Hi Gang,
I feel like this is a pretty poor lease on a relative basis compared to some of the leases discussed in this thread and others–and specifically the lease that @BahamutXero7 referenced above–but curious to hear your thoughts. Here’s what I’ve been offered and the dealership seems unwilling to budge even after I told them I’m motivated to get the deal done but not on these terms. Either this is a good deal and I’m missing something, or this dealer thinks that I’m a major sucker. Here are the terms:
MSRP: $74,050
Selling Cost: $62,050 (16% off MSRP)
Cap Cost Reduction/OOP: $$4,995
Addl. Drive-Off Fees: $2,562 (Total Drive-Off Fees Incl. 1st Lease Pmt: $4,995 + $2,562 = $7,557)
Residual: $37,766 (51%)
Money Factor: .00002
Mileage: 12k/year
Pmt Incl. Taxes @ 8%: $632
This seems like a bad lease to me give that the lease @BahamutXero7 got was for an MSRP that was $4,700 higher ($74,050 vs. $78,700) and his OOP was $2,180 including 1st pmt (vs. $4,995 on mine), and his monthly pmt w/ tax is $549 vs. mine at $632. Granted his mileage was for 5k vs mine at 12k–which I guesstimate would have increased his pmt approx. $80/month–it feels as though BahamutXero7’s monthly pmt would have been ~$629 ($549 + $80) for 12k miles/year vs. mine at $630, but my lease is for a car with a $4,700 lower MSRP AND my OOP is $2,815 higher. That’s a difference of $7,515 ($4,700 + $2,815), which over 36 months, is worth $209/month. This probably isn’t the 100% accurate way to compare my MSRP and OOP, but I would think the overarching conclusion is still noteworthy.
A couple things to note here… first, I don’t want to (and don’t feel I should have to) put down $4,995 on this car to get a good lease. Secondly, when I run the math on the bankrate.com auto lease calculator using the figures above, I’m arriving at a payment of $581 and not the $630 that I was quoted. My questions are: (1) do you guys think this is as bad of a lease as I do, (2) are you arriving at the same $581 payment as I did when running the math, and (3) does a selling cost of $62k (16% off MSRP) seem like the right selling cost?
Last question is does anyone have a strong opinion one way or the other about purchasing one of these Ghiblis? If I purchase this car, the dealer is willing to cut the price to $57k. Not sure if it should be a red flag that the purchase price is $57k (which seems like a very fair price) vs. the selling cost of $62k on the lease, but regardless, I’m also entertaining purchasing a Ghibli due to concerns that my mileage may come in closer to 15k/year and I’m not sure it makes as much sense to lease at such high annual mileage levels. While I’d like to lease and keep the option to buy the car out at the end or get rid of the car (and avoid any potential accelerating maintenance costs after 36 months), I also don’t want to be in a position after 36 months of leasing (at 12k/year) that I either (1) owe 30 cents per mile over 12k or (2) feel obligated to buy a car after 36 months simply to avoid the hefty mileage overage charges.
Really appreciate everyone’s help.