Year, Make, Model, and Trim: [2017 GX 460 Luxury]
Over the last week I have spent a great deal of time on this website learning and gathering all the information available about leasing a new vehicle. I am writing about my personal experience to provide useful information to others who visit this site in the future.
My desired vehicle was a Luxury SUV. After a great deal of research I narrowed my search to the following vehicles. Jaguar F Pace, Range Rover Velar, Cadillac XT5, Lexus RX350 and Lexus GX460. I test drove all of the vehicles on Monday 10/30/2017. Here is a very brief personal opinion of each. The F pace performance was very nice, the panoramic sunroof has only a thin mesh screen that can be used to reduce the sun exposure. I live in Florida and even in late Oct. you could feel the heat bleeding thru ( not good ).
The Range Rover Velar has a great look to it in my opinion ( my wife was not that impressed with the looks ). It drove great and you felt kinda special in such a limited edition vehicle. The salesman made a point to inform us that they DO NOT discount the Velar so full MSRP, and no incentives means price cannot be a high priority, it is for me as well as most on this site. I have owned a number of Cadillacs and still own an Escalade. So it was on the the Cadillac dealership to test drive the XT5. The XT5 drove like a Cadillac ( very smooth and comfortable ). The interior fit and finish was very poor for a Luxury vehicle brand. Next we visited the Lexus dealership. The RX350 is a very nice vehicle and I had no issues with the style or quality of the vehicle. The last vehicle we test drove was a 2017 GX 460 LUXURY trim SUV. The GX 460 is a bit larger vehicle than the others we test drove. So isn’t an exact apples to apples comparison. Again, I writing this to provide info for others who may find my experience somewhat helpful. My wife and I loved everything about the vehicle, smooth ride, good looks, incredible technology, manufacturer with very good reputation, etc.
Having read numerous post on Leasehacker, I found many differences on the way people post their specific lease deal. Then, there are numerous questions on how the lease was structured. In my opinion the overriding issue is HOW much is this vehicle costing me to drive for a given period of time. Now, on to the deal.
The 2017 Lexus GX460 Luxury I leased has every available option except the rear entertainment DVD players. MSRP $69,227. The lease is for 36 months and 10K per year. I negotiated strictly on zero drive out to reduce the confusion factor that dealers use. I didn’t put any security deposits in the deal. My monthly lease payment is $644.00 for 36 months. I paid the first payment of $644 at drive out, 35 additional payments of $644 due over the course of the less. I hope this reduces the confusion factor of what I actually will pay during the duration of the lease. For a total lease of $23,184 ( FL sales tax rate of 7% iincluded in the monthly payment ). The monthly payment falls below the 1% threshold at .093 %
There is a disposition fee at the end of the lease of around $350 to $395 I don’t have the paperwork in front of me as I write this. They wouldn’t waive the fee as I’m sure they want to incentivize you to lease another vehicle at the end of your lease and will waive the disposition fee at that time.
A few other details that might have had a bearing on the lease. This was the last 2017 GX 460 at the two local dealerships ( both owned by the same dealership group ). Next to last day of the month. I let the salesman know that I was knowledgeable about the variables that went into a lease and there was no need to waste either of our times with dealership tricks.
The total negotiation took around 30 minutes. First lease deal was 36/10K …$902.00 based on tier 2 credit. Told salesman outrageous price, make your best offer for tier 1 credit customer. Second lease deal 36/10K…$740. Told salesman too high. Sales manager visited and asked me what monthly payment would I be willing to pay. I told him that it was his job to lower the payment to the point that I would say yes. Next offer $644.00. I accepted and now have the vehicle.
One other point I would like to make in negotiating any lease/purchase of a vehicle. In my opinion, the greatest motivation a sales manager has to make a deal, is a customer sitting across from him that has told him he will buy the vehicle if he comes up with the right number. I know everyone doesn’t have the stomach to sit in the lions den and negotiate. All dealers know when you leave the dealership you’re not coming back. Use that to your advantage. If they don’t reach your number, walk.
I would like to thank all who have previously posted on this site. Your experiences and knowledge helped me greatly. Ultimately the goal is to get the vehicle you want at a reasonable price that you’re willing to pay. Thanks again