mellodrone Posted March 14, 2011 Report Share Posted March 14, 2011 Hello! My 2008 Edge SE is my third leased car, and my lease is up in one week. I've been doing quite a bit of research on trade-in value, repair history, etc. In talking with my leasing manager, it's looking like the best option for me is to buy my car. It has 9,500 miles and is in very good condition. Last year it had a transmission seal leak, but the problem was fixed and nothing else "major" has come up. Right now it's a matter of pure economics... Ford is offering some very good deals on the 2011 SEL, loaded, but it's still more than I can afford right now. I've yet to talk to someone who felt that buying my car is a bad idea. So I thought I'd check with you fine folks. Good idea? Horrible mistake? Because of my low mileage I can get the ESP for an affordable price, and I think an extended warranty is a good idea. But I'd love to hear any and all advice, support, pitfalls, pros, cons, etc. Thank you! Quote Link to comment Share on other sites More sharing options...
akirby Posted March 14, 2011 Report Share Posted March 14, 2011 Hello! My 2008 Edge SE is my third leased car, and my lease is up in one week. I've been doing quite a bit of research on trade-in value, repair history, etc. In talking with my leasing manager, it's looking like the best option for me is to buy my car. It has 9,500 miles and is in very good condition. Last year it had a transmission seal leak, but the problem was fixed and nothing else "major" has come up. Right now it's a matter of pure economics... Ford is offering some very good deals on the 2011 SEL, loaded, but it's still more than I can afford right now. I've yet to talk to someone who felt that buying my car is a bad idea. So I thought I'd check with you fine folks. Good idea? Horrible mistake? Because of my low mileage I can get the ESP for an affordable price, and I think an extended warranty is a good idea. But I'd love to hear any and all advice, support, pitfalls, pros, cons, etc. Thank you! If you only put 9500 miles on your 08 then you have paid more on your lease payments than the car has depreciated (most likely), so if you just turn it back in you're losing money. If you like it and can't really afford a new one then it's a no-brainer. As far as the extended warranty, I don't recommend them except where a new car buyer can't afford to pay for a large repair (fixed income, etc.) so you put the extended warranty into the price of the new vehicle so you only pay a few bucks per month. Otherwise if you can afford to pay cash for a $1500 warranty then you can probably afford to pay for a repair and if so you'll save money over the long run by self-insuring. If you really want the warranty then finance it with the car to avoid the large repair bill later. Also be aware the time and mileage limits on ESPs (make sure it's a Ford ESP - don't consider anything else) usually start when you buy the vehicle, so you would already be into year 4 or a 7 yr warrranty - you're only paying for 4 additional years. Doesn't sound like you'd ever hit the mileage limit. Quote Link to comment Share on other sites More sharing options...
mellodrone Posted March 14, 2011 Author Report Share Posted March 14, 2011 If you only put 9500 miles on your 08 then you have paid more on your lease payments than the car has depreciated (most likely), so if you just turn it back in you're losing money. If you like it and can't really afford a new one then it's a no-brainer. <snip> akirby, thank you for that. I believe that is what the leasing manager was explaining to me (you worded it more clearly). At first I thought he was just trying to get me to buy my car because they'd lose money on it in an auction, and he said, "No, with that kind of mileage and because it's in such good condition we'd keep it and turn a profit. I'm telling you to buy it because it's the best option for you." You know, I keep hearing about the new Edge, how the brakes are so much better, and the ride is smoother and it's quieter... and I've been trying to make it work, but I keep coming up short. He worked with the numbers, rebates, and the options to get me the best deal possible, but with money so tight I think the best thing for me is to buy it. Thank you for confirming that. I looked up the trade-in value on the KBB site tonight and my buy-out price is about $4,000 less than the trade-in value for my zip code. I can get an ESP plan that covers me bumper-to-bumper up to 36,000 mi. / 84 months for about $800. If I buy it through flmowner.com I can make payments, no interest. Yes, I know what you mean about the mileage limit. Thank you for explaining everything so clearly. It's funny... mine is ice blue metallic and it seems like every other week someone is stopping me in a parking lot to ask what year it is because they like the color. The new Edge colors don't offer anything like it. So, hey, there's another plus. Quote Link to comment Share on other sites More sharing options...
