Good evening.
So, I came across a 2017 MASERATI ghibli today with 10k miles on it.
Dealer says its certified preowned or an equivalent to that. They told me they could do a lease on it if I wanted to go that route.
My question is, how do I calculate a lease on a USED vehicle? I’m assuming the MSRP would need to change from the original sticker?
Can someone give an example for me?
Purchase price $44k (before I start negotiating)
36/12
Mf .00271
2017 Build (11/2017 warranty start date)
That’s a high MF. Probably not a good idea in the long run. Are the deals for new ones that bad?
Used car leases are typically awful deals. Don’t waste your time on it. Search the forum for more info
Good evening.
Thank you for the responses.
I’ve been reading on what little posts seem to exist on used car leases.*** I guess my main question at this point is what do I use to calculate the MSRP of the used vehicle?***
I’m going into this with the mentality that I only want the Ghibli if I can get it around $500/mo with zero DAS.
The MF seems to be the issue as stated by others.
The deal that was offered to me tonight was:
5k down
36/12
698+tax
$.30/mile overage
.00271 MF
52%/53% RV (depending if 36/10 vs 36/12)
I am obviously NOT taking this. I’m just curious at this point. Dealer said that they would give me an extended bumper to bumper warranty for 5 yrs (from warranty start date) and unlimited mileage. I checked a dealer auction source (I’m listed under a friends used car dealer), and I can buy the same car for 34k to 36kish + ttt+ auction fees (40kish) out the door.
It doesn’t really matter because the bank is just coming up with the numbers on the fly unlike a new car where incentives, MF, and RV are set by the manfacturer and known to all.
Most new car leases are underwater at the end, but in this scenario the bank is going to ensure they avoid negative equity and the dealer is only willing to sell it for a profit where a new car is essentially subsidized on multiple levels to make it look more appealing.
If you really want the car, buy it outright as you have control over all the variables and assume you will sell it after 3-4 years. Leasing a used car is pretty much the same as buying it, except you are paying a significant premium to walk away from it at the end.
MSRP is needed only to drool over how nice it is and try to convince yourself you took the right decision. Depreciation is what you pay for directly, pay your interests and taxes off (in most of the states). I’d say if the difference between your selling price and the buyout is significantly smaller than the depreciation on the new car it MIGHT be worth considering.
I did once a Toyota CPO lease. Not a bad deal especially since it was my first lease ever but it saved me only 10%-20% $$$ compared to the new one. I would not repeat that. Being low miles Toyota I didn’t really care about warranty but that would be my main concern when about to leasing a used car, especially a “performance one” from Fiat (call it Maserati if you want) - it seems you have that covered. The only fuzzy surprise I had with my lease was the need to buy the tires - something you usually do not need for a new car lease and may be costly on Ghibli. I’d also take a close look at items like brakes and pay close attention if there is no crazy expensive maintenance required at 30k miles or around.
My $0.02.
Are you leasing this used from a Maserati dealer? Or from a third party dealer?
If so, then it’s not certified from the manufacturer. Why would you want to lease a used car who’s notorious for depreciating more than the rest of its competition and has high maintenance costs?
I definitely appreciate all the feedback.
Menotknow:
Thank you for the feedback. What you’re saying makes sense, I just was wanting to have a payment lower than $736/mo and thought I might come out better depreciation wise. At that price purchasing didnt seem to make sense because in my county there is a 8.5% tax (actually 6% + 2.5% on first $5k). Plus the hassle of getting a good condition one at auction, etc.
On a payment (5 year, 4%, 40k loan) payment is $736/no. After 3 years I would owe 17k. Assuming the car is worth 23k. I would have 6k in equity. With that assumption, my actual payment would be $569/mo after accounting for the accumulating equity.
I went into this with the mentality that if the dealer was willing to do $500/mo with $0 DAS and it had the extended warranty plan I would do the deal. However, i think the maintenace cost makes it not worth it (see below).
Does this make sense, or am I crazy and I’m thinking about it all wrong?
StingerTT:
Yes, its through a Maserati dealer.
I’m sure your right as it seems most of you have the same opinion regarding that make.
Any recommendation for an alternative that’s similar?
I based the depreciation off current auction pricing and found 34 to 36k for a 2017 with 10k miles.
I found that a 2014 with 40k miles is around 23k.
So, from that I figured that the depreciation is around 13k or
So I’m starting to understand why you guys are saying it wont work out.
it looks like you’re already have your answer… the plan you’re talking about assuming there is no accident involved too…because this car depreciates like there’s no tomorrow lol.
A used Maserati, in general, is not a source for a lease deal. The demo MBs and BMWs are unique examples of opportunities that are horrible from the risk standpoint for those captives. I manage risk for a living and the fact that they are still residualizing the full MSRP (consistently at a 6-10pt guaranteed negative equity at term) with such a huge discount stacked is just plain desperation. They would be much better off if they had a plan to improve their 3-4yo wholesale values.
There are a few vehicles that are amazing used leases when you compare them to the equivalent new car lease payment, the 60mo or 72mo loan payment and find a model that either has a history of low cost of ownership for that age range or if you can wrap it in a decent warranty/maintenance package and not get too gouged.
Those vehicles aren’t typically the ones that are posted about here because the key thing that kills the used lease is heavy new car incentives.
Several models that people ask about here get the common “that model leases horribly” reply are often the ones that lease well as a used vehicle.
The exceptions to that rule are Jag, Land Rover, Audi, and any other brand with notorious maintenance issues.
I hope to have some used lease opportunities to post here in the next few months that will open some eyes to what is possible.
Hello everyone is there such thing as leasing a CPO certified pre-owned car?
Merged into this thread, since this question has been asked and answered many times on here. Search for more info and come back to us with specific questions.