Deal Check - 2020 Range Rover Velar Lease (Demo)

Ask the Hackrs
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1

I am new to leases so would appreciate feedback if this is a good deal.
Planning to pull the trigger next week.

Demo/loaner Quote from NJ Dealer:

2020 Rover Velar S 2.0L BASE Model with 5,500 miles on it

$56,xxx MSRP

42 MONTH LEASE/10,000 MILES PER YEAR

TOTAL DAS: $4250

NJ tax rate is 6.625%.

MONTHLY PAYMENT: $550 TAX INCLUDED
Residual - $26,166
Money Factor /Rate - .00173%

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161321839041678508355696387907413024Ă—4032 1.45 MB

2

Without any of the relevant information (mf, rebates, etc) your going to get skewered here. Take a look at the leasing 101 article and get all your ducks in a row before getting lease quotes.

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3

Fix your thread tags (you’ve tagged California for no apparent reason)

You’ve also tagged three northeast states with different tax rates and structures so no one can tell how much your tax is

4

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.

  1. Read Leasing 101 (Blog | LEASEHACKR) to understand how to calculate a lease payment and the variables. Monthly payment is an output, not an input!!
  2. Gather the current MF, RV and incentives from Edmunds forums for your zip code
  3. 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?
  4. Plug your numbers into the LH calculator, and use a pre-incentive discount similar to what you have seen
  5. 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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5

You really want a 4cyl velar?

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6

Ctrl-C…Ctrl-V

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