Looking forward to seeing the numbers breakdown when you get the contract. Maybe we can help construct a reasonable lease deal on a RR Sport and then you can email multiple dealers within reasonable shipping distance. Worst case, buy one and then sell it in a few years. I have a few friends that use brokers when leasing luxury brands and another bunch that buy luxury models CPO and sell before warranty runs out. Either way, just do the math. Don’t beat yourself up for going in with the deal you did. You were doing what perceived to be a good choice. It happens to a lot of people. No worries.
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The leak stops, time to add more. I think the joke went something like, how do you tell when one’s out of oil. The puddle underneath dries up. I always use to cringe when any kind of land rover came one the lot back in the day, those things were notorious for being half of whatever the book said for trade in value. I still curse at first gen discos when I see them.
Mike and all, here are the details that I received last night. To my surprise, the “agreed” price says $73,400. The advertised price was $72,122 down from $79,122 before I negotiated a $1,800 discount!
Looking forward to comments and advice. Most likely this deal is not going to happen, but I’d still like to know what should be reasonable. I do have some figures now in my head based on what I learned the past 24 hours but I’d like to hear from everyone first.
What trim is this, an HSE?
Yes it’s HSE Td6
You’re essentially paying $1,228/mo when you roll the $25K into the lease payments vs paying up front. For the $44K I would do the following:
- Find a CPO example that’s exactly what you want
- Finance it over 60 months if the interest rate is reasonable
- Put down the $25K (or another amount to get to a comfortable payment)
- You’ll be very right side up going that direction and in the end will likely be in a better spot
Example:
Assume the CPO RRS HSE is $65K out the door
Let’s put $25K down
Financed amount is $40K
Let’s assume an interest rate of 3.49% (could probably do better)
Your monthly payment is $727 (meaning you’re $190/mo more than what you’re quoted on the lease, which may not be ideal to you)
Your total cost at the end of 3 years is $51K or $7K more than the lease, but your vehicle is still worth approx. $30K, in which you’ll likely owe approx. $17,500. In the end you’ll get approx. $12,500 or a net “win” of $5,500.
In the end it’s up to you. And I’m doing this math super quick while sitting at Starbucks trying to prepare for a meeting in the coming hour. But overall, I think my logic makes sense, in this particular case.
I personally think you can find a better deal than the one you got from a discount on a “used” example perspective. We rented a Range Rover Sport Supercharged when we were in Napa/Sonoma earlier in the year. It was a great ride. Was quick enough, handled reasonably well, comfortable, quiet and the dual touch screens were better than expected. I would’ve opted for more options, but it was just a rental.
Awesome. Thank you. The only number that doesn’t make sense to me is the $65k though, especially on a diesel. I’m so pissed that they used $74,300 as a base. The magic number in my head is $69k but even that is hard to find (13% off MSRP). Happy to be proven wrong.
Yeah I agree, there’s a point where a loaner/demo lease just doesn’t make sense if you can get a CPO financed for a similar monthly cost, lack of dealer discount exacerbates this. There is a risk if the vehicle gets damaged and loses value but for longer term 3-4 year ownership, assuming the CPO covers that period, it can make sense doing that and selling before the warranty expires.
BTW, just out of curiosity I’m having my RR guy run a quote. He says they only have 2 unsold Range Rover and Range Rover Sports left over the next 3 months. But he’s gonna run a quote anyway just for the hell of it.
There’s quite a few used and new available. I love the color scheme of the new TD6 '18 in San Diego for $74K on the link.
https://www.cars.com/for-sale/searchresults.action/?rd=99999&fuelTypeId=31766&mkId=20024&mdId=21811&searchSource=ADVANCED_SEARCH&yrId=35797618&yrId=30031936&prMx=75000&mlgId=28871&prMn=50000&zc=41051
Here is an advertised special, brand new, higher MSRP, cheaper.
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Ok so Edmunds says 36/12 HSE diesel is a 52% residual and your contract is showing with the demo miles the car drops to 49%. So presumably before any actual dealer discount, you need a $2,420 or a 3% discount to make you right. If based on that contract the dealer is giving you a 9% discount then you can put 2 and 2 together, bad deal.
To make this work this I wouldn’t accept anything less than a 15% discount. I negotiated a brand new ‘19 SE RRS to a 10% discount out of the gate so if you can put in the time maybe a dealer out there is willing to dance. That kind of discount may not be common but it can be done. Also research what trims and terms have optimal MF and residual values, SE seems to be best and a 33 month term is the winner for Nov.
Otherwise as others have said, demos with RRS models may just not offer much to any value vs new.
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With the $25k down you could probably one pay a really nice Tahoe or Yukon Denali, do yourself a favor and stop buying the badge. Is there anything about a Range Rover that makes it worth over a grand a month?
ah the Tahoe and Yukon interior is pretty nasty and old fashioned. The RR interior will absolutely cease to function well before the GM twins but it really needs an overhaul. I know where I’d prefer to sit…
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The previous gen GM’s were awful, this one looks fantastic compared to that. You’ll get less middle fingers and people cutting you off in the Chevy.
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Although expensive, current generation RR sport and full size are the best SUV’s in pretty much all aspects in my opinion. Whether it is worth over a grand is each to his own.
Nobody is going to say that the most expensive is 2nd best, well if you’re making the payment.
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There are more expensive options—RR is $$ but Bentley and Rolls are $$$$
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With all the respect, you cannot compare Chevy and Range Rover. Range Rover IS 10 times nicer both inside and outside.
Also, do you really care about plebs middle fingering you? Cmon…
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I’ll say this, I went to test a v6 Velar since I have been more in the SQ5 or X3 m40i camp for my next suv and decided to try the RRS since it was quiet at the dealership and it really wowed. Not sport at all but good linear power and wooooweeee was it smooth and plush. A Tahoe has nothing on it. The19mpg I was seeing on the reader on the other hand was less fun