I have not seen any XT5 deals that show 10%+ pre-incentive. Best I have seen here is 11-14% post incentive and includes incentives that I don’t qualify for. (If I had had the foresight to see the $1500 Costco incentive I would spent the $60 to get a membership before Jan 1th 2021.)
I’m at 17.2% post-incentive on the demo now. I think I want to get to 19.5% post-incentive on the demo to be at an excellent deal.(squeezing another $1400 out of the dealer)
To me, in a non-tax state, incentive dollars are not fungible and are kind of meaningless on their own- the only amount that matters to a lease is the post incentive sale price -the valuation of the vehicle minus any incentives.
Valuing the vehicle higher and then using the incentives as a down payment will not change the monthly lease cost rather than putting all the incentives into reducing the sale price. In fact, I would think States would want to tax the pre-incentive sale price to collect more tax.