Did you recently take on (or consider) a loan of 84 months or longer on a car purchase?
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A reporter would like to speak with you about your experience; please reach out to PR@Edmunds.com by 7/22 for details.
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Find me at kirstie_h@edmunds.com - or send a private message by clicking on my name.
2015 Kia Soul, 2021 Subaru Forester (kirstie_h), 2024 GMC Sierra 1500 (mr. kirstie_h)
Review your vehicle
Here is what i got, for 2013 ES300h with Navigation, Leather, Heated Seats, Parking Assist, Navigation, Rear SunShade etc for $43K (Excluding Tax, title, tag etc).. Is this a good price?, shall i pull the trigger?.
Lease 46mo 10k mile per year, $650/mo including SD CA 8% sales tax w/ only $1500 down, and $5000 negative equity on my trade. Already got the trade appraised at Carmax and 2 other places and Lexus was the highest offer on the trade.
Take care
Bill G
2017 Accord Sport CVT Mod Steel Metallic
I'm still not sure how a lease works with negative cost cap reduction.
To me it seems if they are advertising a lease for 369 a month without tax with 3900 due at signing and I am only putting 1500 down and rolling negative then it is around where it should be but who knows. Does anyone know for every thousand dollars change how much it would increase a lease on a car like this?
Is there a one to one relationship with buying a car with higher MSRP then the advertised lease special and negative cost cap? Ie if the lease they advertise is for an MSRP of 39900 and the car I pick out is 46300 how does that change things?
Hope this helps,
Bill G
2017 Accord Sport CVT Mod Steel Metallic
Thanks for your response to my questions about leasing a vehicle. I usually keep cars only if I'm 100% satisfied with them - in the case of my current vehicle, I thought I was buying a Lexus, when in fact I got something more along the lines of a Toyota Corolla with some fancy trim on the inside. When I bought it the dealership pulled the wool over my eyes by giving me the quick 1 freeway exit test drive, and I should have drove it a much longer distance before making a buying decision. The Ct200h is a very attractive hybrid but it is very uncomfortable to drive for long distances due to the vibrations and noise which the dealership service department told me is "Normal for the ct200". It's a 4 year lease and I still have 3 more years to go on it.... It's probably a horrible idea for me to jump ship from this car, but I guess I weigh in heavily the fact that I'm paying $535 a month for a vehicle that feels like a $299 prius C to me. I know it's not quite as bad, but that's the closest analogy I could come up with.
Anyway, you're probably right a 24 month lease would be much better for me. I will have to weigh the payment vs future risk factor in and see if it would work out for me.
BTW, I realize MSRP is the best thing to negotiate with the dealer. But, in a lease, can't they make it back in other ways such as jacking up the money factor or changing the residual, or are those fixed by the manufacturer and unable to be changed based on my credit score (I qualify for tier1+ rates from LFS).
Are there any "penalty rates" when you roll in negative equity do they increase the money factor because it's more of a risk to the lender to loan more then the msrp of the vehicle?
Lastly, are there many dealers out there that are confident enough in their product that they will let me take it for a demo drive for a few hours (or maybe even a day to commute to work and back) so I can see if I really want it so I don't make the same mistake again?
Bill G
2017 Accord Sport CVT Mod Steel Metallic
Thanks!
Last tankful mpg was a touch under 44 mpg. Very pleased.
44 is a nice number when you head to the pump!
Im not sure where to post this and this seems like the correct place. I just picked up an 2014 Lexus ES 300h for 50,500.00 OTD. It came with the luxury package, rear sun shade, radar cruz, rain sensing wipers, HID, blind spot monitor, intuitive parking assist, pre collision sys heated stearing wheel, and illuminated door still. Basically almost everything but the ultra lux package. Did i get a good price? On a side note I think they got me on the 8 yr 120k extended warranty, prepaid maintenance, and the clear bra cover on the front of the car for additional 7k. So total 57kish.
At the beginning of last month I bought a New 2014 Lexus ES300h Starfire Pearl (White) Exterior with Parchment (Tan/Beige) Interior in Missouri.
Features/packages include:
MSRP $44,477
Paid $39,601 +$199 Dealer Fee = $39,800
I did the 0.9% APR for 60 months
How did I do?
Sounds like you did pretty good
Be sure to keep us informed on how things go with your new ride!