Chrysler 300C & SRT8 Forums banner

1 - 20 of 26 Posts

·
Registered
Joined
·
155 Posts
Discussion Starter #1
Hey dear forum users. I need some advice.

I am coming up to the end of my third year with my 06 CSRT8. It is coming off lease in 15 days. I had always thought of keeping it after the lease and buying it out. I kept the miles down to 19k and babied it outside of a few very fun hours. (i mean a lot of fun - not just the normal driving fun)) I bought snow tires/asa wheels and have been bidding my time to add CAI and exhaust till after the lease. I thought it was a good plan. I love this car.

Then the resale falls off, and more problems are surfacing on the forum. I am going in tomorrow to do some warranty work by getting the tranny TSB done. Little concerned about other tranny issues. In short - wondering if I should lease a new beast instead of holding on to this very special car.

I am 90% thinking I should keep it - but thinking I should get some advice - albeit from some pretty hard core lovers of this car.

If I keep it - any advice about warranty etc? other work I should get down well it is still on warranty?

Big Sigh. Decision time.
 

·
Registered
Joined
·
1,228 Posts
depends what you paid for the lease and what the buyout price is. 10 out of 10 times they rape you on the buyout price, i would never do it. IMO

Hey dear forum users. I need some advice.

I am coming up to the end of my third year with my 06 CSRT8. It is coming off lease in 15 days. I had always thought of keeping it after the lease and buying it out. I kept the miles down to 19k and babied it outside of a few very fun hours. (i mean a lot of fun - not just the normal driving fun)) I bought snow tires/asa wheels and have been bidding my time to add CAI and exhaust till after the lease. I thought it was a good plan. I love this car.

Then the resale falls off, and more problems are surfacing on the forum. I am going in tomorrow to do some warranty work by getting the tranny TSB done. Little concerned about other tranny issues. In short - wondering if I should lease a new beast instead of holding on to this very special car.

I am 90% thinking I should keep it - but thinking I should get some advice - albeit from some pretty hard core lovers of this car.

If I keep it - any advice about warranty etc? other work I should get down well it is still on warranty?

Big Sigh. Decision time.
 

·
Registered
Joined
·
390 Posts
All I can say is, look around at the price of used 2007 SRT8s before deciding to buy out your 2006. They are probably cheaper than you think. Also, a lot of stuff was fixed between 2006 and 2007 if you look at the TSBs. Depending on the mileage, you might also be able to get an extended warranty.
 

·
Registered
Joined
·
25 Posts
Just like above, you have to look at the full buy out price.......Leases are set up to have the car turned in at the end and be resold. I have yet to come across an auto lease that was a good deal at buyout time. That is if you put the minimum down. Finance leases where the buyout is 20% or less than the full purchase price are usually the only leases worth executing. In my opinion, and it is only my opinion, if the car is worth more than the buyout you are ok.....chances are its not. Good luck and you can never go wrong with a new CSRT8!!:biggrin:
 

·
Premium Member
Joined
·
10,829 Posts
Based on your post, you basically have a ‘new’ 2006 SRT. You know exactly how it has been treated and kept up….something you would not know from purchasing a used replacement. Plus, you have kept your mileage very low.

The re-sale value of your vehicle might even be less than the residual you owe on your lease. What is your residual?

I suppose it’s all going to come down to whether you want to continue paying high monthly payments on a brand new SRT for another 3-4 years or keep your current SRT and pay down your residual over the next couple of years at a much lower rate. You can even refinance your residual with another lending institution for possible lower interest rates. And then, you will finally own your vehicle!




 

·
Registered
Joined
·
1,228 Posts
i doubt his buyout is under 30 grand and if it is his lease expense was prolly high
 

·
Registered
Joined
·
155 Posts
Discussion Starter #7
i doubt his buyout is under 30 grand and if it is his lease expense was prolly high
i wa paying a good amount every month. the buyout is about 25. I'll check to get the actual amount but very close to that. i would just get my business to buy it outright and not finance it.

sigh...

thanks so far for the great thoughts.
 

·
Registered
Joined
·
1,129 Posts
my buyout is 25 as well, i'll be turning mine in.
hoefully, in 2010, we will have a new beast for me to lease.

i will always have a car payment,unless i end up paying cash somehow, cant keep em for more than a few years.
 

·
Registered
Joined
·
186 Posts
My car has 9500 miles and my buyout is 26k. Love the car and wouldnt want the new one with the crappy spoiler and crappy cupholders and with the poser Design series out there that looks the same to the casual observer. So I will gladly keep mine and if Chrysler wants the financing they will have to give give me a smoking deal on the extended warranty Im thinking.:) I am told the buyout is negotiable also with a weak market for those with a high buyout. Mine is worth about the payoff so all is good
 

·
Registered
Joined
·
137 Posts
Depending on the manufacturer the lease buyout price is not set in stone. A lot of times if they think you may be interested they may negotiate the price. Also, it really depends on the interest rate they give you if you're going to finance. And see if they'll throw in an extended warranty to boot.

It basically comes down to dollars and cents and how much they'll work with you. If you do negotiate with them then fill us in on the details for people like me that haven't made up their minds either.
 

