So I’m currently in the last year of my current lease of a 2020 Lexus NX300h, which I leased back in 2020 for 12% off MSRP so my payments are super low relative to the current market situation.
I recently got contacted by my dealer offering to upgrade me out of my lease 11 months early to a 2022 Lexus NX350h at a 30 month lease for a couple of dollars cheaper than my current lease.
The issue is, the price applies to a standard NX350h whereas my current lease has additional packages added onto it and if I add the same package in, it would end up being about $30-$40 on top of my current lease price.
Would like to get some insight as to what would be the better option to do: keep my current lease or upgrade?
Test drive 22 NX350h then decide it yourself. 22 NX is a complete redesign, so interior is much nicer. Frankly speaking, it is better to finance 22 NX than lease due to no lease incentives. Not sure how much you drive to offset the hybrid cost, but if you dont drive alot, then better to get the gas one, as you may haggle for better pricing and they do have alot more gas inventory available than hybrid one.
Don’t fall for this upgrade for the same price trap. Separate the two transactions. See how much equity you have in your current Lexus and then evaluate the lease of the new NX on its own without applying any equity. You should treat the equity as your own cash.
I realized that, I took a look around and even the standard 2022 Lexus NX350’s lease around $700/m from brokers that post on here.
I looked up an estimate from Carvana and it seems like I come out ahead of about $4-5k if I buy it out now and break the lease early… even then compared to the numbers I’ve seen on here it seems like the payment would still be lower from the current dealer.
Three years ago I turned in my lease end car for a new one. I got a great deal off MSRP on the new car but zero equity in the lease end car. The equity you now have on that 2020 model is only due to current automotive economic market conditions.
Do you see yourself continuing to lease going forward? In other words, if you keep your 2020 model, would you lease another car and the end of the lease? If you answer yes for sure, then I would do the new car deal now because it is favorable to you at this time. A bird in the hand is better than two in the bush. On the other hand, if you are considering purchasing your 2020 model at end of lease, or just unsure about your automotive future needs, then the answer varies.
For me, I just extended for six months the lease on my RX350. I have equity of 4K on my RX350 currently. But even with that much equity, a new lease was significantly more expensive than my current deal. Like the great economist Thomas Sowell often explained, there are no solution, there are just trade-off.
