Jeep Renegade Trailhawk (all research so far based on a 2020)
Buffalo, NY
36 months - 15,000 miles per year
I’m looking at leasing a vehicle, probably a Jeep Renegade Trailhawk, this coming spring. I have started to do research and want to get a benchmark of what current deals are like. What I would like to know is how good (or bad) the following deal is, so I can start to understand what I want to aim for in the spring.
The numbers below are from online research only - I have not contacted a dealership to negotiate at all.
MF: 0.00012 Residual: 50%
This is what the dealership’s online calculator gives me:
$30,850 MSRP (including $1,495 destination fee, according to Edmunds)
$30,350 sticker price
$4,250 incentives, $3,155 trade-in value for a grand total of $22,945
Monthly payment: $255.46
Total payments equal $9,196.56.
Cash due at signing includes $0 capitalized cost reduction, and first month’s lease payment of $255.46.
Purchase option at lease end for $15,425 plus taxes.
This is the Leashackr calculation using the same starting values:
Questions:
Is this a great/good/normal/bad deal?
Could I expect similar numbers in March/April?
If it’s a good deal and I shouldn’t expect anything better in the coming months, can it be made a “great” deal with a little negotiation? “Great” enough to pull the trigger 6 months early?
where is the 11.8% off MSRP coming from if you haven’t contacted a dealer? I would probably delete your 2nd and 3rd questions and no one has a crystal ball as to what incentives or pre-incentive discounts will look like 6 months in advance.
So there’s two things at play here… There is breaking out what the deal is and then there is determining how to properly utilize the tool to calculate the monthly payment.
Inputting the trade in value into the selling price allows you to separately calculate any addition cash flow, but at that point, you’re beyond using it to evaluate the quality of the deal.
Essentially you have two options when using the calculator; you can either get an output for due at sale amount that is inclusive of cash out of pocket and trade value or you can plug in the trade value into the selling price and get an output that is just cash.
The former structure is ideal for evaluating the deal because you’re normalizing your trade value as if it is cash. The latter is ideal for verifying a dealer contract as the trade value is itemized separately from the cash due.