Year, Make, Model, and Trim : 2019 Volvo S60 T5 Momentum FWD
Color : Osmium Grey
MSRP : $41,440
Sales Price : $38,151
Incentives : $750 lease cash, $2000 allowance, $1000 USAA
Rebates : $1,118.47
Final Sales Price : $33,282.53
Monthly Payment : $396.76
Drive-Off Amount : $399.12
Months : 36
Annual Mileage : 12,000
MF : .00013 (originally .00047)
Residual : 55%
Region : South (Central TX)
Leasehackr Score : 9.2 years
Leasehackr Calculator Link : LH Calculator
Background : This is my first ever lease, so I went into this process absorbing as much as humanly possible as a lurker on the forum. This is primarily a daily commute car for me, so I knew small SUV at the largest and mid-size sedan at the smallest. This was to be an upgrade from my '15 Passat, so I originally thought I’d be going with a fully-loaded Jetta, but that proved to be about as expensive. I was pretty open to whatever as long as it had leather, a turbo, and decent MPG, so I started off by researching highest-residual vehicles and cross-referencing them against current deals. That kind of went by the wayside because I found that those vehicles with really great residuals like Honda and Toyota didn’t come down in price much (if at all) in my area. After realizing that, I was inspired by a lot of the posts that I read here on folks getting luxury vehicles for sub $400 monthly. The S90 was actually my dream car until they redesigned the S60 as its mid-size counterpart. With that in mind, I scoped out dealers within 100 miles on CarGurus with aging inventory. This particular vehicle sat on the lot for over 5 months, which helped a ton with negotiation because the dealer wanted it off the lot. I was able to get rubber mats and a full vehicle tint thrown in for free as well.
If anyone has questions beyond what I shared above, please feel free to ask.
I officially sign on Friday, and I will share pics then .
8/27 Long-winded Update : Sorry for the delay in providing an update/pictures. I didn’t actually end up taking possession of the vehicle until yesterday 8/26. The tint wasn’t done by the date that the dealer anticipated, and then the finance manager was unable to work the numbers in their system (?) and informed me that he would need to reprogram their lease generator in order to honor the original agreement, which would mean that I wouldn’t sign until next week at the earliest. Moreover, he wasn’t familiar with MSDs, which based on what I’ve read on the forums here, isn’t uncommon. Rather than pay the 9 MSDs in order to lower the MF (which was my original intention), he agreed to lower the sales price (and somehow fund a partial buy down of the money factor) in order to arrive at approximately the same monthly payment that we initially agreed to. In all honesty, this kind of obfuscated the process for me because the numbers were no longer out on a lease worksheet that I could visualize. That said, this arrangement still had me only putting down 1st month (no additional due for MSDs) and the same monthly payment (in actuality, 2 dollars lower than he quoted with the MSDs). I think I did okay for my first ever lease, let alone attempted hack, but I’ll let you guys be the judge.
If you’re reading this as a newbie, something very important that I learned during this process: always negotiate the sales price PRE-INCENTIVE. It’s entirely possible that I left money on the table as a result of negotiating total dollars off instead of focusing on sales price and then incentives.
Lastly, I did update the numbers and the LH calculator to reflect the final deal. If you made it this far, thanks for reading.