The leasing contract and the LH Calculator show different numbers, but in the end I got a great car at a good price considering inventory levels in my area. I used MSD to buy down the money factor from 5.74% to 4.01%. Toyotas hold their value extremely well and I’m positive that the car will be worth more than the stated $22,913 residual value. Thank-you @Bostoncarconcierge & @Jrouleau426 for your support!
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What are the numbers from the contract? I cannot see it.
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36/10 lease term
$34000 agreed value
$6206 DAS ($4275 MSDs)
$450/mo
I agree that the Camry will hold its value well; I’d probably have just bought it, but to each their own.
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Financing for 60 months at TFS 5.99% was going to be $200 per month more. As I stated in my post, the Contract read differently than the LH Calculator. I paid 1st month $450 & $4,275 MSD at signing. The acquisition fee ($650), Dealer Conveyance Fee ($999), 6.35% Sales Tax, & DMV Fees are all rolled into the payment.
Congrats.
I agree about the resale value.
But why to lease Camry for 3 years, why SE trim?
Becouse in 3 years you can get back $2k ? $50/m? For $400/m net there is a better ride IMO.
Just my $0.02.
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I originally set out to find an LE AWD with the Cold Weather Package and Convenience Package. The LE has smaller wheels with bigger sidewalls. Toyotas come very well equipped from the factory. Dealers in my area seem to have a few Camrys in inventory, but not an over abundance. A lot of cars were also “IN TRANSIT” and I wanted to get something sooner rather than later in June. A lot of dealers have LEs in FWD, but XSE or XLE in AWD. My wife told me she didn’t want a Black Car or a Red Car. Personally I don’t like the Reservoir Blue, because it shows EVERYTHING worse than a Black car.
I got the money factor and residual value from edmunds and checked what some of the brokers were offering here on Leasehackr. I also factored in broker fees and time/travel costs since I own my own business that requires me to work 6 days a week. I plugged my numbers into the Leasehackr Calculator and determined a target price. I knew going in that it wasn’t going to be a “cheap lease.”
I started local at the dealership where I bought our '22 Highlander and have serviced my Toyotas since 2019. They had an Ice Cap/Black LE AWD with the packages I wanted. I made my “this is what I want to pay with !st & MSD DAS and everything else rolled in” offer. They countered with the best they could do at $447. I called a few other dealers. Some didn’t have inventory. Others countered with $1,000 off sticker (then they of course had a $699 doc fee). I found this one by calling a manager at a dealer that my friend has bought multiple cars from over the last 5 years. They had this SE AWD in stock and ready to go.
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The hack on these is to own them past 3 years after which there starts to accumulate REAL equity. If you get a chance to buy it below market value at lease end then strongly consider doing that.
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I was looking at the camry SE with a few added on options however didnt even bother when i saw some postings and what people are leasing these for. ..its really mind boggling how much toyota and hondas are leasing at rhese days. I just cant imagine paying over $500 a month for a a camry, but it seems consumers are and the more consumers are willing to pay the higher prices will keep going.
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The buyout is $22,900. So if historical values continue, it will be a good price. If I do decide to buy it, they’ve already got $4,725 of my money that can be used toward the car.
Just as a reference point, they had a 2020 Camry SE Nightshade (Gas - FWD) on the showroom floor with just under 80K miles. They were asking $24,995. I was talking to the manager I dealt with when I went back the next day and he said it sold for $22,995.
Unfortunately in today’s market of money factors that equate to 5% - 7% and no incentives when it comes to Toyota, lease payments that begin with a 4 are the norm. It would have been 5 if I hadn’t negotiated and put down $4,725 in security deposits.
If the finance rate to purchase was 2.49% and not 4.99% and the difference in the lease vs finance payment was maybe $100 a month more instead of $200 then I would have strongly considered financing.
Click on any broker’s calculator for a car in the $30-$35K range that doesn’t qualify for a lease rebate from the federal tax incentive. Click the box to pay the acquisition fee, dealer doc fee, DMV fee, & sales tax in the payment with only 1st month due at signing. I don’t know if there is much out there that starts with a payment less than 4 that will be as good or better than my Camry.