Hi All, spent hours at a dealer when we originally intended just to look and test drive for 40 mins. We bought a car from them years ago and they offered the following, I didn’t dig too far into the numbers but they were trying to get us to a deal when we didn’t prepare to finance/lease a car today. Wanted to run this by members here as we have never leased a car and had no idea what to even ask until I started reading here.
Since we left I didn’t take all the printouts. Still have no idea if lease or finance is better these days.
IL 2022 Audi SQ5 Prestige (or Premium Plus, $69K but not in color we wanted) ~$74,000 - car was not even at the dock yet, en route to a diff dealer in diff state. $28,000 - trade in for 2016 SQ5, Carmax online offered $31K, $2,835 left on previous financing 36 months lease 12,000 miles / year $5000 down - seems recommendation is no money down $531.33 monthly payment
I don’t know what the money factor was since I didn’t know what to ask as we did no research on leasing before going after servicing the car. Just based on gut check is this ok with market conditions or is this bad?
I know now is the not the best time to get a car but shiny new things etc… We liked the lease since the reason for going in is before Audi Care expired and bunch of maintenance popped up, nothing too major but still multiple thousands.
So, you are going to get the advice to use the search function a bit and don’t spend any time in the dealer until you know what it should cost. However, I’m going to give you a bit of guidance in advance of those messages. Your trade in is just like putting money down, build your lease offer separate to getting rid of the vehicle that you own. You need to figure out what the RV and the money factor is on this suv, you can find that on the edmonds forum or you can go to the marketplace here and see if any offers for this particular suv. The last thing will be the easiest for you because it’ll save you the most amount of time. Best of luck to you.
You owe $3K, They offered $28K so that’s effectively $25K down by way of equity on its own and they still want $5K cash down to get to a $551/mo payment which leaves you paying nearly $50K to lease a $74K car…
Please tell me I’m wrong because that’s effin’ brazen.
I was trying to wrap my brain around this as well…OP you might as well finance this car if this is the case. Makes no sense to spend 50k to lease a 74k car. You’ll have way more flexibility with financing too
I can see how they would arrive there (and it is nasty) but don’t see how they would get to $551/mo with only $5K down on a 74K prestige in this current market.
That sounds about right, we owe $3k on the current car, they offered $28K to trade it in.
$5k down, $531.33/month for 36 months and 12K miles. We wasted time looking for the color combo but really never looked at leasing so didn’t know what to ask. Was not planning on signing anything today and looks like it was a good thing…
We heard lots of talk of cars going fast etc… I was not sure if cars are selling so fast we had ‘lock it in’ or something. I wasn’t thinking of even asking about leasing without trading in the car.
@Bluemkn57cars ok I have no idea how do the fancy quotes…
Definitely only stopped in since we brought the current car in to swap in winter tires finally. Did not plan on signing anything but was starting to sound ok after a while but gut was saying differently. Bought from these guys before so sort of trusted them since we like the service center… glad I came home and started researching.
Started and will read the leasing 101 articles, we aren’t dead set on leasing, just wasn’t sure between leasing or financing. The $74K was for Prestige, it was also an estimate, I think the sales manager said there is no price since it didn’t arrive on shore yet. The $69K was for a Premium Plus but had I think couple of options we didn’t want but was pretty close to what we saw on Audi’s website. We were getting quoted 8-10 months for ordering.
We only need 1 car, partner wanted an upgrade for a while, like the SQ5 still… mechanically still fine, needs new brakes and few other things that were quoted to be $4k-ish?
In this environment, you want to keep whatever car you have…unless there is a special situation.
Buy your 2016 SQ5 for 28K…maybe get an extended warranty, because German luxury cars are expensive to repair.
Wait out this market as long as you can comfortably.
Leasing, for the most part, makes little sense today. The advantage, which was always driven by low sales prices relative to MSRP/high residuals/low interest rates/incentives don’t exist anymore. I guess residuals and interest rates haven’t changed that much (or have they?), but the MSRP discounts and incentives have disappeared…and that’s where the bulk of the deals were created.