·
Registered
Joined
·
14 Posts
If I were you, I would compare my 'monthly' cost to buyout the 06 with the monthly cost of a new lease. If you financed your $25K buyout for 3 years, you're looking at $750-$775/month. When I purchased my 07, the dealership was quoting me about that same price for a lease. If this is the still the case, then you can get a brand new one for the same monthly payment as financing your old one.

If you are thinking about paying cash for your old one, then ask the dealership to quote you a 'single-payment' lease, where you make one payment up front and keep the car for 3 years. A friend of mine just picked up a Lexus GX470 ($46K sticker) on a 3 year lease for a single payment of about $26K.
 

·
Registered
Joined
·
155 Posts
Discussion Starter #12
If you are thinking about paying cash for your old one, then ask the dealership to quote you a 'single-payment' lease, where you make one payment up front and keep the car for 3 years. A friend of mine just picked up a Lexus GX470 ($46K sticker) on a 3 year lease for a single payment of about $26K.
This is interesting - i have never heard of it before. So just so i am clear, i pay them a 3 year upfront lease payment of say $24,999 which at the end of the three years, i buy it for a dollar? or what else is the benefit of doing this?
 

·
Registered
Joined
·
14 Posts
This is interesting - i have never heard of it before. So just so i am clear, i pay them a 3 year upfront lease payment of say $24,999 which at the end of the three years, i buy it for a dollar? or what else is the benefit of doing this?

You don't buy it for a dollar - you buy it out (like you would a normal lease) or you turn it back in and get another car. It works just like a regular lease, except that instead of making 36 payments, you make one big one up front.
 

·
Premium Member
Joined
·
4,068 Posts
I know someone who just did that on a new Blue Superbee. He paid 19k for two years and 24k miles.

Eric
 

·
Registered
Joined
·
155 Posts
Discussion Starter #15
I have an appointment set up for tomorrow and will let you all know what the opening positionv of my dealer will be.

I went to the GM dealership at lunch and they had an 07 sts-V with 2500kms. trying to dump it cheap (well cheaper than list) the CTS was just too small. But the 09 V might be fun and worth putting up with the size. No sale for me - for the money, my old one looks pretty good.

I know Caddy is a lot of $'s and cashe more than chrysler, but i thought our cars compared pretty good in a lot of ways to what i was seeing. Made me happy to have jumped on the CSRT8 wagon when i did.
 

·
Registered
Joined
·
155 Posts
Discussion Starter #16
Ok - talked to the dealer. my risdual is higher than i thought. 28k. there is a fee and taxes if i buy it out. thye are going to ask chrysler to see if they will give me a free warrenty. no promises. I can purchase an extended warrenty for 1800.

new ones have an 8k rebate. mayve a few more incentives...

Used ones on ebay are running about the same as my residual. Just won't know who drove it and how hard. So if i want to buy a used one, i think i would stay with mine. If i flip for a new one - seems like they are trying hard to sell em.

The deaker is going to be giving pricing and options this week.

I'll let you all know when more info is available.
 

·
Registered
Joined
·
155 Posts
Discussion Starter #17
Just an update.

My dealer took forever to deal with my car. Basically i had three options. buy it for the residual. buy a new one. simply turn it in and buy / lease something else. Trying to deal with finding an SRT in my area the way i wanted it was pretty hard. plus i was getting no incentives to keep my old one. so finlly they found a new one and gave me a smoking deal. I have been a little concerned about long term maintence and durabiliy but there was simply nothing in the market for the price that made my heart as happy. So i am the proud owner of a second SRT8. i said goodbye to my baby this morning and hope it goes to an owner that takes as good care of it as i did. i did take off my almost new proxy 4 tires off the old one and put them on the new one.

I like some of the features of the 2008. i am thinking they have made some good refinemens. As to performance, i have not pushed it and i remember that the motor got stronger as the miles came on.

Thanks to all who regularily contribute and make the experiance so much fun. I do like the car and i proved it by buying another one.
 

·
Registered
Joined
·
163 Posts
I have an appointment set up for tomorrow and will let you all know what the opening positionv of my dealer will be.

I went to the GM dealership at lunch and they had an 07 sts-V with 2500kms. trying to dump it cheap (well cheaper than list) the CTS was just too small. But the 09 V might be fun and worth putting up with the size. No sale for me - for the money, my old one looks pretty good.

I know Caddy is a lot of $'s and cashe more than chrysler, but i thought our cars compared pretty good in a lot of ways to what i was seeing. Made me happy to have jumped on the CSRT8 wagon when i did.

did u test drive the STS-V? if so, what are your thoughts on it? I also went thru a process of trying to replace my '05 SRT8 and it is pretty tough - it is a damn good car. You either have to pay like twice as much or more, or compromise on performance or size.
 

·
Registered
Joined
·
42 Posts
what the hell, i may as well start this up again !!!

I paid CASH !!! for mine whooooooooooo (Rick Flair Style )
34k with only 15,000 km on it.
whooooooooooooooooooo :) lol
 

·
Registered
Joined
·
42 Posts
and that was last year !!! whooooooooooooooooooooooooooooooooo :)


and i'm spent !!
 
1 - 20 of 26 Posts
Top