Hey there hackr’s. Need some help looking at this 20 GLC300 lease. Currently leasing a retired loaner 2017 e-300 (63k msrp) for $515/mo. 1st doc & plates due at signing with 36x15k.
Lease is up Oct 15 but I am eligible for pull ahead. Looking at a GLC since the e-class programs seem to have gotten much worse and have a quote from a “friend” at an MB dealer. Discount seems a bit light but not enough to drastically impact payments. Has MB gotten proactive in reducing residuals to meet the challenges of Covid?
MSRP:54,505
Selling Price: 45,999
Residual (36/16) 52%
MF: .00058
Payment - $626 including IL taxes
I thought so too. Yes, confirmed MF and Res with edmunds to be accurate. Current discount in the 15% range doesn’t look horrible on the surface. Even at 20% the payment is mid 550’s. Seems to me like MB SUVs don’t lease all that well these days.
I should clarify. Back in fall of 2017 it was well known that one of the best lease deals in the luxury space was on loaner e300s. Combo of high(ish) residuals, low MF & strong incentives drove payments through the floor. Nearly every industry friend I have is driving the same car right now - some with payments in the mid 400’s. Obviously a unicorn.
I can jump out anytime between now and October with pull ahead programs. I have 2500 miles left in my lease to play with but Covid has created a gamble with waiting. Conventional wisdom would be to lease and end of MY to get best programs on outgoing models. With supply anticipated to be an issue plus falling residual values (due to lender uncertainty/ wholesale losses) now might be a good time to re-lease.
In my 20 years in the auto space I have rarely seen the delta between auction prices and residuals be so wide. Insured or not, OEMs will be making adjustments.
This is not horrendous given that it’s 15k miles/yr and it’s an SUV. What dealer is this? Need to push for bigger discount. Can you get away doing 12k instead of 15k miles. Also using MSDs would help and double check that a 24 month term isn’t better. The C class demos lease much better, might want to check those out if you’d be open to it.
@max_g That’s what I am thinking too. I anticipate deals in this segment getting fewer and far between with inventory issues forecasted for MY20. Covid has reset the pricing trends of recent years despite all the heavy “deals” you see advertised. All in all, OEMs are all offer attractive Finance rates and MF but the residuals seem to be taking a hit.
