(moving to its own thread)
How does this look for a lease on a 2024 Mach-E Select? They’ve added the comfort package, the portable charger, and floor mats. I got 2000 off MSRP at a dealer in western WA.
MSRP: $42,680
Miles: 12,000
Months: 36
Residual: 19212.40 (43%)
Money Factor: .00052 (1.25%)
Incentives: $8,500
Monthly: $586.97
It doesn’t say on this quote but it’s for 12000 miles/year. I plugged the numbers into the Leasehackr calculator but it only says that it should be a $506 monthly payment. Why is this different?
You’ll have to share a link to your calculator for anyone to comment.
But does $600 a month for a Mach E sound reasonable?
At any point there are usually a couple of EVs in roughly the same class that are being given away.
This is as close as I can get the calculator but I’m not sure why the monthly payment is higher on the dealer offer. CALCULATOR | LEASEHACKR
Also yeah $600 a month does seem high. I’m not sure why the residual is so low but that lines up with what Ford shows on their website when you use their tool.
CPO Selects are $5,000 more than the sum of your payments at the moment. To me that’s a crappy deal.
Why does the quote show no discount?
Calculator about adds up with no discount
Ok, thank you everyone. I didn’t put in that it was a zero drive off and had the tax rate a little low, so I’ve revised my calculator.
The quote shows no discount, but it does show the price after discount. Or at least I thought it did? If I remove the discount in the calc it’s now over what the dealer quoted, but if I leave it in it’s under. Still confused.
If this is a bad deal, and I’m leaning towards agreeing with that, what should I be targeting to bring it down?
I got a call back that they’re willing to deal more if I give them a figure. Not sure what I should propose though.
I’m looking at an updated quote I received for a 2024 Select Mach-E in western WA. I put the numbers into the calculator and there’s a pretty big difference between what I see on the quote and the calculator. Anyone have any idea what the disparity is? Thank you!
Throw that 200 doc fee under dealer fees and I don’t see license and registration fees called out anywhere on the quote.
One other thing I’m not seeing that you may want to look into is the Washington State EV sales tax credit since the sales price is under $45k.
Of course, there is a big difference because there is $2460 worth of capped fees that are not accounted for in the dealer’s WS. These fees likely include the 645 acq fee, gov fees, and taxes. I;m sure there is tax levied on the 7950.78 CCR.
Don’t waste time trying to decipher a dealer’s worksheet or chasing after them. Otherwise, you’re allowing them to control the deal. They often omit a lot of relevant detail such as money factor, monthly base payment, monthly contractual payment, fees not itemized and even make mistakes. You need to rely on credible outside sources (e.g., LH marketplace and signed deals, Edmunds, etc.). Do your own research and establish a reasonable selling price in your market. Be sure to get a copy of the factory window sticker. Check for non-factory add-ons or dealer-installed options. And, if possible, eliminate those you don’t need or want. Get a list of all customer and dealer rebates/incentives including VIN#-specific discounts/incentives, if any. And, yes, the dealer has such a list.
The only thing useful about dealer lease worksheets is the input data. All data should be vetted such as acquisition fee, doc fee (regulated by some states), cost of money (e.g., money factor), gov fees, residual, rebates/incentives, sales tax rate, etc. Make sure the residual matches the term and annual mileage requirement. Check available tax credits/incentives via the fund provider who may cover taxes or, at minimum, may assess a lower sales tax rate to energize sales for some models.
Organize all relevant data in tabular format with the goal of creating a lease proposal that reflects your target deal. The idea is to create your own target deal (proposal), not replicate the dealer’s deal.
Craft a lease proposal (example below) and email it to the sales manager (SM), not a floor salesperson as they’re often order takers and lack knowledge. All numbers should be accurate otherwise, you’ll lose credibility. Negotiate via phone/email. Once an agreement is reached, ask the dealer for a review copy of the lease agreement and all contract addenda BEFORE you go to the dealer and sign. Moreover, it’s helpful to know the terms and conditions of the lease contract such as early termination liability criteria and purchase option criteria as well as lease amortization methodology and excess wear/tear criteria. If all is as agreed, tell the SM that you’ll come in to sign right away. You don’t want any surprises or dealer excuses like …. Oh, we made a mistake. That’s unacceptable and shouldn’t be tolerated.
If the dealer isn’t being transparent or is uncooperative or showing signs of incompetence, WALK AWAY AND MOVE ON!
Leasing is time-consuming and requires a good deal of study and attention to detail. If you don’t have the time to commit, perhaps your best alternative is a good broker. There are some outstanding brokers on this website. However, if you’re willing to commit your time and resources, always control the deal. That can only be achieved with education which breeds confidence and increases the likelihood of success.
??? Let me know.
Thank you for the detailed reply! If I need to go to another dealer I will take that advice, but I do want to give them a chance to explain the numbers and have asked as much. I will probably still try to get them down a bit more after that.
Not sure how to prepare an entire accurate offer at this point; this is my first time leasing. Part of that is how the numbers add up, and the other part is what numbers to aim for. I saw that for Ford right now, 10% off MSRP is a good target, and I’m pretty close to that already, assuming that I can understand the numbers. Thank you again!
Thanks, and good luck!
I’m looking at a EV in WA too (Chevrolet Blazer) and have had success just reaching out a lot of dealers. One dealer gave a signficantly better deal than others and I was able to use that to get better deals elsewhere. I still haven’t closed on it, but its worked better going in with some expectations of lease terms.
There are whole threads, in addition to leasing 101, if you search — but Matt boils it down pretty well
That example was very helpful. Thank you!
Do you think something like the below sheet and message is a good way to approach a dealer when I already have a quote from them? I’m fairly certain they are just using a much higher MF (I got the MF from rate-findr).
Thanks again for all the help!
"After careful consideration and market research, I would like to submit a counter-proposal.
I’ve attached a detailed lease proposal for your review, which outlines a total lease payment of $6,200 for a 24-month term. This proposal is based on current market rates and incentives."
Personal opinion as I know everyone has different negotiating styles, but my reply would be the following. I find that simpler is better and I never tell the dealer what MF to use, let them decide how they want to make their money.
“Thank you for the quote on stock #123456. I can be there tonight at 5pm to sign if you can do $6200 one pay (24 mo, 12k mi). That includes manufacturer incentives of $1,500 conquest and $500 credit card. Let me know, thank you.”
Check out this 2LT thread also for WA. Not sure an alternative for a base Mach E has to be an RS.
Make offers first. If you’ve asked for a quote already consider that well poisoned and move on.
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