Lease Question
#1
10th Gear
Thread Starter
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I have a ‘21 ESh and am deciding whether to buy it out or lease a ‘24. The offer in my area is below:
$50,000 MSRP
$4999 down
36 months, 10,000 miles/year
$559/month
When I price a car out on the dealer’s site, the payment is over $700. What am I missing? Is the dealer just not contributing their portion for the advertised offer?
$50,000 MSRP
$4999 down
36 months, 10,000 miles/year
$559/month
When I price a car out on the dealer’s site, the payment is over $700. What am I missing? Is the dealer just not contributing their portion for the advertised offer?
#2
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You need to know what the residual and payoff is on your car and what they are giving you for it - and that amount is negotiable and won't be what it should be on their first offer.
Dave Mac.
Dave Mac.
#3
10th Gear
Thread Starter
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Thanks, I do have some equity in mine, but that is not being factored in the calculations.
#4
Lexus Test Driver
#6
Lexus Test Driver
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chefmatt87 (06-25-24)
#7
Lexus Test Driver
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Keep your ES. No need to take a huge hit just to hit the reset button on the mileage and minor tweaks to the grill.
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chefmatt87 (06-25-24)
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#9
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Re leasing, I have leased several vehicles. Most people just focus on the payment. As mentioned, the purchase price is essentially all you can negotiate, and should be the first step without mentioning leasing. Residual and interest factors are set by the manufacturer/financial institution. You can go to Edmunds website and get detailed info. It looks like the current money factor on a 24 Esh300 Luxury is .00269 (6.46%) with a residual of 55% of MSRP (residual will vary based on lease term, miles, and sometimes trim level). Also looks like there is a lease cash incentive of $2,500 (don’t know if this is a consumer incentive or a dealer incentive).
You should also ask for the calculation to see all the fees that are in the Capitalized Cost (negotiated purchase price plus fees, less incentives). And it is best to put no money down.
My initial opinion without running the numbers is buy your 21. I haven't followed the feature changes (wife still enjoying her 19 ES300h Luxury), but unless there are many upgrades from 21 to 24, I would not pay the extra cost for new.
You should also ask for the calculation to see all the fees that are in the Capitalized Cost (negotiated purchase price plus fees, less incentives). And it is best to put no money down.
My initial opinion without running the numbers is buy your 21. I haven't followed the feature changes (wife still enjoying her 19 ES300h Luxury), but unless there are many upgrades from 21 to 24, I would not pay the extra cost for new.
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chefmatt87 (06-25-24)
#11
Instructor
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I have a ‘21 ESh and am deciding whether to buy it out or lease a ‘24. The offer in my area is below:
$50,000 MSRP
$4999 down
36 months, 10,000 miles/year
$559/month
When I price a car out on the dealer’s site, the payment is over $700. What am I missing? Is the dealer just not contributing their portion for the advertised offer?
$50,000 MSRP
$4999 down
36 months, 10,000 miles/year
$559/month
When I price a car out on the dealer’s site, the payment is over $700. What am I missing? Is the dealer just not contributing their portion for the advertised offer?
![Big Grin](https://www.clublexus.com/forums/images/smilies/biggrin.gif)
Are you primarily seeking financial freedom from car payments and keeping the car indefinitely, or are you more interested in accessing the latest features and tech. and continuing to have a payment? Perhaps there are other factors driving your decision.
Understanding your main objective is important if you want realistic, relative responses, and it can help determine the best path forward. Once there is a clearer vision of your goals, you can explore the most suitable options and make an informed decision that aligns with your priorities. Usually, my preference is to stick to your original question and give you a direct, unbiased answer, basically what you asked for. However, while many will give you subjective responses that nowhere nearly get to the point of answering your actual question, there is a reason why. Instead of delving into the rationale or questioning your motives as they are your own, in this case, it's probably a good idea to establish your objective first. So what was your question again?
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