Hi all,
Just recently signed a lease on this vehicle. I have been very happy with the car and just curious whether my deal was actually a great/good/fair one for future reference. Thank you in advance!

2019 IS300 F Sport
42 months lease
1st month down with no other fees paid
10K miles a year
Gross Cap at $42.2k
Residual $19.2k
Rent charge $2607.78
No navigation
No dealer window tint
No added bells and whistles
$513.92 monthly

 

Residuals are down more now than ever. Unfortunately there’s no way to lease a 3rd gen IS cheap any more.

Gross cap is $42.2k. What model, drive, and trim is this?

When you say “10k” is that your down payment?

 

He said the down payment was the first months payment.

That's sort of a high payment IMO, but you didn't get stuck with a huge down payment so you're probably coming out ahead!!

That's the thing about leasing that steers me away (other than the fact that I keep cars until they die)....for most decent cars they want like 5 grand down...for a car that's not yours. 5 grand is a nice healthy amount for a DP on a loan.

Congrats! Pics of the car?

 

Sorry. Typo. 10k in miles per year for 42 months, and model is 2019 IS300 F Sport.

 

Ah, ok. I spent the entire day haggling with Lexus so me deal on the same model was a bit better on my 2019 last year. Don’t stress about it though, if you compare and contrast everyone you will get bummed out about the deals people were getting in 2017. There is no way to roll a deal back at this point even if someone comes in and say your deal was terrible.

Enjoy the new car!

 

Honestly, I pay around the same, 10k miles, same months if I'm not mistaken. It's a 2019 IS 300 F Sport, and I just paid the first month as a down. I also added the maintanance and tire/wheel protection plan.

 

OP you mind sharing the sticker price?

All in all I think you got a good deal!

 

Since you're asking for opinions -- That's not "sorta high," that's extremely high. That's what you'd pay on a roll over trade-in w/ negative equity. And for 36 months. But 42 mos?

A 3IS F Sport on a straight lease should be 36 months and no more than $325ish a month w/ 0 drive off. That was easier done a little while ago, but nobody should be paying $500 a month for this car at this point. Factor in gas, insurance, and possibly gap, you're looking at $900-$1000 monthly for a old, underwhelming car.

Even at this stage of the car's life with residuals and all, you should be around $400 a month max inc. tax. But what's done is done, enjoy the car and move on.

BTW if you posted this on Leasehackr... you wouldn't hear the end of it. if you said $350 a month.. they'd go MEH..and if they heard 42 mos.. they'd give you a lashing. I browse their kind of frequently. Good place to learn

 

I saw this post and didn't want to say anything to make the OP feel bad about the payment, but yes, it is extremely high. The main reason being is that the residuals are extremely low on the 3IS currently. But even then, a payment of 514 monthly is extremely high. I remember when my 2016 lease ended Lexus gave me an offer for a new 2019 IS300 F-Sport fully loaded MSRP of 46,500 for 475 a month, and I still refused as that is too much... (Hence the move to BMW)

Also agree on LeaseHackr, a great tool to utilize for research.

You live and learn, enjoy the car and don't worry. There will ALWAYS be someone who gets a better payment in any case.

 

I really just don't think it's possible to get a great lease on an IS any more. Oddly, my 2019 I purchased November of last year has a residual of $1k less than OP's. However, my gross cap cost is $3k less and I had $4k in rebates on top of that, which have since rolled into the buyout so essentially this all brought the car to $35k plus tax and DMV fees on a brand new $43,500 car. My rent charge is also $1k less than OPs, strangely. My MSRP is a bit higher due to parking sensors and the typical kit (key gloves, cargo net, trunk mat) dealers include.

After all these savings and after finding the lowest price at a local dealership for the config I wanted, my lease is still $455 with only first month's payment down. There's just not a whole lot to be done when $35k (purchase price) - $18k (residual) = $17,000 plus "rent charge" and tax split between the months.

Let's say I wanted a $350 payment on a 48 month lease. Rent charge of $1,600 (like mine) would take up $33 of that $350 payment. Tax would bring the base monthly payment to $293/month. The total lease in that case would be $14,100 before rent charge and tax so the residual would need to be at least $23k for anyone to get those beautiful deals they used to get in 2015-17.

In my case, I would have needed to negotiate the purchase price down from $43,500 to $36,300. That's 17% off the car which is barely realistic when you're open to all color combos and definitely not realistic when I wanted grey on red F Sport, non negotiable. Then Lexus would have needed to give me the $4,000 rebate on top of that bringing purchase price to $32,300 for me to have a $350 lease payment.

If we are talking 36 month lease, it's going to be even harder to get to $350/mo.

 

I honestly think it's not a bad deal at all. Get an RR-Racing tune and you get yourself a 2019 350.

 

The IS is just not a good car to lease at the moment, and it all just comes down to one thing, the residual.

You cant get this car for mid 300 - low 400s a month no more... Maybe a base one, but not a loaded one. Best bet is to negotiate a price and buy it outright.

My residual was 22k and I had like 17k on the odometer when I returned mines, and the dealership sold it for 22,700 (after 2 days on the lot)... The only reason they came up even is because I literally had less than HALF the allowed miles (3yr/36k), now imagine if I had 36k on it... That would've been a wash for them for sure. Leasing has really taken a turn for the worse lately for some brands.

 

When you lease cars is the buyout when you turn it in fair?

 

Depends on what you consider fair... In my case it was fair market value considering the immaculate condition of the car and mileage. If I had did my 36k or slightly less, then no it would not be a fair deal since the 22k residual I'd be paying is way overpriced due to market conditions where a similar one sells for much lower. Residuals are always changing.

Sometimes if you're WAY under mileage, you can sell the car to a 3rd party like Carmax instead for more than the residual amount, and in that case you made some money. Positive equity on a lease is rare though, so don't count on it lol.

 

$347/month was for the base model lease option before tax/tag/title, with 3199 down + inception at 36mths.

For each 1k works out to be about 50 dollars on a lease payment.
So, does the math not work out?

The gap was a part of the lease, so it can justify the payment being "a little high". With leases, gap is always 'included'. Only those that have ever actually leased would know this.

As for the gas and insurance for my scenario, neither add up to nearly the '900-1000' you suggested. Again, I am curious about how you come up with your range.

For those of you guys have said already, I THANK you for your encouraging comments - I AM absolutley going to enjoy my new ride where the 10k a year wouldn't be a problem.

Lastly, when time comes to another ride, I am going to weigh my options and sharpen my figures a little bit more.

Thank you for all of your input and I am happy to be a part of this community with you all!