If you’re very new at this, I wouldn’t sign a lease tomorrow. You don’t know if the MF is marked up, you don’t know the residual, etc. Take some time to read up and then decide if it is a good deal (which it probably isn’t considering there is a downpayment)
Thanks everyone- so I won’t sign today but I’ll go down and chat! What should I be demanding? Any help to make me look like I know what I’m talking about helps please…
You don’t even have to go there to negotiate. But let’s say you do just be prepared to walk away and that’s where you hold the upper hand.
You need to know the MSRP, the discount they are giving you off of the MSRP on the car. The residual value of the car after three years lease and the money factor.
Keep in mind they might add more charges on document fees etc so you have to be wary of those as well.
The forums general rule of thumb is that your payment needs to be less then 1% of the total value of the car.
I am in the market for a 2017 GT CX-5 AWD in SoCal. Best I can do so far:
36 Mo./12K per year
4% dealer discount to MSRP
MF .00134
RV 62%
$0 down, only pay drive offs at sign
Mo. payment $406 + tax.
With minimal discounting and no incentives, mediocre MF, the lease economics on the new CX-5 are terrible. I am now considering either an Acura RDX or Lexus NX turbo. I have an Acura quote for the same monthly as the CX-5. That’s $10K+ more car for the same price! Good luck.
It doesn’t take that long to get to know what you’re talking about. You know what would help make you look like you know what you’re talking about? Read Leasing 101.
Yep. We love our 2016.5 GT CX-5, but are paying $289 per month with nothing down. It was close to the end of the model year and you are talking about a new model. But I personally wouldn’t spend more than $330 or so per month just as a value principle even though it’s an enjoyable car. Never put any money down as cap cost reduction (though paying taxes and fees up front is a good idea). For $400 a month I would start looking at Acura RDX, BMW X1 (possible X3), and Infiniti.