2014 LS460L Lease?
#1
Instructor
Thread Starter
2014 LS460L Lease?
I've made the mistake of surfing CarGurus looking to see what kind of late-model LSs are available in the mid-west. I currently own a 2008 LS600hL, which I love, but every once in a while I get the urge to upgrade to the newer (post-2013) body style. I know there's been a lot of chatter on this forum about the risk of hybrid battery failure with the 600s, following CJITTY's bad experience with Lexus when his LS600 batteries crapped out a day after the warranty expired (and no help from Lexus in fixing his problem).
What has saved me in the past is that virtually every LS460L I see for sale has no where near the level of equipment that my LS600 has. Many come without Radar Cruise, air ride suspension, rear seat entertainment system, etc. However, an LS460L has popped up on CarGurus from McGrath Lexus in Chicago. Here's the link: http://www.mcgrathlexusofchicago.com...-IL/2981763183
This one is a 1-owner 2014 with 6K miles. It has a good color combo (white exterior with light color interior), and has virtually every option Lexus offered in 2014, including the Executive Seating package, Lane Keep Assist, rear DVD system, etc. The original MSRP was $112,300. McGrath is asking $64,998 for the car, which seems a bit high compared to KBB, but is still a pretty sweet deal on a $112K car with 6K miles...
This kind of car (less than 4 years old, low miles) can now be leased by Lexus, and the lease deal on this one is pretty good (because of the equipment and low miles, which keeps the residual very high). McGrath quoted around $1100 a month for 36 months (tax included) or around $1000 a month for 48 months (zero down, 12K miles per year).
So I'm a bit tempted... Any thoughts from the forum on whether this particular car would be a good value? I know the "smart thing to do" is to stick with my LS600hL,which has an extended CPO warranty good for another 3 years. Still, I'm tempted...
What has saved me in the past is that virtually every LS460L I see for sale has no where near the level of equipment that my LS600 has. Many come without Radar Cruise, air ride suspension, rear seat entertainment system, etc. However, an LS460L has popped up on CarGurus from McGrath Lexus in Chicago. Here's the link: http://www.mcgrathlexusofchicago.com...-IL/2981763183
This one is a 1-owner 2014 with 6K miles. It has a good color combo (white exterior with light color interior), and has virtually every option Lexus offered in 2014, including the Executive Seating package, Lane Keep Assist, rear DVD system, etc. The original MSRP was $112,300. McGrath is asking $64,998 for the car, which seems a bit high compared to KBB, but is still a pretty sweet deal on a $112K car with 6K miles...
This kind of car (less than 4 years old, low miles) can now be leased by Lexus, and the lease deal on this one is pretty good (because of the equipment and low miles, which keeps the residual very high). McGrath quoted around $1100 a month for 36 months (tax included) or around $1000 a month for 48 months (zero down, 12K miles per year).
So I'm a bit tempted... Any thoughts from the forum on whether this particular car would be a good value? I know the "smart thing to do" is to stick with my LS600hL,which has an extended CPO warranty good for another 3 years. Still, I'm tempted...
#2
That's my two cents!
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riknchar (05-16-17)
#3
I suggest that you wait till end of this year when the 2018 hits the show room, $65k might be very close to the price of a brand new 2017 ls460. $5-10k more will get u a LWB. Granted will not have all the toys but 3 years newer and no previous owner...
Also, look at this $20k less...http://www.butlerlexussouthatlanta.c...-GA/2992755673
Also, look at this $20k less...http://www.butlerlexussouthatlanta.c...-GA/2992755673
#4
Don't we all get tempted....
NEED VS WANTS...
+1 to keep your current car until at least CPO is up. Anyway, my question to you is ;- what do you normally do when you got tempted by ______ ?
NEED VS WANTS...
+1 to keep your current car until at least CPO is up. Anyway, my question to you is ;- what do you normally do when you got tempted by ______ ?
#5
Lexus Fanatic
Thats a terrible deal IMHO. FYI I was quoted $1,150 $0 out of pocket 36 months on a brand new BMW 740i with an MSRP of about $94,000. Zero effort to get that.
You can lease a brand new LS460L for less than that. I was quoted $1,100 on an LS460L demo back in 2015 MSRP was about $90k, that was current model year titled as new with 5k miles.
Now, the $65k to purchase isn't a bad deal at all considering the equipment, but the lease is very poor. I mean, just think finance wise, at 2.75% a 60 month payment on $65k is $1,161!
