Posts Tagged ‘Passat’
Apparently consumers know a good deal with they see one. Driven largely by high residual values, rock-bottom interest rates, loosening credit and aggressive marketing, new-car leasing is at record high rates, according to Experian Automotive in Schaumburg, Ill. Leasing now accounts for 27.5 percent of all new-vehicle transactions, which represents a sturdy 12.5 percent increase over 2012 levels.
“Consumers tend to shop for vehicles based within the limits of their budget, and leasing is often seen as a viable path to a lower monthly payment,” says Melinda Zabritski, senior director of Automotive Credit. “Lenders have seen overall stability come back to the market since the recession, and leasing has gradually returned as a larger part of many lender strategies.”
Not surprisingly, Experian says average lease payments are likewise dropping, from $462 a year ago down to $459 in the first quarter of 2013. If that number still seems high, consider that a large majority of costly luxury cars are leased, rather than purchased outright. Still, automakers in all market segments are now pushing cut-rate leases aggressively on a wider range of models to attract bargain hunters – including those on some of the smallest and least expensive cars on the lot. They love leasing as it brings new customers back to dealerships with clocklike regularity and helps dealers maintain an inventory of recent-model used cars.
We scoured the Internet and found some incredible deals on 12 of the most desirable makes and models, including iconic cars like the BMW 3 Series and the Mini Cooper – all leasing for less than $300 a month. We even came across one car that’s leasing for as little as $99 a month, which is less than the cost of a daily grande latte at Starbucks.
Be aware that we’re identifying the lowest promoted monthly payments available for each make and model; lease terms can vary widely according to a number of factors and the numbers can be juggled according to a lessee’s preference to reflect a lower monthly payment or down payment, longer or shorter lease period and/or more or fewer miles allowed.
While the cost of a new-car lease is based largely on the available interest rate and a given model’s residual value, automakers and leasing companies can manipulate other provisions of the agreement to help sweeten the deal on a given model. Called “subventing” a lease, this often involves subsidizing a below-market interest rate, artificially inflating a vehicle’s residual value or offering bonus cash to lower a car’s transaction price.
Another way automakers can lower a lease’s monthly payment is to reduce the number of annual miles allowed. This is typically 12,000 miles per year, though some leases might include as few as 7,500 annual miles. Be sure not to enter a lease that unduly limits your mileage – particularly if you have a distant daily commute or like to take long road trips – as it may cost you dearly down the road. Depending on the lease terms you could be assessed as much as an extra 15 to 30 cents a mile for exceeding the limit, which means you’d have to come up with $150 to $300 per 1,000 extra miles on the odometer at the end of the lease. However, those who worry they might exceed the stated annual mileage can often purchase additional miles up front at a discounted rate.
Be aware that if you tend to be hard on your car or truck, think twice before leasing one. Leased vehicles must be returned in excellent condition, without dents, deep scratches, window cracks or torn upholstery and with all accessories in good working order; otherwise you’ll be assessed costly “excessive wear and tear” fees.
Finally, keep in mind that the lowest advertised lease rates are typically available only to so-called “well qualified lessees” with top credit scores who represent the lowest risk. Those with less than stellar credit will typically pay a higher financing charge that will, in turn, result in a costlier monthly payment.
The fine print: Monthly payments quoted for vehicles in our list of top lease deals are 2013 models and trim levels specified and do not include additional options, taxes or registration fees. All offers are good through July 1, 2013. Keep in mind that you may be able to garner an even better deal by negotiating a lower transaction price with the dealership. Typically the down payment and first month’s lease payment are due at signing. None of the deals listed here require a security deposit. Dealer participation may vary and the rates and provisions quoted may vary according to region. Check the automakers’ websites and local dealerships for additional deals and details.
Monthly payment: $299; Term: 36 months; Due at signing: $3,774; Annual mileage: 10,000. This is without doubt one of the best deals we’ve ever seen on what is without quarrel one of the most desirable sport sedans in the industry. This deal includes the base 320i model with the Premium Package and is subject to $1,125 dealer contribution and a $750 lease cash incentive.
