Lexus IS 300 Prices Paid and Buying Experiences

Kirstie_H

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CarMan@Edmunds

Hi everyone. Please use the following discussion to post any questions that you have about leasing a Lexus IS 300. Thanks.

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andybean224

I'm negotiating a lease on a new 2005 Lexus IS300 Sportcross. Here's the offer from one dealer as it now stands (other dealers are trying to beat it):

$2000 drive off (including first month and licensing)
36 mo, 12k lease
$409 a month includes tax (8.25% in my area)

Any thoughts? Suggestions for how to lower the drive off? Where's the wiggle room here? And how do I know when the deal is great or just good? Thanks.

CarMan@Edmunds

Hi andybean224. You never mentioned the selling price or MSRP of the car that you are interested in leasing. These are important numbers for you as a consumer to know for two reasons. First, the selling prices of leased vehicles can be negotiated, just as if you were paying cash for them. Without knowing this car's selling price in relation to its MSRP you don't know how much of a discount you are getting on it. The second reason is that one needs the selling price and MSRP, including the destination charge, of a vehicle to calculate its lease payment. I would be more than happy to work up a sample lease payment on the car that you are interested in for you and give you my opinion on the quote that you were given if you let me know what these numbers are.

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sevenseas

Purchased a 2005 IS300, loaded except Navi, for the invoice price of 30,604. Included auto, heated seats, rear spoiler, leather value package, vehicle stability skid control, limited slip axle, preferred accessory package.

I initially test drove the vehicle last week and expressed interest with the Sales Assistant and the Lease Manager. I also told them I did not have any interest in the new IS250 (engine specs showing good gas mileage but lacking in power) or the IS350 (out of my price range).

I received an email from the dealership a few days later offering to sell me the car at dealer cost. I figured they profited by a 2% holdback. The whole process went smoothly.

jason24

Hi. I currently have a 2005 Lexus IS 300 on a 48-month lease with a 15,000 mile/year allowance. I am in the 12th month of my lease and am just shy of 40,000 miles on the odometer. Shortly after leasing my car, I accepted an advancement in my career, requiring me to commute much longer distances daily. I anticipate my commute to be 35,000 to 40,000 miles in 2006 and don't know what position I will be in for 2007 and beyond. Since there is no doubt that I will have excess mileage, should I get out of my vehicle now, or wait it out? I love the car and haven't had any problems to date, but the warranty will expire in 10,000 miles. "My" dealer suggested that I turn the car back in for a 2006 Lexus IS 250 with approx. $2,000 due at signing, and double my monthly payments for 36 months and only 20,000 miles allowance per year. This doesn't seem like a favorable deal for me, as I would almost dig myself deeper. The current trade value of the car is $20,600, and the balance of my lease is $24,000. My idea is to find a car of my choice, trade my IS 300 in, and get into a 12 month lease with the 40,000 miles purchased upfront and bear the costs annually. I do not mind paying extra for my excessive commutes, but am looking for the most economical solution w/ out having to drive a Honda Civic. I anticipate my next vehicle to have an MSRP of $35,000. Would purchasing be a better decision?

CarMan@Edmunds

Hi jason24. As you are well aware, 40,000 miles per year it a ton of mileage to put on any vehicle, especially a leased one. It appears as though you are going to be stuck either way. It probably going to be very expensive for you to get out of your lease this long before its scheduled end, but if you do wait until the end you are going to have to pay a huge excess mileage penalty to turn your car in. Your least expensive option is probably to continue driving your leased IS and then purchase it at the end of your lease. By doing so, you won't face any penalty or negative equity from terminating your lease early and will not have to pay an excess mileage charge.

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cuzzy80

Car Man,
Thank you for your assistance in the Honda Accord Lease section. Quick question, what are the average Lease prices for a 2006 and 2005 IS 300, 36 month 15k a year? Secondly, what's your opinion about taking over a lease? Any hints you can offer? I was browsing a website that allows people to swap leases, and I was very interested in a 2004 IS 3000 that had 25 months left in the contract with a $379 monthly payment and allowed for 1416 miles/month. However, I am not sure what the Warranty for the IS is (3-year, 4-year, 5-year?). What's your opinion on swapping leases and what should one look for when taking over a lease?

CarMan@Edmunds

Hi cuzzy80. I haven't seen any lease program for the 2005 IS 300 in a while. I don't believe that Lexus Financial Services is currently leasing this car. If you want one, you might be able to find an independent bank that will lease you one, more likely you would have to finance or pay cash for it. I don't think that there are too many leftover IS models still around. There is an entire discussion on leasing the 2006 IS. Click here to check it out: "Lexus IS 250/IS 350: Lease Questions".

There's nothing wrong with taking over someone's lease, assuming that they got a good enough deal on their vehicle and you are in the market for a short term lease. It often turns out that smart shoppers can get better deals on brand new vehicles than they lease that they were considering their own though.

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alize915

Car Man,

I leased an IS 250 about a month ago and have been very happy with the deal I got. I was nearing the end of the month and noticed that my payment book hadn't come in the mail yet. Then I got a call from the dealership saying that the bank would not accept the paperwork because the mileage allotment and the residual and monthly did not match up correctly. The dealership told me that there was a typo with the mileage allotment on the contract that I signed and that I need to come back in to sign a new one. They said that all the preliminary (scratch paper) paperwork noted that the negotiations were for 10k miles not more. And even though the contract I signed stated more miles, it is not a valid contract.

They want me to come back to the dealership to sign a new contract. Is my current contract valid? Or do I have to sign a new one? I've had the car for over a month and I don't want this to negatively affect me or my credit in any way. Is there anything I can ask for to offset this problem -- my deposit money back, free stuff, just renegotiate the whole contract over again?

CarMan@Edmunds

Hi alize915. I am sorry to hear about this annoying situation. Unfortunately I don't believe that you will be able to ignore the dealer and keep your car under the current deal. If the bank did not accept the contract then it probably is not valid and you will have to go back and sign a new one...or you can just return the car and walk away from the deal, assuming that you didn't put too much money down or that the dealer would be willing to refund the money that you paid.

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CarMan@Edmunds