New to leasing. Out of state dealer offering an executive demo vehicle for $72k down from $79k. It has 9,600 miles. Diesel and the color combination I was looking for (white with almond/espresso interior).
I wanted to minimize the monthly payments so I asked to make a large down payment (now realizing that it’s insanely dumb). Basically they asked for $588 per month if I put $25k down on a 36/12 (excellent credit). I negotiated down to $535 a month.
I was happy till I read this forum! I’m supposed to sign today to have it shipped to me this week. Now I’m thinking of walking away!
That is a horrendous deal, do not sign anything. If you have an actual breakdown of the deal or a deal sheet to share please do so but these guys are ripping you off.
Break it down in your head, 25k is an extra 750USD per month, this is breaking down to almost 1300 a month lease on a 80k demo car with 9600 miles, which is a used car. DO. NOT. SIGN.
Thanks. So what’s a good strategy with them. I’ve been searching for 2 months and finally found something I like. Is there a way that I can negotiate this further?
People definitely do not put down 25k on 80k cars, that’s insane. Ranges don’t lease well but that’s above and beyond. I wouldn’t walk I would run away from this dealer.
I would ask you, do you expect to get a discount of less than 5% on a used car? Personally I think the deal is shot, but it’s your money. All of us here would tell you to walk away at this point. They know you’re willing to put 25k down and they know your lease number. I would suggest looking at another vehicle, Audi Q7, Volvo XC90, BMW X5 (2019). With the first two you could easily reduce your monthly by adding MSDs in lieu of a down payment. The monthly payment may be higher but you can take your 18k-ish and invest it elsewhere.
Handily one of the worst deals I’ve ever seen on a sub-100k dollar car. 25k on a loaner with almost 10k miles on it? That’s insane for a Range Rover, in my opinion. They’re not even considered all that reliable, Range Rovers are known for their terrible maintenance and upkeep costs, part of the reason why their residual values are so low.
7k dollar off discount on a used car with almost 10k miles on the clock? Once again, this is insanity.
They should be giving it to you for 600 a /mo with NOTHING down.
i suggest to get a broker in your case since you’re new to leasing and any of the reputable brokers will be able to save you more than you can likely get yourself. I’m basing that statement purely on your first line “new to leasing” , that you have been “searching for 2 months” and the type of car you’re looking to get.
Thanks all. Was hoping for some rational numbers for this kind of car in specific. The big takeaway for me is to NOT put $25k down on a lease. I’ll put zero down but telling me to also ask for $600 per month is not very helpful lol.
MSRP IS $79,210. It was offered fir sale for $72,000 as CPO. Now do you guys think this is a good deal since it’s this year’s model? Or still not good?
What is a good lease price on the sport? I was quoted $725 @ 42 months/10k year with $4k DAS on a $74,600 MSRP. My question would be, what would be considered a good price on the RR sport with a $68K MSRP @ 36 or 39 months?
Wow, you found this forum just in time, you almost made a horrible financial mistake.
I’d aim for a minimum of 15-20% off, but it’s very unlikely they’ll go that far as most LR dealers know they can wait and find someone else who will pay what they’re asking. As others have said I would research the brokers here as they will be able to tell you what’s the going rate, if you’re new to leasing and don’t want to spend weeks researching then go with a broker this time and read up on it later.
I’m going to reiterate to pay the few hundred dollars for a broker to find you something if you need something soon. If you can wait a while really study up on leasing before making any decisions. Was the MSRP 79K or was that what they were asking for the car? I see a white and almond executive car for 79k asking on cars.com but it has fewer miles but the MSRP was around 87K.
I think you’ve already realized how bad this deal is, but let me put it a new way and use some easy math. I always like to look at what comparable certified used vehicles are going for when I compare loaner lease deals.
The deal you were presented has a total lease cost of $46,168 or $1.28 per mile. And again, this was on a used car, let’s make no mistake about it.
Here is a 2017 RR Sport diesel $73k MSRP with 10k miles listed at $59k. I looked for 30 seconds and found it just for an example, I’m sure you can find your color combo and whatever options somewhere nationwide - vehicle shipping cross county costs under $1k. You can own this one for $59k (assuming you can get their list price as an OTD price), and I’m sure if you can spend $46k on an RR for 3 years and have $25k to drop on it, you can also spend $59k to have it indefinitely. That vehicle depreciated 23% in one year and 10k miles. So I’d peg the one you are negotiating at a very similar depreciation.
And even better, it’s LR certified and carries a 100k warranty. Let’s say you do zero maintenance on it and it explodes at 100,001 miles and you light it on fire in frustration. Total cost would be significantly less than $1/mile.
OP! You’re a lucky guy that you posted this thread before signing anything…
Why do dealers even pull stunts like these? This auto sales market is primed for disruption and it is just a matter of time before someone completely nails it. Hopefully these fools can still sell something to keep themselves afloat…
