Leasing used
Lexus Champion
Joined: Aug 2012
Posts: 4,592
Likes: 31
From: TN
Well, I'll give you an example. I've owned '10 and '11 Audi S5 Convertibles. They were fantastic cars and gave me no problems. My lease is up on my '15 S5 in December. I am going back to an S5 Convertible again. I've always leased brand new cars and I can afford it, but there is really no need for me to lease a brand new '17 S5 Convertible when there have essentially been no changes to the model since 2013. I can lease a nice, used 2014 or 2015 with low miles for less than a new one. If it has 10k miles, and I put on 7500 per year, it will have 32,500k miles when I turn it in and will still be under warranty.
And there is really no other NEW, cheaper car that compares in this category. Your logic of leasing a new Honda or Toyota doesn't apply in this case. I'm not going to go out and lease a new Buick Cascada or Infinifiti G37 Convertible (or Mustang or Camaro convertible for that matter) just because they are new. They don't compare to the S5.
Lastly, I own my home and have no mortgage payments so perpetual car payments don't bother me. I went the route of buying each car and I ended up trading after 3 years and taking big losses. Unless one keeps a car for 7-10 years, there is really no financial advantage. I'm not a fan of investing in a depreciating asset.
And there is really no other NEW, cheaper car that compares in this category. Your logic of leasing a new Honda or Toyota doesn't apply in this case. I'm not going to go out and lease a new Buick Cascada or Infinifiti G37 Convertible (or Mustang or Camaro convertible for that matter) just because they are new. They don't compare to the S5.
Lastly, I own my home and have no mortgage payments so perpetual car payments don't bother me. I went the route of buying each car and I ended up trading after 3 years and taking big losses. Unless one keeps a car for 7-10 years, there is really no financial advantage. I'm not a fan of investing in a depreciating asset.
Some dealers I think need a reality check. I reached out to an out of state dealer, they had a 2013 LS with 15K miles. The car had an accident, he said it was a minor fender bender. Anyways, they were selling it for $42,000. I asked them about leasing it, the quote I was giving almost knocked me out, 36m / $685!!! For a used car that was in an accident, with a pricetag of $42K.
Some dealers I think need a reality check. I reached out to an out of state dealer, they had a 2013 LS with 15K miles. The car had an accident, he said it was a minor fender bender. Anyways, they were selling it for $42,000. I asked them about leasing it, the quote I was giving almost knocked me out, 36m / $685!!! For a used car that was in an accident, with a pricetag of $42K.
When I questioned it they said new Lexus LS lease for 1400 a month so they are getting a good deal
All I know is used lease is great for dealers
You can probably get it even cheaper if you go with the base model. I'd never pay $900 or above for a used car.
Last edited by SNiiP3R; Apr 16, 2016 at 08:59 AM.
my confusion, when it comes to leasing used is... how do i know if it's a good deal or not??
My local dealer offered me a 2013 RX350 with comfort package $389month/15k year, $3500 out of pocket
it's listed for sale for $33,000
Can anybody figure out the math and tell me if this is good?
It seems high, due to the fact that a 2016 is $420 a month with $4000 out of pocket!
My local dealer offered me a 2013 RX350 with comfort package $389month/15k year, $3500 out of pocket
it's listed for sale for $33,000
Can anybody figure out the math and tell me if this is good?
It seems high, due to the fact that a 2016 is $420 a month with $4000 out of pocket!
Lead Lap
Joined: May 2010
Posts: 746
Likes: 4
From: NJ
Some dealers I think need a reality check. I reached out to an out of state dealer, they had a 2013 LS with 15K miles. The car had an accident, he said it was a minor fender bender. Anyways, they were selling it for $42,000. I asked them about leasing it, the quote I was giving almost knocked me out, 36m / $685!!! For a used car that was in an accident, with a pricetag of $42K.
Your sig says you lost a car in Sandy... so NY or NJ?
Assuming an LS460 AWD, 15K miles, $42K cap cost... 3 year lease. .00130 Tier 1+ rate marked up to .00170 and a $31,600 residual...
NJ: $1,805.78 at signing, $453.28/mo
NYC Taxes: $1,868.05 at signing, $465.55/mo
This assumes that they're marking up the money factor as well.
$685 a month? WTF?
Had to be a Non-CPO going through god knows what bank at that payment.
Lead Lap
Joined: May 2010
Posts: 746
Likes: 4
From: NJ
FWIW Guys I've leased 3 CPO cars today out of the 7 CPOs that we sold.
Lead Lap
Joined: May 2010
Posts: 746
Likes: 4
From: NJ
my confusion, when it comes to leasing used is... how do i know if it's a good deal or not??
My local dealer offered me a 2013 RX350 with comfort package $389month/15k year, $3500 out of pocket
it's listed for sale for $33,000
Can anybody figure out the math and tell me if this is good?
It seems high, due to the fact that a 2016 is $420 a month with $4000 out of pocket!
My local dealer offered me a 2013 RX350 with comfort package $389month/15k year, $3500 out of pocket
it's listed for sale for $33,000
Can anybody figure out the math and tell me if this is good?
It seems high, due to the fact that a 2016 is $420 a month with $4000 out of pocket!
Current Tier 1+ Buy rate is .00100 Residual is $18,925 for 36 months Plus...
20c/mile for every mile under 36,000
$75 Backup Camera
$200 Navi
$50 Heated seats
The lowest mile 13 RXs lease the best.
Lexus Test Driver
Joined: Jan 2007
Posts: 7,460
Likes: 232
From: CA
Originally Posted by litesoarer
I did consider this option, but I DO drive 30K miles/yr
I like the flexibility of driving wherever without worrying about miles. My sell point is 100k miles.
Lexus Test Driver
Joined: Dec 2006
Posts: 1,509
Likes: 6
From: NT
This time around I figured that buying a well cared for LS would cost less in the long run (Depreciation on new cars vs Non-Dealer repairs, and maintenance) while providing a more enjoyable experience. Barring any incidents I see myself in this car going up to 230k+ (5yrs)
Check this out.
I found a nice NX non F-Sport model, clean, with 16K miles. The price tag is $36,000.
So I call the dealer and tell him I want to lease your CPO NX, but I don't want to put any money down.
He calls me back in about 30 mins and tells me, it's going to be $700/m 15K ml/yr.
Why are they even offering the CPO leases if they can't even come up with reasonable lease terms?
Also, apparently you cannot lower the miles if you leasing a CPO. You start with 15,000 /yr and can go only higher.
I found a nice NX non F-Sport model, clean, with 16K miles. The price tag is $36,000.
So I call the dealer and tell him I want to lease your CPO NX, but I don't want to put any money down.
He calls me back in about 30 mins and tells me, it's going to be $700/m 15K ml/yr.
Why are they even offering the CPO leases if they can't even come up with reasonable lease terms?
Also, apparently you cannot lower the miles if you leasing a CPO. You start with 15,000 /yr and can go only higher.
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