I haven’t ever leased a car before and neither have any of my immediate family. I’m trying to learn as quickly as possible the ins/outs of car leasing. I have found one that I’m very interested in and want to make sure I’m getting a decent deal on it.
MSRP $43,200
Savings $1,000
Selling Price $42,200
Manufacturer’s Incentive- none
Accessories- $989 (Black wheels, black rims, window tint - already done on the car)
Adjusted Sales Price- $43,189
Tax $2,831.45
Doc Fee- $150
License & Registration- $185
Total before Cash Down- $46,355.45
Lease- 36 mo, RES 55, Monthly Payments $518.27 with $7500 cash down
Other details: This is a small volume Mercedes Benz dealer, so I doubt much will be shaved off the overall price. Money Factor used is 0.00125 - may be able to be improved based on credit (I have good credit). He can request tax credits after I fill out a credit application. This car has all the bells & whistles and is exactly what I’m looking for.
Questions: Should I move for multiple security deposits over putting more money down? My current car is fully paid off, so any trade-in value can go directly to down payment or MSDs. I also have money saved I can add to that amount for down payment or MSDs. What should I look for as a good money factor? What areas should I try to negotiate on if price isn’t very negotiable? And any other thoughts/advice is appreciated!
Is this a deal I should completely walk away from or is there room to work so I’m not completely reamed? I’m not in a huge rush to get into a new car, so waiting a few months on a better deal won’t hurt me.
Folks may disagree with me, but my general philosophy is that with small volume dealers, you’re unlikely to get a decent deal. They simply don’t have the volume or desire to sell cars at deep discounts, especially if they’re making it OK as-is. What they will say is they make it up to you in excellent customer service.
I’d walk away and try to work with a higher volume dealer, even if it means traveling outside of your immediate area to get it. This deal is so bad across the board that you’re not likely to get anywhere even with a ton of time invested.
Couldn’t have said it better myself. Few points to note here.
Never put money down on a lease. Sign and drive or first month only. MSDs as well.
Dealer isn’t giving you any discount on MSRP, small dealers usually don’t discount much so you might be better off going to someone bigger/larger volume. Or depending on where you are, check in with a broker.
Do MSD’s if you can to bring down the MF. But do the math so you know what you’ll save.
where are you located? the deal you posted qualifies for the “worst deals I have ever seen” thread. You could get a C300 for way less. I would hire a broker
@Azure this deal is coming out of Lubbock, TX.
What route would you go through in looking to hire a broker? Any particular companies/good brokers? I’m closer to the DFW metroplex area in Texas.
I was going to say if you were in CA, TriState, or PA nyclife would be good option but not sure if he does Texas. I think there is a thread somewhere on here with a broker database. But even if you don’t use one, you should be able to get a much better deal
There are dozens of reviews online if you Google it. But to sum it up, economy car interior, harsh ride, poor transmission, infotainment system looks like it was glued onto the dash. Looks great from the outside though! I really wish Mercedes had an E class styled like the CLA.
And as other posters have said, for that MSRP you can get a C-class which is better in every possible way except exterior styling. At the lease payment in your OP you can easily get a E-Class.
For comparison, here’s a similar MSRP CLA that was sold on this very forum for $0 down and a monthly payment of $217+tax.
