thenod

Just got back from the dealer and he told me my options.

#1. Lease - I already have a $7000 deposit so I don't have to give them anymore money and my payment on the $65,000 car with 15,000 miles per year for 36 months is eleven hundred dollars per month with tax. Residual is at 53%

#2. Buy - Give them another eight grand for a total down payment of $15,000 and my payment is the same.

Your honest opinions, tips, advice, etc.. are GREATLY appreciated!

rominl

iTrader: (4)

damn, that's CRAP load of money for lease imho......

fwiw, here's my sc430. i am leasing it (but planning to buy out after lease). 3 yrs, 15k miles. price of car is close to yours, maybe a bit cheaper. BUT, i have ZERO down, and with the lexus multiple deposit plan, i am paying ONLY around 800 bucks a month. my residual maybe a bit higher than you, but don't think it's going to be that much

so in your case, you pay 7k more for down, and still paying 300 more every month? that's 10k more over 3 yrs. you gotta be kidding me.

i would just buy the car imho. doesn't seem like you get a reasonable deal on lease at all.

and btw, about multiple deposit plan, you can check with dealership, basically you put down multplie payments as "deposit" and use that to lower your money factor on lease. helped me a lot on payment. and at the end of lease, you get those deposits back.

thenod

Thank you for your input. It helps ALOT!

thenod

I wonder why our terms are SO different? I have excellent credit. Is it the dealer? Lexus Financial? Should I call them and ask to negotiate this?

rominl

iTrader: (4)

i sent you a pm, please check

i don't know why it's so different. i have good credts too. i think it's all about how the money factor is currently (i bought my car nov 04, a 05 model), and what they want to get off you?

jwa

With good credit, you can get 5.6% on a 60 month loan from Lexus Financial. With your 7K down, that would put payments at $1100, and you would have a 26K balance after 3 years. IMO, that's clearly a better deal than the lease your being offered.

thenod

I sent the dealer an email asking what the interest rate is. I wonder if I should just call Lexus Financial directly. I asked the dealer about "multiple payment deposit" and he didn't even know what that was. The person I'm dealing with at the dealership is the internet fleet director. Any suggestions?

rominl

iTrader: (4)

he doesn't know anything about multiple deposit plan? you should go talk to someone else. it's even said on lexus webpage i believe, and last time i checked it was still available

i don't think talking to lexus finance will be of much difference though

LeslieRC

I used to have a mortgage payment that was $1100/month. Unfortunately it's more than double that now, but that's a lot to pay for a lease in my opinion.

thenod

I agree! Thanks for your feedback! I'm in the process of shopping around for the best interest rate on a purchase. Thanks again!

Eternity3G

I just got my car in march and with a Tier 1 credit, I got a 1.88 APR through Lexus financial... those prices look ridiculous! If you want, PM me and I'll get you in touch with my guy at Tustin Lexus (if you're in socal)

CrazyMPG

iTrader: (4)

yea...shop around...but buy not lease...prices don't seem to make it worth it to lease...

Good Luck!

PoppFlyy

Call around and shop the numbers hard Nod. I did my deal at Lexus of Westminster thorugh the internet Dept. It was a real pleasure. Britanny Steele did my deal, and she was very kool, and a great salesperson.

The service dept. at Westminster is great too. They have helped make me a very happy Lexus owner.

rominl

iTrader: (4)

wow, 1.88, that's very low rate

lexuslover

it also depends on how long you want to keep your car. if you tend to trade in every 3-4 years, leasing might be a better option just because you don't end up paying sales tax on the entire car (and in CA you cannot get a sales tax deduction when you do a trade). i love having new cars and i am self employed which makes leasing attractive (our SC and GS are leased), but our RX is our "beater" and gets too much wear and tear to make leasing worthwhile. so that one was purchased outright, and at 50k miles and 3+ yrs old, i still love it and plan to keep it another 50k miles.

the reason your lease pymt is so high is that they are not giving you any kind of break on msrp, and you are paying a premium for the NM version. the residual is quite low, so the lease payment represents the "gap" between the resid and msrp that you cover in 36 months. like rominl, i got a nice deal on my SC since it was not a new model year, so i got about 7k off msrp. so in essence i am financing 7k less on the lease. the GS i only got 1200 off msrp since it was just released and therefore i am financing more on the lease even though the sticker price on the SC is much higher (65k vs. 58k). both have similar money factors (around 5% apr equivalent), but the GS is much more "expensive".

anyway, hope that helps somewhat. good luck in your decision, can't wait to see pics of your NM hybrid!!