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Is this a good lease price for 2015 RAV4 XLE FWD in Chicago?

awilmingtonawilmington Posts: 4
edited May 2015 in Toyota
MSRP: $26,350

e Price: $22,740

Tax, title, docs, and new plates…..final OTD= $24,900


leasing for 36 months @ $279.50 with $0 down and $279.50 due at signing.

Is this a good deal?

Comments

  • Am I doing the calculations right?? (I'm assuming residual is 65% for 36 months in illinois?)

    Residual- 65% for 36 months
    MF= .00065 for 36 months (dealership provided me this number)

    Sale price: $22,740
    RV @ 65%= $14,781
    Depreciation= $22,740- $14,781= $7,959/ 36 months= $221.08
    Interest= ($22,740+ $14,781)= $37,521 * 0.00065= $24.39
    Payment= $221.08+ $24.39= $245.47

    I'm getting $245.47 per month. How do I include tax in this payment? Thanks.
  • kyfdxkyfdx Posts: 104,108

    Am I doing the calculations right?? (I'm assuming residual is 65% for 36 months in illinois?)

    Residual- 65% for 36 months
    MF= .00065 for 36 months (dealership provided me this number)

    Sale price: $22,740
    RV @ 65%= $14,781
    Depreciation= $22,740- $14,781= $7,959/ 36 months= $221.08
    Interest= ($22,740+ $14,781)= $37,521 * 0.00065= $24.39
    Payment= $221.08+ $24.39= $245.47

    I'm getting $245.47 per month. How do I include tax in this payment? Thanks.

    Residual is a percentage of MSRP, not selling price..
    But, Toyota doesn't residualize all options, so you'd have to ask the dealer for the actual residual.

    Your method of calculation is correct, otherwise.

    Toyota leases are hard to calculate, given the squishy residuals... $280/mo. is a pretty good price for a $26K RAV4, regardless..

    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

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