You can lease a brand new LS460L for less than that. I was quoted $1,100 on an LS460L demo back in 2015 MSRP was about $90k, that was current model year titled as new with 5k miles.
Now, the $65k to purchase isn't a bad deal at all considering the equipment, but the lease is very poor. I mean, just think finance wise, at 2.75% a 60 month payment on $65k is $1,161!
Last edited by SW17LS; 05-16-17 at 02:48 PM.
#6
Lead Lap
iTrader: (2)
Wow, 2014 LS600h with 6500 miles at half its original selling price! For what its worth, I've had nothing but good experiences at McGrath Lexus (my son lived in Chicago for 4 years and they really looked after him). You should be able to get at least $25k for your 2008, which makes it even more tempting!
Edit: Ah, I see now its a 460L, not a 600h. Stick with you 2008!
Edit: Ah, I see now its a 460L, not a 600h. Stick with you 2008!
Last edited by sktn77a; 05-16-17 at 04:49 PM.
#7
Instructor
Thread Starter
Thats a terrible deal IMHO. FYI I was quoted $1,150 $0 out of pocket 36 months on a brand new BMW 740i with an MSRP of about $94,000. Zero effort to get that.
You can lease a brand new LS460L for less than that. I was quoted $1,100 on an LS460L demo back in 2015 MSRP was about $90k, that was current model year titled as new with 5k miles.
Now, the $65k to purchase isn't a bad deal at all considering the equipment, but the lease is very poor. I mean, just think finance wise, at 2.75% a 60 month payment on $65k is $1,161!
You can lease a brand new LS460L for less than that. I was quoted $1,100 on an LS460L demo back in 2015 MSRP was about $90k, that was current model year titled as new with 5k miles.
Now, the $65k to purchase isn't a bad deal at all considering the equipment, but the lease is very poor. I mean, just think finance wise, at 2.75% a 60 month payment on $65k is $1,161!
If I bought the car outright for $60K and got $25K for mine, the value proposition does seem quite a bit better... Thanks again for the leasing insight!
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#8
Instructor
Thread Starter
Wow, 2014 LS600h with 6500 miles at half its original selling price! For what its worth, I've had nothing but good experiences at McGrath Lexus (my son lived in Chicago for 4 years and they really looked after him). You should be able to get at least $25k for your 2008, which makes it even more tempting!
Edit: Ah, I see now its a 460L, not a 600h. Stick with you 2008!
Edit: Ah, I see now its a 460L, not a 600h. Stick with you 2008!
#9
Lexus Fanatic
I also am an avid leaser, but in general I have found that leasing used cars doesn't make sense, and that in general you can lease the same model new for about what you can lease it used and I think you're seeing that here.
#10
Instructor
Thread Starter
I suggest that you wait till end of this year when the 2018 hits the show room, $65k might be very close to the price of a brand new 2017 ls460. $5-10k more will get u a LWB. Granted will not have all the toys but 3 years newer and no previous owner...
Also, look at this $20k less...http://www.butlerlexussouthatlanta.c...-GA/2992755673
Also, look at this $20k less...http://www.butlerlexussouthatlanta.c...-GA/2992755673
#11
Lexus Fanatic
I don't think you'll see that huge a hit. We've been here time and time again
#12
Good point. I'll bet we'll see late model (2014-2016) LS460s take a major depreciation hit when the new LS hits the showrooms in October. The bigger the discounts get on the leftover 2017s, the more the value will drop for the other late-model cars. Finding such a low mileage, well-equipped LS460L is the challenge, though...
#14
Instructor
Thread Starter
See https://www.clublexus.com/forums/ls-...60-prices.html
25% off MSRP without a completely redesigned model in the show room... $60K for $80K MSRP...
25% off MSRP without a completely redesigned model in the show room... $60K for $80K MSRP...
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aypues (05-17-17)
#15
Pole Position
I'm not one to do a lease or what I affectionately call a fleece. You have nothing to show when you've made your last payment, if you go over your miles you pay more, and if you damage the car you pay to repair. Still all that money spent and nothing to show at the end of the term. With a purchased LS you have two options: 1. You can pay it off and use it on trade on your next vehicle or 2. Keep the car and enjoy life without a car payment.
That's just my opinion.
That's just my opinion.
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1WILLY1 (05-17-17)