Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!





If you experience loading issues with the login/register form, please completely disable ad blocker or use an incognito or in-private window to log in.

Special 2013 IS350 CPO Lease Deal Advice

enver3enver3 Posts: 7
edited June 2015 in Lexus
In what I understand is a bit unusual, a dealer is offering up a 2013 IS 350 AWD CPO - yes, a used car lease. I test drove it, really enjoyed it and am looking to try out a new brand (Lexus) that is reliable (which the brand for my last two vehicles was not). Here is the data - haven't negotiated it yet just had time to take the test drive but am totally new to leasing and trying to get some thoughts/advice on negotiating out this deal. Details:

- 2013 IS 350 19,000 miles on the odomoter - Luxury Package with Nav - one owner - looks well cared for.
- Sale price - $36,500
- Lease offer is $379/mo (not including tax), 15,000 miles per year (CPO warranty 3 yr/100,000).
- Costs at Signing: approximately $2,400 (Cap cost reduction $1,000, Bank Acq Fee $700, Doc Fee $500, DMV Fee ($200)
- Residual - $21,679 (asked for a percentage, was given a figure)
- Money Factor - .00100 (asked if that was the Tier 1 rate, answer was MF depends on many things, credit being one of them)

Really do like the ride and look of this 2013 and think at the right deal it might be a good way to get started with Lexus and then if all goes well get another one at lease expiration. Also saw deals around where I am for a 2015 IS 350 AWD at 399/mo for 36 mo/10k with $2,499 down (and I also assume the other costs at signing above). My preference is to go with this 2013 IS350 at a good deal and go from there at lease expiration and looking for advice, thoughts, negotiating tips overall. Thank you in advance for any guidance!

Comments

  • kyfdxkyfdx Posts: 100,294
    enver3 said:

    In what I understand is a bit unusual, a dealer is offering up a 2013 IS 350 AWD CPO - yes, a used car lease. I test drove it, really enjoyed it and am looking to try out a new brand (Lexus) that is reliable (which the brand for my last two vehicles was not). Here is the data - haven't negotiated it yet just had time to take the test drive but am totally new to leasing and trying to get some thoughts/advice on negotiating out this deal. Details:

    - 2013 IS 350 19,000 miles on the odomoter - Luxury Package with Nav - one owner - looks well cared for.
    - Sale price - $36,500
    - Lease offer is $379/mo (not including tax), 15,000 miles per year (CPO warranty 3 yr/100,000).
    - Costs at Signing: approximately $2,400 (Cap cost reduction $1,000, Bank Acq Fee $700, Doc Fee $500, DMV Fee ($200)
    - Residual - $21,679 (asked for a percentage, was given a figure)
    - Money Factor - .00100 (asked if that was the Tier 1 rate, answer was MF depends on many things, credit being one of them)

    Really do like the ride and look of this 2013 and think at the right deal it might be a good way to get started with Lexus and then if all goes well get another one at lease expiration. Also saw deals around where I am for a 2015 IS 350 AWD at 399/mo for 36 mo/10k with $2,499 down (and I also assume the other costs at signing above). My preference is to go with this 2013 IS350 at a good deal and go from there at lease expiration and looking for advice, thoughts, negotiating tips overall. Thank you in advance for any guidance!

    My concerns would be warranty and lease-end charges. On the plus side, you are saving money on the payment. On the down side, you are that much closer to needing new tires, scheduled maintenance, etc.. (call the service department and ask them how much for the 30K mile service on "your" 2013 IS350).

    If you do end up going this way, no point in putting all of that $2400 upfront (besides the first payment). You should roll everything into the lease, except for the $200 DMV. That will add about $65/mo. to the payment.

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

    Edmunds Moderator

  • enver3enver3 Posts: 7
    Thanks @kyfdx - I will look into those issues. I do know that they put on new tires and did the 20k service already. Didn't think through the 30k or lease end charges yet so will check those.
Sign In or Register to comment.