I don’t know too much about what’s going on in New York, but according to Edmunds, you should be able to get the following:
$1,500 off sticker
$500 lease cash
$2,575 lease cash
$1,500 if you have a non-GM lease (it looks like you currently have a Cherokee lease?)
60% residual
0.00051 MF (1.22%)
Plugging all of this into the Leasehackr Calculator for a 36 month/12,000 lease shows me a $250 pre-tax monthly payment with about $1,200 DAS.
If you don’t currently have a non-gm lease, it becomes $294 pre-tax with $1,100 DAS.
If you don’t get the $1500 off of MSRP, I get approximately what the dealer is quoting you. You should push for more off MSRP, or go to a different dealer.
Also, right now the lower models also have incentives, but not as high as the Premier.
thanks! mind sending me how you calculated that? im having trouble using the calculator to get the numbers they gave me! thanks i really appreciate it
Excellent write-up and research.
$1500 off sticker still seems rather weak IMHO. 10% had been typical in the past
I was recently helping someone in NY with a Chevy lease, and found that the vast majority of dealers would do more then 4-6% off. It was for a Traverse Premier.
Same dealer said he could do a fully loaded Equinox Premier 2.0 engine ($42k MSRP), 36/15k, for $409/month and $409 DAS. That’s sub 1% for 15k miles. Meaning someone from a lower tax state (NJ or CT) who’d want fewer miles, could do even better
Play around on the calculator until you get near the same total lease cost, that should work.
Ahh the good ole’ “4 Square” box salesman…
Run from this dealership …
I thought the same thing haha. My first car buying experience the rep used the four boxes. In the end he confused himself so bad he started over on a new sheet. Run as fast as you can from this rep or dealer if they all use this.
Oh no! All the dealers I’ve gone to have given me a similar sheet but didn’t let me take it home! Why is this particularly bad?
I looked up the model on truecar and it said a fair average was close to msrp? Does this mean it’s inaccurate? I think it was including incentives
It’s hard to gauge the right % discount for every car out there. 5% off on one car may be good while 10% off another may be weak. You need to know the market well for each individual model. TrueCar/KBB/Edmunds aren’t always accurate. Sometimes they’re giving you the sell price for financing, which can involve diff rebates. There have been times where I was able to beat their numbers significantly, and other times where I couldn’t get close.
How would I go about asking off the msrp? I tried telling them if that’s their lowest asking price and all they told me they can only sell the car at msrp because it’s a lease ( which is a lie) which is why they left and came back with that final offer. Thanks everyone this has been really insightful
Read up on the 4 Square method…tons on info…
Dealer is fixated on getting you to focus on monthly payment and ignoring other variables.
Most people fall under this trap
Here is the deal I got this weekend:
Equinox Premier 36/10K
MSRP: 32,295
Sales Price: 30,445
Incentives: 4,550 (including non-GM lease conquest rebate)
MF: 0.00051
RV: 55%
Sales Tax: 9.5%
$1000 DAS
$299.91 per month (incl tax)
Leasehackr Score: 9.8
I don’t have the lease details with me, but here’s what I closed yesterday in so cal.
MSRP $27,975
36/10
$0 Drive off
$225/month (incl 9.5% tax)
I was told they’re losing big on this deal, but needed to hit month end #s. You might not be able to replicate, but definitely room to go.