Hi everyone! I have a 2017 BMW X5 lease that ends at the end of May. We are looking at switching to the Range Rover (one more midsize SUV before we have too many kids ! I have leased my BMW and Jeep Grand Cherokee in the past 7 years. I built the Range Rover that I want and it happens to be an exact match to a car at the Land Rover Austin Dealership.
Here’s what I was quoted on:
36 months/ 15k miles per year with 2k down: 1706.76
MSRP: $92,265
Selling Price: $92.265 (discount first months payment covered $1,706 / and last month of BMW $780 and dispo fee of $350)
Residual: 52%
Money Factor: .00189
taxes - ~$5,700 at 6.25%
Down payment is usually used to describe a cap cost reduction. Basically it’s lowering the amount after all the fees and taxes. Due at sale is the amount due, well, at sale.
Some places use them interchangeably, some are more specific. Always need to verify.
Thank you! Will ask that question. Based on the data, outside of what Jon said re: paying $61K to drive it for 3 years , do you think the numbers line up? I’m trying to see if there’s anywhere I should push them down? I have the luxury of waiting another 6 weeks as well so just trying to figure out what hand to play.
Is your heart set on the RR? There are other luxury SUVs that lease better in the same class. A residual of 52% isn’t great. How many miles did you drive per year on the X5? Have you considered a shorter term (24 mos) and less miles / year? Not advisable if you’re going to use all 15k or go over as miles are cheaper at lease time than when you turn it in but just curious.
You’ve kind of hemmed yourself in here because it sounds like you have an emotional attachment to THIS SPECIFIC CAR. Otherwise, I’d recommend you e-mail / call every RR dealer in Central Texas to build a sense for the market and then leverage the dealerships against each other.
That being said, if you are able to to decide which options or trim level is absolutely must have and what else you’re less firm on you’ll create a better negotiating platform for yourself.
We have had the BMW X5 and loved it, but wanted to get the RR before we ultimately need to switch to something larger. We will 100% get a RR next it’s just a question of which one and price. We lived in San Francisco with the x5 so not a ton of miles on it (24k in 3 years) and only had 10k a year. Since living here a 10 months we have added 10-12K miles so figure 15k is where we need to be for the full year.
Yeah that is exactly what we’ve been doing. At this point it’s the white body, black roof, black rims. Some of the tech we’ve loved in the X5 is a must have, but there’s lots of room to flex on our side.
The thing I’ve seen talking to 2 dealers is that they aren’t willing to go down on price a ton right now bc the inventory is all they have until we get thru this pandemic.
I will continue to shop around and get a sense of all the details with varying degrees.
Which is exactly what most folks in the business said would happen. Do not expect big discounts right now as gross is priority with new product being uncertain to come in.
What’s the scoop on the “tax credits” sales ploy? Is this for uninformed consumers or are dealers actually providing tax credits on leases? I’m guessing the former based upon the quotation marks.
Is this just another lever a dealership can pull to land a deal? From the consumer side I’d have no idea whether or not a dealership has used it’s tax credits or not, right?
! I have leased my BMW and Jeep Grand Cherokee in the past 7 years. I built the Range Rover that I want and it happens to be an exact match to a car at the Land Rover Austin Dealership.