Hi all! I’d love any advice on if this a fair deal for the brand and what I can push back on. This is a loaner (CPO) car w/13k miles and still under warranty.
MSRP: 71098
Discount : 6109
Selling price: 64989 w/o tax
Residual: 26562
MF: .00275
Term: 48mo
12k mi
0 down pmt
Lease price: 1148 ( incl tax, assuming a Ohio tax of 6.5%)
My gut is saying that discount isn’t enough given the mileage, but I’m not sure what’s reasonable.
Thanks in advance!
You’re spending $55k to lease a $65k used Discovery for 4 years then give it back.
Hard pass. Most used/CPO cars lease terribly and this is no different.
Even if you hold a gun to the dealer’s head and get another $10k discount it’s still going to be a terrible lease.
Thanks for the response! Hope I don’t sound like an idiot, but dealer is pushing back saying it’s still considered “new” bc it’s never been titled and comes with an unlimited mile warranty for the length of the lease. So, if considering the original 71k MSRP would that be a more reasonable lease? Or should I not even think of it that way? I’m sure I can get him to budge some more as he’s asking what he can do to get this done… budget wise I’d be happy with pmt under 1k.
If it were new , someone wouldn’t have already driven it for 13k miles. This car is not new and you should not be paying anything near sticker for it. Loaners are the worst kinds of used cars bc random people were borrowing it that didn’t care about it, rather than one owner who maintained it like it was their car. The price should reflect that.
No, it really doesn’t matter, they can try to spin it however they want but at the end of the day it’s still a 2 year old car with 13k miles on it.
Even if the car were brand new that would still be an abysmal lease.
If you like the car then just finance it. You can get a 60 month loan for close to the same payment they’re offering you, at the end of 4 years you’ll almost own it outright (as opposed to having just spent $55k only to give it back for zip in return).
Very good point as well. We considered that too… thanks!!
Discovery’s aren’t fast moving product. $6k off list is new car money.
33 month program should be the sweet spot on most Rover leases now
Please don’t do this deal it is awful.
You would be much better off financing this for 60 months. I cannot think of one reason leasing would be advantageous, given these numbers.
That discount is actually fine but Land Rover Financial (Chase) is offering zero support on the Discovery this month and they’re not a particularly attractive option right now.
Thanks! We do have some flexibility in timing and assuming this particular car doesn’t sell should we wait on it? See if a better financing deal happens towards year end? I see they are offering 2.9% financing on new models now.
Do you mind explaining why the 33 is the sweet spot?
I had a brain fart… I knew we were talking about a loaner car but I was thinking new car discount. You should be getting more like $10-12k off.
You should still finance it
If you are dead set on a Discovery and willing to spend for it, just finance a brand new car after collecting several quotes and few round of negotiations. Or hire a broker which will save you $$$$ for a mere one time fee. You will probably have to spend as much for a one to two year old “near new used car” if not more. Any rookie car shopper should think how much their time and lack of expertise is worth while hiring a reputable broker. Or learn the “hard way”.
Can you share which dealer offered you this?
Oh wow. Ok good to know! I saw one in California ( I’m in Ohio) that was very similar in all aspects, and even had a better engine and lower mileage for 58k. Worth bringing that up as a price check even tho I just looked and it was sold from their site and it’s across the country?
Your best options are, in descending order:
Mentioning a used car three time zones away probably isn’t going to give you much leverage. Just offer to buy it in that price range and see what they say.
Thanks everyone for the help! I got them down an extra 4k on price ($10,100 total) and MF reduced from .00275 to .00258. Looking at financing (found rate for 5.49%) This a very clear sign to finance as long as we keep it for 5 years correct? My hesitancy is also around the fact the warranty will be up in 4years.
You can extend the warranty if you need to
