Most cars do not lease well. This is truer now than it has ever been.
So unless you are willing to push this boulder uphill, you need to look at other makes/models that lease better and offer more value per dollar.
Check out the “Share a Deal” and “Marketplace” sections of LH forums to see what’s leasing well and narrow down your search.
Curious, why you think cars are becoming harder to lease?
Where do you think it goes in the future?
Inventory levels are very low for all OEMs. Thus incentives are lower
For Chevrolet, 5%, is actually nice
Not really. 10% is typically considered the most you can do. Many data points here about that tidbit. 5% is nothing exceptional
It was always the case that most cars don’t lease well. It’s gotten worse as lower inventory and volumes mean they’re aiming for more per-unit profit; no one wants to spend marketing/incentive dollars on gaining market share; and captives want to take less RV risk on the back end.
Not to go too far off topic, so the industry discussion can be viewed and continued here
He called today, offering the same $319/month that I’m paying now and $0 out the door
How does that compare to the target deal you were recommended to set up in the 2nd post, now that you’ve updated it with Feb numbers?
It’s about what we were realistically hoping for. I was originally wanting a little less per month, but that’s when I thought I was going to be having to put something down.
For how many months and how many miles per year? You need to have them send you a breakdown of the quote. If you still owe 3 payments on your current lease then you have about 27 dollars a month that you are rolling into this deal. Without taking a real deep dive into it I would be confident in saying that an Equinox is not a particularly compelling value at 292 dollars a month, taking your old lease out of the equation.
What are you basing this on?
A lot of people get focused on hitting a number that they “feel” good about, but don’t have it actually based on anything analytically.
The fact that the dealer called you on the 3rd day of the month suggests to me that the programs changed rather than their deal changing. You want to capture those changes so you can know what the deal actually is. For all you know, the monthly may have dropped, but the deal may have gotten worse due to way better programs. Probably not the case, but definitely a possibility.
Not counting your remaining lease payments and assuming that the RV and MF for the 39/12 term remained the same for February (the incentives did), you should aim for something like this:
I would verify that the RV and MF did not change and I would also get the 36/12 numbers to compare as well. Keep in mind that you will have to add your remaining payments to the deal, somewhere around 25 to 27 a month depending on term, assuming that there are still three payments left to be made. A supplier code will definitely help get a better selling price than what they are offering but you will need to negotiate further. Definitely shop around.
All told, you’re about $1,000 dollars apart here, give or take. If you really want it and want to get out of the existing lease tell them you’ll do it for 286 a month, including your remaining payments, zero down and zero due at signing.
Thanks. I have to wait on my wife for an appointment around the corner, so I’ll stop in with those numbers
If I were you I’d just get back to the guy over the phone with those numbers and tell him that you’ll be around the corner running an errand in the neighborhood prepared to come in and SIGN. Otherwise you’ll just get song and danced by them about it.
I called back, he immediately said no, that he was at $340 and going to work to get it down to $310 is the best he thought he could do. But said to stop in and see him anyway
I thought he told you 319 before? Where did 340 come from?
What he actually said was “I’m at $340, but I’m going to tempt you with the possibility of a lower payment so I can get you emotionally invested in picking up the car so you’ll come in and sign at my higher numbers.”
340 was the 0 down amount from the original post. Hes saying he could get it to $310, which is around the current lease I have before adding the wear and tear coverage, $319
Sorry for the confusion, I sometimes type as if I’m having a conversation with myself and forget some details.
I actually do like guy as a person, he even helped me search at other dealers, and told me places to stay away from when I was in the market for a used car. I know he’s gotta make money, but I feel like he’s trying to save me a little too.
I think you should take it.