Monthly payment: $239; Term: 24 months; Due at signing: $2,009; Annual mileage: 10,000. Pound-for-pound this deal on the midsize LaCrosse delivers the “most” car for the money, with a quiet and comfortable five-passenger interior residing under a sleek and stylish exterior. This deal is for the base “eAssist” mild hybrid four-cylinder model and includes two complimentary years of OnStar Directions & Connections, SiriusXM Radio and two years or 24,000 miles (whichever comes first) of free vehicle maintenance; it’s subject to a $2,000 lease cash incentive.
Monthly payment: $149; Term: 36 months; Due at signing: $2,469; Annual mileage: 12,000. This price gets you a Cruze LS with automatic transmission, and represents a terrific deal on this nicely styled, accommodating and solid-performing compact sedan.
Monthly payment: $199; Term: 39 months; Due at signing: $3,069; Annual mileage: 12,000. This rugged-looking smallish midsize five-passenger crossover SUV is family friendly and a real bargain at this price; it’s for a SLE-1 model with front-wheel drive. A similar deal is offered on its near twin, the suburban-chic Chevrolet Equinox.
Monthly payment: $169; Term: 36 months; Due at signing: $2,299; Annual mileage: 10,000. One of the industry’s best-selling compact sedans received assorted improvements for 2013, with a low lease rate being the icing on the proverbial cake. This deal is for a Civic LX Sedan (including PZEV models) with automatic transmission.
Monthly payment: $219; Term: 36 months; Due at signing: $3,399; Annual mileage: 10,000. Arguably one of the most amenable compact crossovers currently in production, it’s difficult to find fault with the peppy and perky CR-V, especially at this low monthly payment. It’s for a base EX model with front-wheel drive and is subject to a $500 lease cash incentive.
Monthly payment: $199; Term: 36 months; Due at signing: $2,215; Annual mileage: 10,000. It may be too small for some, but the venerable Mini Cooper is among the most enjoyable little cars on the road with pleasing go-kart-like handling and an eccentric nature. This deal is for the base Cooper hatchback with automatic transmission and is subject to a $500 dealer contribution.
Monthly payment: $299; Term: 39 months; Due at signing: $2,999; Annual mileage: 12,000. With 332 horses under the hood the 370Z costs less to lease than a buck per month per horsepower. Talk about fast money. This deal is for the base coupe with manual transmission equipped with floor mats and splash guards, and is subject to dealer contribution.
Monthly payment: $199; Term: 36 months; Due at signing: $1,999; Annual mileage: 12,000. Think you can’t afford to drive an electric car? Think again. Assuming your daily drive is within the Leaf’s range (about 75 miles give or take on a charge), this can be a terrific deal, especially with the EPA rating the Leaf at the electric equivalent of 129/102-mpg city/highway. This deal is for the Leaf S and is subject to a $7,500 lease cash incentive and dealer contribution.
Monthly payment: $299; Term: 36 months; Due at signing: $1,999; Annual mileage: 12,000. Arguably one of the hottest new models for 2013, the FR-S is a stylish and thoroughly entertaining rear-drive sports car that’s being offered at an attractive price. This deal is for a base model with automatic transmission.
Monthly payment: $99; Term: 36 months; Due at signing: $1,393; Annual mileage: 10,000. Granted, this is a small car that’s small even by small car terms, but it’s basic transportation for two passengers and can be had for just over three bucks a day. Deal is for the base Pure Coupe model and is subject to dealer contribution.
Monthly payment: $249; Term: 39 months; due at signing $0; Annual mileage: 10,000. Not only is the incredibly spacious midsize Passat sedan being offered for a low monthly lease rate, you can drive one off the lot for zero down, which makes this an even better bargain. Deal is for a Passat S with Appearance Package and automatic transmission and is subject to dealer contribution.
TODAY, The Chicago Auto Show is pitching an alt-fuel road rally that’s likely to be far quicker than the one that inspired it more than a century ago.
Thirteen vehicles ranging from the Tesla Model S all-electric to the Ford C-Max Energi plug-in hybrid to the Chevrolet Volt extended-range plug-in to the Hyundai Sonata Hybrid will challenge each other in a rally that will start at the city’s McCormick Place and run about four hours.
The race is inspired by 1895′s Chicago Times-Herald Motor Race, regarded as the first road rally in US history. That “race” featured six vehicles attempting the 50-mile round trip between Chicago and Evanston, IL. Just two of the six vehicles finished, with the winner – a Duryea, pictured – crossing the finish line in about nine hours, according to The Henry Ford Museum website.
