Looking to get a Ford Explorer XLT in MD or VA. I had a dealer quote the following
Seems a bit high, but not sure. Is this a good deal or are they high balling me? Where can I trim the fat?
It is practically impossible for us to tell you what a “good” monthly payment is for your specific lease as lease programs are highly dependent on region, personal qualifications, tax rates, etc.
We always recommend the following method before you ever contact a dealership. If you do all of the work up front, you’ll have a stress free dealer experience and set yourself for success.
- Read Leasing 101 (Blog | LEASEHACKR) to understand how to calculate a lease payment and the variables. Monthly payment is an output, not an input!!
- Pick a specific vehicle that you want to target
- Gather the current MF, RV and incentives from Edmunds forums for your zip code
- Research the LH marketplace and other deals that have been made recently on your vehicle - what was their pre-incentive discount? How did their lease terms differ?
- Plug your numbers into the LH calculator (CALCULATOR | LEASEHACKR), and use a pre-incentive discount similar to what you have seen
- Create a target deal, this is what you’re trying to negotiate to. You can try different terms, selling price discount, etc. and see how your monthly payment is affected. It is also possible that different trims of your vehicle may have different MF and RV (i.e. this is very common with GM), so make sure that you look into that. Come up with a set of inputs that give you the output that you want - your desired monthly payment.
With a target price determined, you now have a deal to pursue and compare dealer offers against. More importantly, you have a solid foundation to work from.
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Looks like they aren’t giving you any discount, so that would be a place to start. Also fords don’t lease all that well.
If you don’t have your heart set on the explorer, check out Toyota Highlander. They lease way better and you even have a couple of brokers right in your area that kill it on them.
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Seems terrible to me at first glance. Here’s where I was at when I signed in January 2021. Granted, programs change, incentives change, residuals change, but can give you a starting point.
MSRP: $45,330
Selling price (no incentives): $42,421
Rebates thru Ford: $3,500 ($1,500 from Ford + $1,500 for returning existing Ford lease + $500 for private offer)
DAS: $2,250
Monthly payment (no tax): $408
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