Hi Hackrs,
Wanted to get a sanity check on this lease deal from my local Lexus dealer in SoCal on a 2022 Lexus NX. Now I know the market is a bit crazy so I just wanted to make sure that my understanding is correct. Here are the numbers.
39 month/15K miles
$1500 down payment (I wanted to avoid, but they said they have no $0 down available; and from my reading down payment avoided is preferable)
$831 monthly
MSRP: $45615
Markup over MSRP: $3000
Sales Price: $48615 + tax and fees = $53977.25
Residual: $26457
Money Factor: .0223 (isn’t this considered pretty high? I’m GUESSING they meant .00223 but even then is 5.35% a poor rate as well? Top tier credit over 780)
No rebates or incentives.
Any thoughts or suggestions if my assumption is correct that this is a pretty horrid deal? I know there’s supply issues and a ton of demand, but is this reasonable in this environment?
0.00223 is the buy rate offered on the NX this month from Lexus. I would wait for better incentives or to switch vehicles. NX is an awful lease as of today
At that payment you’ll have paid off the NX in 60 months on a loan. I believe Lexus is offering 1.9 or something currently for 60 month loans.
If you’re recouping money via a business tax writeoff- then this deal makes sense- otherwise just buy the car. If you REALLY want the car- then its a great deal.
The expenses associated with leasing (rent charge, acquisition fee, and disposition fee) add close to $8,500 after tax with this deal.
I’d finance this car instead. LFS’s current rate on 2022 NX is 2.49% APR for 60 months. Total finance cost would be ~$3,400 with the same amount down. Comparable monthly payment, too, as @Umar pointed out.
If you’re set on leasing, check out an RX 350 instead.
Hey! Yep, I should have mentioned in the original post a few items, one being this is for my wife, and I’m just helping with the legwork to get her the best deal. Secondly, she’s leasing this as a business vehicle. Third we’re not quite inclined to buy a vehicle as she does enjoy changing cars every few years so I appreciate the input from everyone about financing options and rates!
Yep we already have made contact with someone at Longo, the first offer I mentioned in my original post just was the right spec and color combination that she wanted hence us getting the numbers first with them but we already put in a note for the combination we’re looking for with the representative. Granted we know it might be a longer wait.
oh thank you for the heads up! It’s for my wife who enjoys switching cars every few years so financing at this time is not really something we’re looking for. The NX “fits” her better than the need of the RX, although it is a really nice car.
I’ve already set some expectations that there will be a wait especially if this is the main car shes inclined towards so she’s aware of the delay this may take.
i’d tell everyone here to meet me at the dock and take a ride if that was the case.