For anyone keeping track, That Racing Channel recently staged a drag race with a Model S and a Volt. The Tesla finished a quarter mile almost five seconds (and at 20 miles per hour) faster than the Volt.
Rounding out the Chicago Rally are the Nissan Leaf all-electric; Fisker Karma extended-range plug-in; Tesla Roadster EV; Toyota’s Prius and Prius C hybrids and Prius plug-in hybrid; a Volkswagen Passat TDI diesel; a Via Motors Silverado extended-range plug-in; and a Smith Electric Delivery Vehicle.
Reprinted by Midwest Glass Tinters
Despite the renewed popularity of American-made cars in 2011, foreign automakers took home top honors at the 2012 Detroit Auto Show.
Hyundai captured Car of the Year honors for the second time since 2009 when its luxury Genesis won. For 2012, the Hyundai Elantra took the title, beating out the Ford Focus and the Volkswagen Passat. “Sporty, yet sensible. Luxurious, yet affordable. Spunky, yet safe,” said Jayne O’Donnell of USA Today, one of the judges. The Elantra is a series of paradoxes, and every one is another argument for the latest impressive entry in the Hyundai lineup.”
In the SUV of the Year category, the Range Rover Evoque, which had also won Motor Trend’s 2012 SUV of the Year award, topped the competition in Detroit for its combination of performance and fuel efficiency. “Range Rover successfully charts a new direction for the venerable SUV trailblazer with a fresh design and advanced thinking about environmental issues,” said Fortune magazine’s Alex Taylor, one of the judges. The Evoque is made at Indian automaker Tata’s UK-based facility.
Powered by a turbocharged four-cylinder engine and with a six-speed automatic transmission, the Evoque beat out Honda’s CR-V and BMW’s X3 SUVs.
There are a lot of things to consider when buying a used car — not the least of which is the honesty of the seller; but the most important thing to consider when buying a used car is the reliability record of the make and model. To help us with that, CBS MoneyWatch looked at owner surveys, J.D. Power ratings and Consumer Report ratings in 5 car catgories to see which cars had less-than-stellar reliability records and to offer some more reliable alternatives.
Small Car Category:
Avoid: The Volkswagen Beetle — Owners reported problems with the climate control system and power equipment, both of which can lead to expensive repairs.
Alternative: Hyundai Elantra — Owners reported no major problems; and the Elantra got the maximum rating from J.D. Power, and is ranked above-average by Consumer Reports.
Midsize Car Category:
Avoid: Volkswagen Passat — Consumers reported problems with the fuel, electrical and climate systems, as well as the power equipment.
Alternative: The Ford Fusion — Fusion won the reliability award in this year’s J.D. Power survey, and Consumer Reports gives it a much-above-average used car rating.
Midsize SUV Category:
Avoid: GMC Acadia — Owners reported problems with the suspension and audio systems, and J.D. Power and Consumer Reports both gave it their lowest used car rating.
Alternative: Toyota 4 Runner — the 4 Runner won J.D. Power’s top reliability award, and Consumer Reports rated it much better than average as a used car. Owners liked its highway and off-road capability.
Large SUV Category:
Avoid: The Ford Expedition — Owners reported problems with the transmission and audio systems, and its best gas efficiency is only 18 mpg. J.D. Powers and Consumer Reports both gave it a low used-car rating.
Alternative: Toyota Sequoia — While just slightly better on fuel efficiency, the Sequoia gets a high rating from both J.D. Power and Consumer Reports. Owners liked its roomy seating and comfortable ride for long trips.
Avoid: Chrysler Town & Country — Although very popular as a new car, owners reported problems with suspension, brakes, climate system and power equipment. J.D. Power and Consumer Reports both rated it low as a used-car purchase.
Alternative: Toyota Sienna — The Sienna won the reliability award for minivans from J.D Power, and it got a better-than-average rating from Consumer Reports.
In addition to the tips above, it’s often wiser to purchase a 3+ year old used car for a couple of reasons. The biggest new-car depreciation has already taken place, and with new car prices rising sharply, buying a 1 or 2 year old used car often make worse financial sense than buying new.
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