I’ve been negotiating on this car for a few days, please give me feedback on what you think.
Year, Make, Model, and Trim: Volvo S60 T5 Momentum Loaner
Loaner: 3K miles on the car
MSRP: $43140
Discount: $6,863 (15.9%)
Selling Price pre-incentive: $36,277
Incentive: $4550 Lease-cash
Term: 36/10K
MF: 0.00004
Residual: 51%
MSD: 8
Fees: the usual (995 acquisition; 499 dealer; etc)
DAS: MSDs and first month only
Monthly Payment: $334 before tax; $367 with tax (NY)
(LH Score for what it’s worth: 11)
Two related questions:
This will be my first car. I live in Brooklyn and cannot help noticing that every single car on the street is dinged and dented and every 10th one is keyed. I know wear and tear is included, but is Brooklyn-level wear and tear included, or can I expect extra fees when I turn it in? (No garage, unfortunately).
I reached out for insurance quotes, cheapest I could get was Geico at a whopping $285 a month, and I’ve been licensed for a decade without a single incident or ticket. I know Brooklyn is super expensive for insurance plus this is my first car, so it isn’t in my favor. Any tips from LH Brooklynites on how to get cheaper insurance? At this monthly fee, the total car cost would be prohibitive for me
Some of the excess wear-tear waivers have fine print exclusions like “if damage on a panel exceeds $X then nothing on that panel is covered” so research and read them carefully
Shop around other insurers and talk to an insurance broker if necessary
I actually agree with that garbage product. In your case an XC90 care would be fathomable. 480/month on the lease + insurance is well above 750, but a xc40 might be worth eating the insurance, at 700/month for care.
Take a defensive driving course for the insurance discount. If you go with Geico, you can buy a share of Berkshire Hathaway class B stock for additional discount. I would call ahead to see what the discount would be prior to actually buying the stock to be safe.
Quentin @nyclife has a t5 new for 286 before ttf that doesn’t appear to need loyalty (MSRP might be slightly lower though?) If you capped everything but first you might come out ahead with that. S60’s are not leasing very well right now unfortunately, I’ve been watching them for awhile and the t5’s got as low as 220 +ttf last fall. Insurance is killing you on this as well.
You definitely can do better, take a peek at broker deals. But this is a fully loaded advanced package t5 I’m assuming from msrp, that’s going to be tricky to find a posted deal for.
I did; lowest broker quote was $375/mo all in including tax with MSD, so the exact same price, but 38500 MSRP, not 43K. This car has the multimedia package (which I really wanted), heated wheel, + some other stuff. Thing I’m gonna wait a few months, I’m not burning for a car right this second. Thanks for your advice!! I really appreciate it.
That makes more sense then. Didn’t realize this one had many more options. The deal at hand seems to be pretty decent, I’d say if you desperately need a car this month you probably can’t do much better. Like you said, if you can wait, you might find better deals as the year rolls on and inventory starts to improve (assuming that happens)…
My sister lives in Brooklyn and even with a dedicated parking spot and no faults of her own her car is trashed. At some point, you’re going to leave your garage to go somewhere else in NYC and you will curb your wheels, have some double parked car smack into you, etc.
I regularly watch cars in NYC park by braille (hit you, back up into the car behind you, hit you again) - even with front and rear bumper guards and all kinds of other crap, the car is going to get worked over.
I would more realistically suggest you consider financing a certified pre-owned car thats already got some dings but you can get an extended warranty on to cover other luxury hurdles. It will be cheaper to insure and you can drive it into the ground.
