First post…I’ve got my wife’s Infinity QX-30s with a final lease payment in November of this year. We are interested in a larger SUV (QX-50, Mazda CX-9, Hyundai Santa Fe or anything similar). I’ve been following this site for about six weeks now and I’m impressed with some of the great deals the broker community is locking down. So, should I wait on the 2021 deals or jump in to a 2020?
I’m based in the Tampa market / 790 credit score / $450 budget…and yes, will use a broker.
If you still have 3 months left then the only thing you need to be doing now is preliminary research, test drives, etc. Figure out exactly what make/model you want to go for and what some potential deals could look like.
Then, in another 2 months, see what the landscape looks like, and if it makes more sense to go for a leftover 2020 or new 2021.
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Welcome. You are ahead in this game. They key to getting a great deal isn’t timing (although timing helps). It is knowing what a great deal looks like. Build a calculator for each car you are considering and pounce once you see a great deal.
Dealers do NOT want your business right now IF you want a great deal. Dealers are sitting on low new car inventory. They are waiting for buyers/lessees with the willingness to pay up. Do your homework and lock in your great deal during the holidays.
But be opportunistic. A hot deal may pop up on this site in the next few months. Since you will have done your homework, you will know a great deal when you see one and can pounce if it shows up early.
Happy hunting.
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Is it worth paying more for the registration to have a “1” printed on it rather than a “0”?
Having a 2021 vs a 2020 can be worth more on the other end of the lease if selling to a third party. For example, a 2019 is worth more than a 2018 right now to someone buying. Still have to look at all the numbers though. May not make sense if the ‘21 is a lot more.
Going into the lease with the expectation that you will sell it before term isn’t a good idea. Values of used cars could plummet in the next 2-3 years, leaving you screwed. You should score the best deal possible, regardless of age of car, with the expectation you’re taking it to term. If you can get out of it later, at least breaking even, you won.
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This is flawed thinking anyways. The 2020 likely has a lower residual at lease inception.
And it generally has a higher RV to go with it, eating away that difference
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If you go with another Infiniti you may want to see if they have any kind of pull-ahead program that makes the last few payments go away. That would allow you to take advantage of whatever 2020 deals still remain. Another option would be to see what Carvana or similar company would give you for the QX-30 since the market seems to be crazy (in a good way for sellers) for used cars right now. Then, if they offer the payoff or close to it (or more) you could make a move now instead of later (if you wanted to). I say all this because there is the possibility that the timing of your lease ending could put you in a spot where there are literally no 2020’s left and/or very few '21’s out yet to make up for it. We may already be at that point now, but I personally think it’s still worth a shot to take a serious look at things sooner rather than later. In my case the insane prices being paid for used cars allowed me to end my BMW X1 lease 10 months early (and I wanted to do that and get something bigger like you mentioned wanting to do) and basically have it be close to a wash on the payoff…which allowed me to lease a 2020 MB GLC.
Good advice…I find myself getting hungry for one of the great deals I see now. I know…be patient!!
I definitely want the business! You’re right though, right now it’s more of a supply vs demand mentality, hence why I haven’t been as active on leasehackr lately. The supply just isn’t there so it doesn’t make sense for us to write tremendous deals at the moment.
Either way, you have a few months left, 2021s are coming late this month and next month; I’d wait it out.
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Now I know how to predict the car future - once we see @NYNJAudi’s LH activity tick up we can go back to chasing bigger discounts.
I hope we see a flurry of @NYNJAudi posts very soon.
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No one here has a crystal ball or any other tool of seeing into the future. There is no point in asking people to guess, either.
Programs change monthly. No one knows what lease programs will look like in 18-20 days when September programs come out, let alone what they’ll look like in November
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Good feedback. I’ve been looking at Infinity dealer inventory on the QX-50 here in Florida and some dealers still have 20-30 still on hand. I’ll wait it out and see. I know the 1k loyalty on my current model is in play and I owe $1,100 (3 payments left).
FYI, I am kind of in the same situation as OP (lease up in December).
I’ve been checking out different brands (MB, Audi, BMW, etc.) in preparation and 99% of the dealers won’t give any good deals. Some are actually on power trips because they know of the low inventory.
I know this low inventory situation won’t stay indefinitely. Manufacturers will start ramping up and 2021 models are coming in - they won’t produce much less because that’ll hit their bottom line. Many people are also WFH till next year and not looking to buy / lease and they realized dealer are not negotiating.
IMHO, situation will improve soon. If nothing change (doubly), I’ll just get a Tesla. If I am going to pay MSRP, might as well get a car without unnecessary options that dealer are pushing now.
I’m in the same boat as you, my lease is on new years eve and I started looking to feel out the prices. I’ve been to 3 dealers and they are holding tight. No haggle what so ever.
So the residual on the 20 will likely drop when the 21 comes out. If they offer additional incentives to lower the selling price, it might make up for it, but you’ll just have to wait and see what the numbers come back with. The residual will likely be higher on the 21, but also the MF will likely be higher with fewer discounts. Hard to say so early.