Hey folks,

I stupidly and hastily placed an custom order for a 2024 LS500 on Saturday with Lexus Oxnard. I didn't negotiate the car price or the lease terms, which was a huge mistake from my part.

I am trying to cancel it this morning, and the dealership is giving me hard time, saying that it was a custom order and cannot be cancelled and what not.

I know it's my mistake for not negotiating these before hand, but I was wondering where do I stand from actual consequences for the dealership.

As far as I know, from the little I know about how these things work, there is no way that the Lexus factory has locked in the specs for the car and at most this would be a small inconvenience for the dealership. Am I wrong?

While I want to cancel the order I don't want to create a financial loss for them either.

 

Can you describe the deal a bit, how much you put down, and the terms?
Also, what is your alternative? Have you found a better lease? Rate?
Or are you just feeling a bit of "buyers remorse" and perhaps what led you to feel this way?
do you want another lexus or going to a different brand?

 

I put down $3k. Not sure about the terms as we didn't sign any contract or anything...

My alternative is to wait for the 2024 LS to be there in dealerships, test-drive it, and try to negotiate a better price.

At them moment the way we left it, was MSRP and the lease terms would be agreed when the car got in the dealership.

I wouldn't call it "buyer's remorse". I still want the car, and am going to buy it eventually. I just think I did a mistake by not negotiating the lease terms. I am afraid that the car will arrive and they will ask for a ridiculous terms since they will all the cards

 

You did not sign anything, and there are not terms.
Im thinking its not transaction. Yet.
You left a deposit. What does your receipt say? Non refundable?
As for "terms", what are they currently and how long until the car comes?
Each state has different laws or rules so you need to bone up on them.
YOu obviously put yourself in disadvantage and own up to it.
What are the current rates and how does that translate to the payment. Was this agreeable to you at the time you left a deposit?
Can you buy this car vs. lease? I used to lease but the rates are not good and depreciation on Lux sedans are just not advantageous.
At the end of the day, you can walk. If so, they keep the 3k? Is that in writing?

 

stavstavcc, any progress to share? Where are you with the dealer?

 

They agreed to cancel the order and refund the deposit. They were not happy about it, but I think it was mainly because of the lost sale

 

What next??? You pick another car?

 

waiting for 2024 to be in stock in dealerships and take it from there. Will try to negotiate a better price

 

Just prior to pulling the trigger for a 2024 LS500, it may be prudent to consider the following key point. 2024 LS500 is almost the same as 2023 with some very minor changes but 2025 is what everyone is waiting for. The 2024 changes from 2023 include,
Exterior:
New Silver Illusion premium paint exterior color
All-new 19- and 20-inch wheel designs
Tire Pressure Monitor System updated with two levels of warning - Natural Leakage and Puncture
10 exterior color options
Interior:
New 12.3-inch full graphic Thin Film Transistor LCD high-definition display
10.2-inch Color Head-Up Display now standard on all LS 500 models
24-inch Color Head-Up Display now standard on LS 500h model
Performance & Safety:
Lexus Safety System+ 3.0 is standard on all LS 500 models
Wheel attachment has been updated from wheel stud to hub bolt style helping reduce unsprung weight and high axle rigidity
Brake and Steering feel have been updated to enhance driving experience

If you are in a hurry and can't wait till 2025, the first thing I suggest is try to get a very low mileage 2023 LS500 or more preferably a 2023 LS500h. Remember, L-certified comes with 6 years unlimited miles manufacturer;s warranty and the first 4 scheduled services are complimentary. Now a days nationwide cost effective shipping gives you additional flexibility and choices. Just a thought.

 

Lease rates are usually not negotiable except for the price.
Depreciation rate has many factors and one does not want to lease a previous model year.
But........Toyota financial will incentivize heavy to move cars.
Im not sure the LS500 is a good one to lease. Heavy depreciation in luxury sedans are very apparent which is why many of us look to buy "used".
With interest rates high, and depreciation rabid no telling your going to strike a better deal on a '24.

What are the factors and intersest rate now? I have not leased in some time but there existed a lot of information online and calculators that you walk in armed with the parameters of a good deal in mind. Negotiation is about facts, what is possible, what a dealer can and cannot do and if any, what leverage you have. They won't lose money on you. They shouldn't, they are not in that business of losing.
BUt if you know what factory is offering to lower the price you can then drive a bargain.
Cars in stock matter. Find a dealer that has what you want. These cars are low volume and thats not going to be easy.
YOur likley better off leasing an SUV from Lexus. They are holding value far greater.

Good luck and keep us posted. We share knowledge in hopes others reciprocate their experiences. Good luck and happy motoring!

 

Local dealer in Houston is trying to sell me a 2023 LS 500 for MSRP 95K. What negotiating tactics can be done to get this price down? Open to suggestions!

 

Do you have comps from competing dealerships?

What's the build date?

 

Lexus Cerritos already advertises $6k discount on this. I think that’s why they were so upset for cancelling the order.