Looking into a deal on a 2024 lyriq loaner.
36 months / 10k a year. $435.11 a month with no out of pocket.
Doesn’t feel like that great of a deal. Especially because it’s a loaner. Any thoughts?
This is what I’m being told is being done.
$2,500 for the service demo rebate.
$1,000 for Costco.
$3,000 for conquest for owning another vehicle.
$500 for educator
$500 for gm rewards card sign up.
$6,280 dealer discount.
Dealer also said that the 7,500 federal rebate goes towards the residual. Does that mean it doesn’t help me out now, in terms of monthly payments? Sorry, I’m very new.
That’s an OK number without supplier discount. Did you check 24 Mo/10K. That will be your best price based on residual value.
I agree, doesn’t seem like a very good deal.
No one can properly evaluate your deal without more information. What is MSRP, MF, etc? How does you dealer discount compare to others in the “signed” section? I haven’t hunted a Lyriq but your discount seems pretty damn good assuming an MSRP around 70k. If that’s at base money factor with no garbage add ons, you have to ask yourself if your target is realistic.
Again need more info to give a proper read, and others here can better assist with Lyriq advice.
Edit: To answer your question about the EV incentive, GM/Cadillac subvent (financially support) the residual value of their EVs rather than offering the money as bonus cash to the customer. In either case you’re benefitting from the incentive because a lease payment is the adjusted capitalized cost minus residual (depreciation), plus your rent charge (interest), divided by term. So it’s either reducing your cap cost or increasing your residual depending on manufacturer.
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Sorry about that. I thought it uploaded the quote on my original post.
Can I get your thoughts now?
I’ve taken a look at the deals and marketplace, but it’s all over the place. I’m also still learning so I’m hoping people will give me tips so I can better understand how I should be thinking about this.
Take these inputs and put then into the calculator for a 24 month deal and see where it lands.
Youre likely much better off doing 24 months over 36 months on this.
Yes definitely check the 24 month payment. Your sheet shows a 12k discount but you listed 6.8k?
At 24 months you should be near $300/month which is nuts.
Can I get Costco membership now and still get $1k off. Or are they strict about having to be member for 30 days? Thx.