. Craigslist, Autotrader, Autobytel, colleagues at work, neighbors at home etc. can help filter and find you cars in your area within your budget.
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Old 6th July 2012, 21:56   #1024
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Default re: Buying, Owning, Driving and Maintaining a car in North America

Thanks Ninad & Chevelle,

Now the fun of hunting for the car starts, As you know i dont have the credit history here yet, I may not be able to raise the $$$$, Hence my budget is around 5K$ max.

At that range, I get the cars which are early Y2K with lots of miles on them.

Came across couple of them on the craigslist but seller didn't respond yet.

Keep you posted.

Cheers !
Otomobil
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Old 6th July 2012, 23:46   #1025
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Default re: Buying, Owning, Driving and Maintaining a car in North America

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Thanks Ninad & Chevelle,

Now the fun of hunting for the car starts, As you know i dont have the credit history here yet, I may not be able to raise the $$$$, Hence my budget is around 5K$ max.

At that range, I get the cars which are early Y2K with lots of miles on them.

Came across couple of them on the craigslist but seller didn't respond yet.

Keep you posted.

Cheers !
Otomobil
You will need lots of patience with pre-owned hunting. I went thru something similar last year with just $3k as budget. I did end up paying $800 more but it was worth it. Some cars that i saw were absolute junk. It will take only 1 car for you to fall in love and it will happen soon. Do check out sulekha.com too. So keep the hunt going and best of luck.

Do check carfax and autocheck if you can. Carfax has deal of 5 cars for $30-$40. Get that and you are good to go. Also get the car you absolutely want checked from local shops like pepboys, midas and stuff. They will do it for $50-$100.

Also check its registration and smog. When filling out pink slip, you can request lower amount to be written so you don't have to pay much at DMV for transfer and registration.

Hope all this helps.
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Old 6th July 2012, 23:57   #1026
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Also check its registration and smog. When filling out pink slip, you can request lower amount to be written so you don't have to pay much at DMV for transfer and registration.

Hope all this helps.
Thanks for the tip on the lower amount on a pink slip thing. Have two full free days and a tank full of gas in dodge avenger rental car to spare.

Let you know if i run into something intresting.

Cheers !
Otomobil
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Old 11th July 2012, 06:21   #1027
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Default re: Buying, Owning, Driving and Maintaining a car in North America

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Thanks for the tip on the lower amount on a pink slip thing. Have two full free days and a tank full of gas in dodge avenger rental car to spare.

Let you know if i run into something intresting.

Cheers !
Otomobil
A bhpian is selling his Eclipse in the Cincinnati area.
and btw I have free carfax through my insurance. PM me for carfax.
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Old 12th July 2012, 21:31   #1028
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Default re: Buying, Owning, Driving and Maintaining a car in North America

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Thanks for the tip on the lower amount on a pink slip thing. Have two full free days and a tank full of gas in dodge avenger rental car to spare.

Let you know if i run into something intresting.

Cheers !
Otomobil
Found anything interesting?
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Old 12th July 2012, 22:36   #1029
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Default re: Buying, Owning, Driving and Maintaining a car in North America

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Found anything interesting?
Found anything interesting?
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Old 12th July 2012, 23:15   #1030
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Found anything interesting?
i knew this one was coming.

Well, a couple of deals for 370z and Camaro didn't go through. So still waiting for the elusive one.
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Old 12th July 2012, 23:43   #1031
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Hi, buying local used cars directly from direct seller via craigslist (best) or kijiji is a great option. You can check car history via carfax or at the local mto office where you get plate.
Also a free link to check used car prices Used Car & Truck Prices, Exotic car values
I have used vmrcanada a lot.
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Old 13th July 2012, 01:07   #1032
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Want an s2000?? There are tons on the s2000 forums.

Maybe check the 370z forums too, somebody might be selling something there.
There are even quite a few Corvettes on the Corvette forum.

I might even think of selling mine. It is a 2005 s2000 with 64k miles. Warrantied by Honda till 2015 and 99k miles - transferable to the next owner.
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Old 13th July 2012, 12:27   #1033
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Default re: Buying, Owning, Driving and Maintaining a car in North America

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Another option is to get a $12k-$15k car. Put down $2k-$3k. Use the remaining to pay EMIs and bring down the interest rate. Never ever tell dealer initially that you are willing to pay $6k as DP. You can increase that later but not when you are haggling for the price.
What would you advice if I say I'll look for a Chrysler 300 for about 15K - Is it all worth it? Any known major issues? I think 300s are fairly a hit in the market. Will it depreciate so big after 3 years / will I have a tough time in selling that? That one is a stonker in my view
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Old 13th July 2012, 21:10   #1034
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What would you advice if I say I'll look for a Chrysler 300 for about 15K - Is it all worth it? Any known major issues? I think 300s are fairly a hit in the market. Will it depreciate so big after 3 years / will I have a tough time in selling that? That one is a stonker in my view

I was considering one last september. One ride in it and i was sure i would not buy the previous generation 300s. Well, it was 2008 300 and the interior was horrible. The wind noise and tire noise was so much at 70-75 mph that it was very hard to do a normal conversation. I can attribute the tire noise to poor tire quality probably, but not the wind noise. It is very heavy so turn-in was poor at freeway exits. Not a corner carver. The ride was pretty sorted though. The exteriors are great but quality was not good. The engine was vibrating a lot and i could feel it in steering and pedals. V6 that i drove was not powerful. Felt lethargic. But please keep in mind i tested this after testing G35, IS350, 330ci and likes. So for similar pricing, i didn't felt my money were worth it.

Other things that came up in research was poor FE, a little bit high on maintenance once it approaches 90k miles. But it is tuner friendly. Still turns heads and is mostly associated with DUB people if you know what i mean. You also need to make sure the one you get was not modified heavily. I have seen lots of modified 300s on road to be vary of the way they drive. Good thing is, most of those are driven sedately so you may find a good piece.

If it is the new one, i would recommend whole heartedly. The interior is awesome, pentastar v6 is great and with 8-speed auto, it is a fantastic drive. But it still is heavy so don't expect much FE. V8 HEMI is what dreams are made up of.

Resale is always a question with 300. It will go down fast. But most of the hit has been taken by previous owner so if you are keeping it for long run, it won't hurt much. They don't go off the lot easily so you can push for further discounts.

Last edited by chevelle : 13th July 2012 at 21:11.
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Old 13th July 2012, 21:55   #1035
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Chrysler 300 V6s are fat, heavy and boring. I enjoyed the Dodge Magnum (now defunct) way better (built on the same platform), still heavy though. Just keep in mind, anytime you buy a V8 hemi, your insurance will be much higher. No substituting the fun factor though.
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