First lease! Is this a good deal on a 2020 Range Rover Velar?

I absolutely fell in love with a fully blacked out Range Rover Velar and I’m planning on leasing one.
Made a deal with a salesman over the phone and said I would go pick it up next weekend.
Before I go, just wanted to make sure I got at least somewhat of a good deal. It’s my first time leasing and I did a lot of studying before I negotiated, but still just want to double check…

2020 Range Rover Velar P250 S with Options
39 months/15k miles a year

MSRP: $64,750
Selling Price: $63,000 (I know this part isn’t that great)
0 down
$150 doc fee
$895 acquisition fee
$311.25 title and registration
$985.96 taxes (remaining - see below)
~$3,000 tax credit (this is the part where I thought it was a little okay that I don’t take as big of a discount on the actual sale price since I have to pay the taxes on the vehicle in my state - Texas)

I also wanted gloss black wheels that this particular car doesn’t have so I worked in a free powder coat into the deal (apparently the price is $1,200 for powder coating all the wheels at the dealership according to a dealer other than the one I’m buying from - I know that price is ridiculous compared to a third-party shop, but dealer prices… still a few hundred more bucks of value)

MF .00107
Residual 54%
Total gross cap cost with all taxes and fees rolled in ~$65,685
Total monthly payment $885

I realize that monthly payment/sale price might not be that great in other states, but with the $3,000 tax credits, I feel like it helps my case a bit (hopefully)

I don’t mind a “fair” deal, I wasn’t necessarily going for a deal of a lifetime kind of price.
But I also just want to make sure I’m not getting shafted.

Thank you!

@ethanrs will know more than me, but there is much less discount on LR compared to volume luxury brands like BMW. That being said, 2.7% discount seems very little. Still, you do have the tax credit.

You might want to check if this is residualized into the lease or an upgrade that you are paying the full $1200 for. Also, confirm that this is not a modification that will cause you to pay extra on lease turn-in.

Yeah I wasn’t super excited about the sale price of the car, but the tax credits made it a little more appetizing.

It’s just thrown in. I had him break out every fee and such (as listed) and the cost of the powder coat was not a separate charge - and the sale price of the car was just sale price, it wasn’t with any caveats.
It apparently actually adds value so they don’t care if we do a powder coat on it (what the dealership said)

Not a good deal. That’s p340 territory. But inventory has been drying out. I’m still kicking myself for passing on a $67k loaded p250 loaner for $575 sign and drive… Dealbreaker for me is that chase doesn’t allow lease transfers. Anyways if I were you I would start trying to find loaners with some mileage. You’ll get a much better discount.

Well I mean I’m not really concerned about whether it’s a P250 or a P340.
I personally am more inclined towards a lower “spec” car with a bunch of options rather than the bigger engine. This particular model has all of the additional options I wanted (and some more) so I’d rather have this than a P340 with minimal options.

I’m more focused on if this is a good deal at this MSRP and additional incentives there are.

It’s not. $1750 off is a pitiful discount

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Even with the $3k tax credit in Texas?

I’m not familiar with how tax credits work in Texas, so I can’t comment on that aspect of it.

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Texas charges full taxes on the lease, so we have to pay a full 6.25% on the sale price of the car (horrible, I know)
That would mean I would normally be paying almost $4,000 in taxes (over $100/month if rolled in) on this vehicle.
I’m paying $985.96 due to roughly $3,000 of tax credits.
If there hadn’t been any tax credits, it would be like a sale price of around $60,000 on the car.
I know tax credits are separate and I would have absolutely loved a bigger discount on the actual sale price, but I just wanted people to take that into consideration when determining if this is a good deal or not

Garbage deal for a 4 banger Velar with next to no options on it

This will sound harsh but as soon as I saw “fell in love with” , I knew it would be a poor deal. I think to get a good deal you can’t fall in love with one type of car. That’s how dealers make a lot of money, they make it an emotional purchase (lease), when in fact it probably shouldn’t be.

But if you can afford it and you like the car, then you should be happy because it’s a really cool car. :yum:


Haha I only say that on here… I definitely didn’t make it sound like that when making the deal
But yeah, I’m very fortunate to be able to say the money isn’t really a problem at this point.
But I definitely don’t want to be getting bent over on the deal

I don’t understand why people keep commenting on the specs of the car over the actual numbers…
I thought this forum was a bit more savvy than these unsubstantiated comments based on what kind of car they like.
I don’t mind the 4-cylinder, and it has all the options I want. I don’t see what that has anything to do with the value and the numbers of the car.

Because you can get a far better car for $885 a month… unless, of course, you want to show off in a base 4cyl Velar

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It sounds like tax credits shouldn’t have an effect on the dealer discount, then. So still a very bad deal. The reason people keep bringing up the specs of the car are because you likely can get a similar luxury brand with the same features for several hundred less a month, so you’re really just paying a lot of money for the brand name.

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Hmm okay
What is a comparable vehicle then?
I would assume GLE, Q6/7, BMW X5 are in the neighborhood, but it seems like if I put those with the options and specs I want, it would easily push MSRP over 70k

Yeah that’s a thought I had earlier today… tax credits are just tax credits and I probably should try the deal without them…
What other vehicles would you recommend? I tried building a GLE and X5 with similar options, but it looks like it pushes the MSRP over 70k…

They might have a higher MSRP but some of them will lease better than a Velar

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Well I built out a GLE with similar specs to the Velar and it looks like I’m around 74k MSRP… highly doubt I’ll get any dealer to come down over 11k on that…
I was originally thinking of a fully loaded GLC but one, I like the look of the Velar WAY better, and the GLC seemed a bit too small
I’m definitely not fully dedicated on the Velar, but I haven’t found any other car that appeals to me that I can get for a similar price…

Most likely BMW will be the one that lease better out of those brands