So far, this forum has been very instrumental on getting information about leasing cars so thank you, everyone, for all the info you are sharing.
First time lessee here! Me and my wife don’t know much about leases and received the following offer from Alfa Romeo of West Palm Beach in Florida (our zip code is 33067). We are planning to get the car for her and wanted to check with you all if we are getting a reasonable deal. I apologize in advance for my lack of knowledge about leases so bear with me please! Here is the information that we got:
MSRP: $56,755
Duration: 42 months
Down payment + due at signing: $5000 including tax and inception fees
Monthly payment: $629
Miles limit: 10,000 per year
It is advertised at $51,755 but when we got there, we were told that it was the price for the Alfa Romeo loyalty program.
This is all the information I got, we are due to go sign the papers this upcoming Saturday. Any information/insight provided on this will be greatly appreciated. Thanks in Advance!
I don’t know the Alfa market at all, but the combo platter of Florida dealer + new to leasing is most likely a deadly combination.
In the absence of a bunch of recent comps in Marketplace, (I found one with a mid-$400 payment plus upfronts) for grins I’d model a deal in the LH calculator with $0 discount and a marked-up MF, add a ridiculous $1,200 doc fee, subtract current incentives, and I bet you’re pretty close.
If it’s still higher than that, they’re packing in aftermarket garbage I assure you you do not want.
Loyalty is 3k, so without loyalty you are only getting 2k discount? Mediocre program also, I’d wait till next year summer for MY2024 Alfa. Got mine in 2022 summer for 2022MY (though in CA) with near 20% discount.
I assume 2024MY just came out, and they need to find “victims” to pay near MSRP in order to balance out loses as no more lease support for 2023MY (so I guess even less people will take them despite heavy discount!)
My recommendation: either finance a 2023MY with 20% discount or more (again, CA price though, FL may be different), or wait till summer of next year for, or get a competitor (Audi is the cheapest).
Hi @trism - Thank you so much for your reply. I have inputted what you said in the calculator and I got better numbers than what the dealer is offering, which does answer my question about whether we are getting a decent deal so thank you so much for this!
Hi @Harry_li . Thank you so much! We might just do that. My wife likes the Audi Q5 and we are considering that as well. She has been driving the same Hyundai Accent for the last 13 years and would like to treat her with some nice new wheels :).
For Audi, do you recommend going for the 2023MY to get a better deal? Any information shared will be greatly appreciated.
Hi @max_g - Thank you so much for your reply! We are also looking into the Audi Q5 and BMW X3. Please let me know if you have any recommendations. Thank you in advance!
I wasn’t suggesting that you pay full sticker with a rate markup, I was speculating that that’s what they’re trying to charge you.
I mentioned the recent(ish) deal with payments in the mid-$4s plus drive-offs to encourage you to figure out why your deal is in the mid-$6s with hefty DAS, which isn’t something I would shrug off.
There are likely a number of material errors with your calculator. For one thing, I don’t see how it would be possible to have a 60% RV on a 42-month Alfa lease.
You also aren’t showing any incentives, although you mentioned at least one in your first post.
Please keep digging. I fear you’re on the verge of getting screwed here.
Absolutely, I don’t think there are any significant changes between 23 and 24 for Q5, so if you want the cheaper deal, go for the 23.
But if you are willing to pay the amount of money for the alfa, you can almost get the SQ5, and I’d for sure take that over the alfa. You can also take a well-optioned X3 for that price.
Hi @trism - Makes sense and please pardon my ignorance. I find it difficult to navigate the leases in this market. I just backed off from the deal and will keep digging! We are not in a rush to purchase a vehicle immediately. That being said, thank you so much for eye-opener!
@Harry_li - Thanks again for the reply. We are definitely check the Q5, the X3 and the XC60 this weekend see what we can get there. Really appreciate the help/feedback!
