I’m negotiating a CPO lease with a Jag dealership and received the numbers back for a 2016 F-Type Coupe, 24 month lease @ 5k miles a year. [Just looked over and realized they put 10k miles/year, but that doesn’t change my issue]
They’ve come back to me with roughly a 10% interest rate (unless I’m calculating wrong), and their depreciation calculation shows 39% depreciation over the 24 months. That’s insane no? The interest rate alone is nuts, but while the F-type is a jag, losing 19.5% a year seems extremely unlikely.
Has anyone here done a CPO lease? Am I missing something? I’ve posted a link to the full breakdown…
Docs: https://imgur.com/a/BiB3UUF
I don’t know the current situation but literally 2 months ago dealerships were taking 30k+ off MY18 f-types… if I were financially more secure, I would have financed one for 36% off MSRP and sell in 1-2 years… I’d look into that if I were you
No one suggest CPO leases because banks make their own rates and residuals which usually favor the bank. It’s always recommended to just purchase if you want that CPO.
You could probably lease a new F Type for this or less.
Why consider CPO used leasing? There’s no factory support or dealer support for them.
I’ll look into MY18’s for sure.
My issue was simply that I may only keep the car for two years, and sales tax in my state is high. So, I wanted to lease since financing numbers get very messed up by the sales tax issue.
I was hoping the lease would be less the a new lease since the initial depreciation hit is gone, but that doesn’t seem to matter.
I also didn’t want to tie up as much monthly, but I couldn’t find companies that will do balloon payment financing on a 2016 used car.
edit
I’ve been looking but can’t seem to find massively discounted MY18s… are there any specific dealers you are talking about?
@Bostoncarconcierge
I’d rather pay 800 a month on a new F-Type than on a CPO.
The reason why it almost never makes sense to lease used is because the bank sets very favorable interest rates and residuals to them, against you. There’s also no factory support and the cars price is usually set against the used car market and dealers tend to not massively discount used cars like they do new inventory.
That’s why your used deal is no better than leasing new… only here you’re driving someone else’s problems.
Agreed!
I’d take a CPO and buy it over leasing this if it were me.
There was a late shipment of 2018 earlier this year. There are two still in Anaheim. These are new but bought by the dealer. Their MSRP is 98k. You can get 35k off.
