Looking to lease new TLX, 3.5 V6 Tech Pkg, FWD.
Never done a high mileage lease before and not a lot of posts I can find.
MSRP: $39,500
Got sales price down to $33,000.
After fees and taxes looking at Cap Cost approx $34,500.
Residual I think is around 47-49%. Not sure of MF.
Deal on the table is $515/mo, no down.
Term/Mileage: 36mo/75k mi (25k mi/yr)
I’ve figured if I put $1,500 down I can get that down to like $495-500. (Plan is to stay under $500 for pymt with no more than $2,000 down)
Interested to hear thoughts if I should move on this deal or not. Got a similar deal ($15 higher pymt though) from another dealership so have some time to think about it because confident I can get a deal at these numbers if I don’t decide by Monday.
Also, any thoughts or links to forums on high mileage leases would be helpful:) Or suggestions for other mid size cars I should check out.
At that many miles it makes little sense to lease. One of the main benefits of leasing is being within the warranty period at all times. You are much better off buying a car and keeping it forever. Something like the Lexus ES350 would be perfect because they are essentially bulletproof. My old 1999 ES300 went for 239,000 before I sold it, and there was nothing wrong with it
Have though about this a many time:). And finally came to conclusion I don’t want to buy. To get a semi-low pymt I’d have to be at least 60months (probably 70) and put down a lot more money for a comparable car. And I’ll be 100,000+ miles easy at year 4. I just started new job causing this many miles and leased last 2 cars and really preferred it over purchasing. And it’s possible in the next 3-5 years I move closer to work, then I’m stuck owning a +100,000 mi car that I still owe on or just paid off (and want a new one). That cancels the benefit of owning and not having payments after the loan is paid.
The out of warranty is the one big concern I have. But I’d be out of the warranty the same time so would have any costs regardless. And if I bought it and it started breaking down, I’d want to get rid of it asap.
Key is I’d really prefer to lease. Get a new vehicle every few years and leaves it open to buy at end if my buyout is lower then market value.