akirby Posted March 14, 2011 Report Share Posted March 14, 2011 akirby, thank you for that. I believe that is what the leasing manager was explaining to me (you worded it more clearly). At first I thought he was just trying to get me to buy my car because they'd lose money on it in an auction, and he said, "No, with that kind of mileage and because it's in such good condition we'd keep it and turn a profit. I'm telling you to buy it because it's the best option for you." You know, I keep hearing about the new Edge, how the brakes are so much better, and the ride is smoother and it's quieter... and I've been trying to make it work, but I keep coming up short. He worked with the numbers, rebates, and the options to get me the best deal possible, but with money so tight I think the best thing for me is to buy it. Thank you for confirming that. I looked up the trade-in value on the KBB site tonight and my buy-out price is about $4,000 less than the trade-in value for my zip code. I can get an ESP plan that covers me bumper-to-bumper up to 36,000 mi. / 84 months for about $800. If I buy it through flmowner.com I can make payments, no interest. Yes, I know what you mean about the mileage limit. Thank you for explaining everything so clearly. It's funny... mine is ice blue metallic and it seems like every other week someone is stopping me in a parking lot to ask what year it is because they like the color. The new Edge colors don't offer anything like it. So, hey, there's another plus. Buy it out now and you can turn around in 6 months and sell it for a $3K profit (or trade it in). I'd buy it, drive it for another year while they get the bugs out of the 2011s then see if you can make the numbers work. Quote Link to comment Share on other sites More sharing options...
MrHappy Posted March 14, 2011 Report Share Posted March 14, 2011 "Buy it out now and you can turn around in 6 months and sell it for a $3K profit (or trade it in). I'd buy it, drive it for another year while they get the bugs out of the 2011s then see if you can make the numbers work. " Excellent, excellent advice!! I agree 100%! Quote Link to comment Share on other sites More sharing options...
KLC Posted March 14, 2011 Report Share Posted March 14, 2011 (edited) Buy it out now and you can turn around in 6 months and sell it for a $3K profit (or trade it in). I'd buy it, drive it for another year while they get the bugs out of the 2011s then see if you can make the numbers work. Great advice, I agree. My Edge is paid for, but I actually plan to do the same in a couple years. Although with so many redesigns and new models I'm not completely sure I'll get another Edge. Will just have to see when the time comes. Edited March 14, 2011 by KLC Quote Link to comment Share on other sites More sharing options...
mellodrone Posted March 15, 2011 Author Report Share Posted March 15, 2011 Thank you all for the excellent advice and insight. I've been doing research on service/repair problems common with 2008 Edge SE's and it looks like an ESP would cover practically everything. An exception would be the brake rotor. Some owners are reporting that this is costing them up to $600 to get repaired. I talked to my service dept. and they said this is happening usually within the first year, but they're seeing it up to 18,000 miles. Apparently it's an '08 FWD anomaly. Most of the time, it goes away on its own. But for those who opt to get it fixed, it is NOT covered by the PremiumCare ESP. Last year my master cylinder brake booster was leaking, but was fixed and fully covered. All in all, they're telling me the '08 FWD is pretty solid, better than the '07. The TrueDelta site confirms this. They also said they'd be happy to upgrade my Sync to add 911 Assist and Vehicle Health Report, no charge. Anything beyond that would be an "after market" purchase, and is too pricey for me. I'd be better off getting a portable dashboard GPS for the few times I need one. Anyway, thanks very much again. You've all been very helpful. P.S. Re: the "bugs" that akirby mentioned... my dealer concurs. Quote Link to comment Share on other sites More sharing options...
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