Please help. Im in Denver, CO. I am a current GMC lessee with 790 Credit.
I just saw an ad for a 2020 Sierra 1500 for $320/ mo for a 47k MSRP(10k/year/ 36mos/ $0 down) GM Incentives, Rebates and Lease Deals for December 2023 indent preformatted text by 4 spaces
The Sierra 1500 I want is the diesel model with a $57k Msrp- Crew Cab Elevation Black on Black on Black. Based on ad, I contend payment should be around $400/ mo. I am laughed at. And while I don’t expect to get that great of a deal, it is a starting point for my negotiations.
After over a month of going back and forth, what I really want to know is if $605/ mo for 36 mos and 10k miles on a $57,295 MSRP Sierra 1500 Elevation is a reasonable deal? Based on the 10% rule that I learned here–$570/mo is the highest I’d want to pay for what I want-- 24mo/12k milles.
Let alone this monstrosity of an offer for a Silverado that I attached… How would you even respond to this?
But, simultaneously, I wrestle with the fact that I may be completely out of touch with my expectations. My knowledge/ experience with leasing 50k+ autos is ZERO. Hence why I am so thrilled to have found this site and hopeful folks will share their knowledge and wisdom.
I want to finalize this week and if they would do 24mos/ 12k miles on the aforementioned Diesel for $605/mo, Id definitely sign. Am I an idiot?
What you need to do more than anything is step away from talking to dealers and spend some time researching. Get all the info from Edmunds for RV/MF/incentives and look through as many comparable deals here as you can to determine a target pre-incentive discount. You need to figure out what the truck should lease for before you even consider talking to a dealer.
Dealer ads are notoriously inaccurate to base a price off of as they generally leave out a ton of fees and taxes and include incentives you don’t qualify for. Also, going off the “1% rule” is a very poor way to determine what something should lease for.
Dealers in Colorado aren’t discounting silverados like they were a couple months ago due to the fact the supply is low. I would wait as paying MSRP for a Silverado is insane. In a few months things should normalize and the dealer will stop treating their mass made cars like Bugatti’s
I feel like I have done a fair amnt of research to arrive at an asking price to dealer’s. I can give them all the facts that determine how I got there, but they don’t care. They’re gonna get what they can get and as a business owner myself, I have to respect that.
