LYRIQ lease question - good deal?

[tylerjgee]

Hi guys, long time reader first time posting! In Tampa Florida looking to get some feedback on this lyriq lux 2 awd lease deal. I am trading in a bmw x7 so have some neg equity - really appreciate your help. I was thinking if they do $940 and eat the $2500 down that would be a good deal? Thoughts? They have already agreed to pay the first payment.

[Jac_Le]

I think you need to find something different to bury your negative equity.

[max_g]

@tylerjgee

I was thinking if they do $940 and eat the $2500 down that would be a good deal?

For a Lyric? Are you nuts?

[TheNewLHr]

Hey

I am a newbie here but from what i have been reading in this forum this “is not a good deal”

I will strongly advise you to read the below thread as it may help you a lot in what you are looking for

https://forum.leasehackr.com/t/2024-cadillac-lyriq-sport-3-24-10-one-pay-4059/702791

Please read the comments section the #102 should be the same or around the type of car you mentioned.

Good luck

[tylerjgee]

well I’m rolling in that negative equity so didn’t think it sounded too bad. What would be a reasonable number do you think?

[max_g]

How much cash do you have available to pay towards the negative?

[tylerjgee]

Potentially all of it but I didn’t want to fork out the cash and instead was hoping to bury it in with the incentives and discounts but that seems unlikely from these numbers?

[tylerjgee]

Would you have another car model you would recommend?

[Jac_Le]

Ideally something that has a low MF and good residual to mask your $8k of negative equity. If you are stuck on a Lyriq, I think the Lux 1 AWD demo could be better. I don’t know what incentives you qualify for in GM so you may have additional monies that can eat the overall difference. Another EV option could be an ID4…

I would also encourage seeing what Carmax/Carvana would offer you on the X7 just to see if there is any money on the table on the trade (granted, trade does help with sales tax a bit).

[jeisensc]

@tylerjgee

I am trading in a bmw x7 so have some neg equity

Have you separated the trade and obtained purchase quotes to see if $10,500 is the actual negative on your X7?

List of places to sell or value your car online

For the quickest results: Copy your VIN to your clipboard and just paste it into each site. Quicker than plate lookup. Enter “I own the vehicle” where applicable — you don’t need to get into the details of your lease payoff or loan balance until you’ve eventually chosen one entity to sell to. Use a Google Voice or some other device you can turn off at will. Otherwise your real phone will be bombarded initially. In alphabetical order: Buyer Name Direct Link Review Link AutoCo…

on a 36 month lease you’re trying to bury $291.67 in negative plus rent and tax. You need to care a lot more about rate and markup (really all the numbers) if you’re adding 5 figures of rocks into this snowball — incentives don’t just make it disappear.

[tylerjgee]

Im not stuck on a LYRIQ necessarily - thought because of the discounts and credits it would be a better option. Do you have any suggestions on what other cars would carry this neg equity better? Other than an EV. Like you mentioned with a better MF. Is the MF on a ev hummer any better?

[paranoidgarliclover]

@tylerjgee

Is the MF on a ev hummer any better?

You can look up that information by becoming a Super Supporter or asking on Edmunds for free.

I would strongly suggest learning how to use the LH calculator.

[gohawks23]

Unless you like lighting $ on fire just keep your current car.

[tylerjgee]

At some point I’m going to have to absorb this neg equity though right? I’m concerned about issues down the road with it as well it’s just shy of 100k..that’s why I was looking at my options.

[gohawks23]

Didn’t know if you had lease or finance…must be driving big miles with some huge, long and high interest loan? Then yeah you will have to pay up at some point.

[tylerjgee]

Not terrible interest rate..5% for 5 years. The x7 depreciates quick and was doing plenty of driving for the first year. Should have leased instead of getting into this a few years back.

Is there any way to improve this deal on the LYRIQ or should I scrap it? I tried using the LH calculator but I’m a bit confused

[gohawks23]

Maybe look into extended warranty of some sort and keep?

Go thru this to learn more about calc or put your own lease spreadsheet together.

LH Calculator and how to use it

One of the more common posts we see here are from people trying to utilize the LH Calculator and struggling to get the correct numbers. More often than not, this is the result of user error, so let this be a guide on how to use the calculator and what values go where. With that said, a few starting notes. Read these 3 times before continuing: The calculator is not perfect, there are some limitations in how things are calculated. Do not expect to match an offer perfectly. There are often diffe…

[max_g]

Sell the X7 to the highest bidder (links already posted above) and pay off the NE in cash.

Rebates do nothing for your NE. You are repaying every cent you roll in. WITH INTEREST AND TAX ON TOP

Select a decent lease from the Marketplace

Past few months Lyric/ZDX has been ~$400, Blazer, Prologue, Lexus RZ and Mercedes EQB less. Just to give you ballparks

[paranoidgarliclover]

@tylerjgee

I tried using the LH calculator but I’m a bit confused

What is confusing you about the calculator?

[gohawks23]

@tylerjgee

Should have leased instead of getting into this a few years back.

Well, leasing isn’t an end all to that…you will pay for the big miles you put on either way…in leasing it is with a lower RV and/or mileage overage penalties.

If not keeping I agree with Max above…just cut a check for the neg and get into a well researched deal on an EV with high incentives and low MF like the ones he mentioned.