Has anyone looked at leasing a CPO?
Read that you can lease vehicles that are up to 4 years old. Has anyone looked into this or had any success with this?
With the mark up of new vehicles I figured I should try to look at all my options with this being one of them.
I didn’t want to buy a CPO and etc but given that it’s a lease - all my service and etc issues should be taken care of - right?
During a normal market it’s almost always a horrible deal and usually significantly more than getting something new. I can’t imagine how much worse it is now with used prices inflated.
Lexus cpo has full service for 2 years…plus 2 years full warranty with unlimited miles added to remaining warranty. Just bought an 18 so got 3 years unlimited mileage warranty and 2 years free maintenance. So pretty much came out like a lease. Had no other choice due to Mark up on new lease cars and was ending a lease on a car that was out of warranty. Hope this helps. BTW was a purchase of an es 350 and payment was within $50 of a 2022 honda civic Touring at msrp let alone adding dealer mark up
Why is it a horrible deal and how is it more than getting something new?
(first time buyer so trying to learn as much as i can)
Typically the residual values are much lower, the money factors are way higher, and there are no incentives.
Compared to a new es 350 - how much did you save?
Similar equipped 2021 was 46k…mine was 29k with 17k miles…1.9% financing through lexus for 72 months …payment was $410 with $3,700 out of pocket (nyc taxes)…I compared to lease on civic Touring which is about the same sticker price… total on civic over 3 years is about 17k…total on the Lexus with 3 years of payments is about 18.5k…but the loan balance on the Lexus will be about 14.5k in 3 years and I am figuring the car should be worth about 18k in 3 years so I would have equity, plus a tax credit on the 18k…so over 3 years much cheaper than a civic…( I did as a 3 year comparison to simulate a lease) but the additional benefits being I have 2 years full maintenance, 3 years loaner car service, 3 years roadside assistance, unlimited mileage on warranty, not locked into a mileage limit or overpaying because I selected too high of a mileage at start a lease, and I can get out of it anytime I want unlike lease…and lastly it’s a lexus!
Hope this helps
One more thing…the es is not one of these used cars that have increased 20-30% in value year over year
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