See attached pic for the worksheet I received from nearby Lexus dealer in Houston, TX.
I would like to purchase the car within a month of leasing. Considering $14k lease cash, how much would be my total cost including taxes? Appreciate any rough estimate.
I asked this question to the dealer but they dismissed it saying that will need to be checked with leasing folks at the time of signing the lease!
Also, does Lexus dealers negotiate on top of the company advertised prices? If so, how much % off of MSRP can I expect to negotiate on this vehicle?
You will need to check your payoff price from lexus financial. It should be around 43,033.55 + sales tax. As long as you are aware of this car limitation, it should be ok. It’s basically a bz4x with lexus RX350 trimming.
I was considering to do the same thing you did with Lexus RZ, lease & buy it out asap. I have EQB350 because the lease offer was better than RZ. Here’s some of my personal take:
Lexus RZ feels bigger, has more functionality than EQB & more luxurious trimming.
Range is similar.
EQB has more usable space than RZ.
RZ glass roof has no retractable shade.
EQB has a better level 3 charging rate than RZ. It will not be an issue if you use level 2 charging at home. It is an issue if you have to charge level 3 charging outside.
EQB has square setup tires, RZ has staggered setup.
Keep in mind also that when you buy this vehicle you will pay sales tax on the buyout price as well. It seems you’re getting a partial sales tax credit on the lease. But you will pay full TX sales on tax on the buyout price.
The better play may be to lease it now with the partial sales tax credit. Make your monthly lease payments. And if the resale hasn’t totally gone into the toilet buy it for the buyout price at the end of the lease. Therefore, saving you some sales tax. (vs buying it after the first lease payment is due)
You didn’t provide your sales tax rate. Suggest your read your early termination purchase option clause. Your contract, no doubt, will reference the adjusted lease balance and a constant yield or actuarial rate to compute lease balances. At any rate, your adj. lease balance within the first 30 days of lease inception is as follows…
(43033.55 - 712.43) x (1 + 06891/12) = 42564.15.
To find the buyout, add any purchase option fee plus tax plus any applicable fees. The 6.891% is the constant yield or actuarial rate referenced in your lease agreement. It is not a required disclosure.
I stopped the test drive of the rz after just 2 minutes. The seats, plastic, digital gauges all were uncomfortable and cheap. It definitely looked like a rebadged toyota. The toyota bz4x limited was actually a better value at half the lease cost, so, imho say no to a rebadged toyota for twice the cost. Go test drive a toyota bz4x and your will see it’s 98% the same car.
Thanks! This is close enough. Lease monthly payment is $699.80 as per the numbers I shared above,
Is this a good deal in Texas or in general?
I plan to purchase the vehicle in a few months if I like it. I could then save on rental charge but I suppose APR for interest is pretty low with 2.88% based on 0.0012 MF. So I could decide about purchasing at the end of the lease period as well.
You’ll be paying sales tax again as well if you buy this car from the leasing company. Please make sure you factor that into your calculations. You’re already paying full tax on the full sales price now. Then when you buy it from the leasing company you are going to pay full sales tax on that number as well. You’re going to be in this thing for over $6k just in sales tax if you buy it out.
You must really love this thing
This resale value is going to sink faster than the Titanic! Why would you want to buy it?
If I decide to lease for 24 months, will my downpayment of $2k and total 24 months of payments include sales tax on full price of the vehicle (MSRP - rebates)?
I doubt that’s the case. My understanding is that lease payments include sales tax for the portion of the vehicle life I am leasing for. That means sales tax should be for vehicle amount excluding residual.
If I decide to buy the vehicle, it would make sense to pay sales tax on residual. I don’t see how I am paying taxes twice.
Also I got the numbers for 24 months lease on Wind.
Please let me know if this is a reasonable deal.
Depending on how much this car depreciates over the next 2 years, I can decide to either give up or negotiate further to purchase the vehicle. I am not fixated on buying it.
