I am looking for a Jeep Wrangler 4D - Mohito! Color. I am payment driven and don’t drive much (About 4/5k miles a year since I work from home) but have not decided whether to lease or purchase. I did not think that jeep was running any decent lease specials as I wanted to stay around $300 a month or under so I’ve really been looking at older jeeps at 20K or less.
I’m currently in a lease with Chrysler Capital with a 2018 dodge charger Daytona 392. It’s 36/10. I have 13 payments left of $452/mo. Residual is $26,817.
I love my charger - it’s a bad car but we recently moved to Florida and I just want to spend more time on the mountain bike trail or fishing and the Charger is just not built for that.
KBB shows my car with my miles and features around $34k trade in value and that’s about right…I’ve been to two or three dealerships looking at used jeeps and all came back around $33,500 to 34,000 in trade value for my car. My car really is in fantastic shape… Always garaged… Tires never spun, etc.
So as I’m looking through auto trader and looking for a jeep dealerships near me I happen to see a couple of advertisements for cheap specials with leases that caught my eye.
One is:
2020 Wrangler Unlimited Sport
$269/mo
39 mos / 10k miles
$3995 down
Below I’m fine print it says $2995 down Plus lease inception costs plus tax, tag, title and fees, plus dealer installed items are extra. Zero security deposit. Includes all applicable rebates and incentives in the amount of 500. Expires 6/30/20
The dealer payoff for my charger is approximately $31,837… So if a dealer gives me $34,000 in trade value it’s essentially around $2200 that I can apply towards the down payment required for the lease correct? I would really prefer her not to come out of pocket at all if possible… I wonder if it can be negotiated to get my payment $300 or less and to even get any equity kicked back to me directly from my charger?
I realize a lot of factors are missing as far as residual, money factor etc.… But on the surface does it seem like a decent deal? I don’t see a lot of jeep wrangler deals posted in the forum to be able to compare I just know it fits in line with what I was looking for budget-wise.
Well the first dealership that was advertising $249/mo 36 mos $2995 down came back and said that deal is for a 2018 with no power windows, door locks or A/C.
They ran numbers on the cheapest New 2020 Wrangler they had whicj was a 2020 Punk’n Wrangler Sahara and it was quite a bit more. They did not provide the MF or residual. I have requested that.
Their quote:
MSRP: $46,775
Discount: $3,775
Sub price total: $43,000
Trade allowance: $34,000
Trade difference: $9,000
Tax: $109.10
Tag & Title fees: $356.50
Pre-delivery service charge: $799
Net Price: $10,859.60
Trade payoff: $31,837
Balance forward: $42,696.60
Lease payments 42/10k
$0 Down: $512
$1500 Down: 475
$3000: $438
Obviously a no go for me. I’m trying to reduce my current car payment which is $452/mo. I’m assuming the MF is around .000274 and residual around 66% for Sahara trim?
This may be a decent deal I’m not sure…too pricey for me though. Thoughts on these numbers? Just curious…
They’re offering a paltry 8% discount not to mention a high doc fee. On a new 2020 Wrangler you need to target at least 11-13% off.
Ask on Edmunds what the MF and residual is for your model and terms. Compare that with what the dealer is using, .00274 is absolutely horrendous if that’s what Chrysler Capital’s standard MF is this month. You need to verify.
When buying a Wrangler it will really pay off to do your homework. Spend some time on the JL Forums, there are a number of dealers who are regularly at 7-8% below invoice even on a special order which is typically 12-13% below MSRP. Just going to your local dealer and asking to price up the “cheapest” option they have is rarely if ever a good strategy.
