After shopping around for a “luxury” SUV for the past month, it has become quite apparent that the ICE market is a complete and utter joke. Much like the overpriced housing market with peak prices and peak interest rates, the ICE market is possibly the worst it has been in decades. The message is quite clear, now is a terrible time to lease an ICE vehicle. For those of us who disdain EVs, don’t want to sit in a Safeway parking lot to charge our 100k vehicle, or can’t charge at home; well, it is about as bad as it has ever been.
Simply looking for a great deal, willing to spend around or over $1,000 a month with no money down, and this is the crap you run into.
-2024 Porsche Cayenne (note this looks so much better and drives so much better than 2023 demos): $1400 + tax per month on a BASE model
-2023 Audi Q8 S line 55: $1100 + tax a month
-2024 BMW X5 truly base model with freaking Sensatec for $900 + tax a month
-Even X3 m40i going for $900 + tax a month
I’m lost, when will this bubble explode?!?!? When will something good open in this segment? This is beyond frustrating. I refuse to lease a LH 7 year car, this is ridiculous.
Tesla started this BS and selling bad quality(vegan leather sucks)…and people still bought them for 60k plus and guess other noticed…so you have sensatech and imitation leather in IX and Etrons.
Honestly I would put a Grand Cherokee Summit Reserve 4xe in the running. Yes, I know 85k jeep, but leases on those can be favorable and I believe Jeep did a great job with those.
Porsches have always and more than likely will always lease terribly so just write that off if you’re looking for value. Yes, you can get a deal on a demo, but good luck as that’s a hard target.
Audi - I’ve seen some very nice looking lightly used Q8’s for purchase that would be less than that lease. Alternatively, there are several brokers / dealers on here offering Q8 leases for significantly less than $1100 + tax
BMW - again, several brokers / dealers on here offering better deals
TBH - it sounds like you just contacted a couple dealers without any real plan and got quotes from them. You’re not wrong that the ICE SUV market isn’t leasing well at this time (demand is high and so are interest rates) but you could do far better than what you’ve posted. Find out what incentives are available, what constitutes a “good” deal and a “best” deal for the cars you want, then reach out to dealers on specific models with an offer and a plan. Alternatively, you can work with a dealer / broker on this website who have specific deals you want.
As for when the “bubble” will explode - when everybody loses their jobs and can’t afford luxury SUVs anymore, or when the Fed halves interests rates. Manufacturers have no reason to further incentivize sales because demand is strong enough as-is.
I am not really sure what you expect given the current interest rates. Sounds like you have leased before and got to enjoy at least some of the last 15 years of free money for banks and lenders.
Also assuming you are an anesthesiologist (nice username heh)…is it really that much of a travesty to spend $1200/month versus $900/month on more car than anyone needs? Of course we all want to find a good deal and save money, but freaking out that $100,000 SUV’s are not cheap to drive almost seems like a troll post.
You should add the Range Rover to your list of lux suvs that don’t lease well. I don’t think higher end Lux SUVs ever leased well. I think the g wagon is still $20k over msrp, at least. If you want bling, maybe a 7 series loaner.
SUVs lease poor bc people will pay what the market demands. If you want a good lease on a vehicle with lots of options you have to go pickup truck or other low depreciation vehicles, or highly incentivized ones (CJDR or evs). Interest rates are the killer.
