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I am in a similar boat. Our 05 CLK55 is going off lease on 7/3 and we test drove an LS460 and is pretty impressed about it.. based on last month money factor and residual in April, there is a shot of getting LS below 1000 month including sales tax for 3 yr 12K lease (in California, sales tax are paid monthly and calculated based on monthly payment) with Comfort and ML/NAV package. But you pretty much have to get the car very near invoice and pay 9 security deposit to reduce the money factor by 0.00072 (roughly 1.7%) from the 0.00225 (or roughly 5.4%) that LFS is charging. The wild card is whether the May progarm has any change (e.g. the residual value) and it is going to be pretty tough to get invoice in NYC since the competition in NYC is not nearly as good as California or FL...
http://mbworld.org/forums/showthread.php?t=229109
2008 Lexus LS460 – 4/12/08
24 Month – Residual 56% of MSRP – .00225 Base Rate
36 Month – Residual 50% of MSRP – .00225 Base Rate
48 Month – Residual 40% of MSRP – .00225 Base Rate
60 Month – Residual 31% of MSRP – .00225 Base Rate
Residuals posted are for 15K miles/year. Add 2% to Residual for 12k mi/yr and 3% for 10k mi/yr on all terms
Is there anyone else out there who has anything to say in reply to my original inquiry?
Lexus sales are off. My dealer (Texas) is loaded with cars and dealing. It is probably the same where you live. Lexus will do a 10,000 mile per year lease. If I were you, I would shop all the dealers within reasonable driving distance. I would start now, with plans to make my deal on May30 or 31. Base car min disc=6,000,
Nav car min disc=7,000; Nav, ML,++ car min disc=8,000. Lease with Lexus Financial, 10,000 mile s/b able to do for under $1,000 per month if you pay the sales tax, etc up front. They may even have tax credits this month.
www.ucanimport.com
If you decided to lease an LS460 priced between $68-$69k, you'd be able to get close to that $1000/mo payment you inquired about.
Assuming an MSRP of $68,305 (common list price of LS's in your area), factoring in a "better than average" selling price/cap cost of $61,805 (about $2k over invoice/$6500 discount from MSRP)...
*36/10k - ~ $935/mo + tax
*48/10k - ~ $885/mo + tax
* Sample payments based on current LFS lease rates and residual values.
My recommendation for you would be to lease this vehicle. Why? You mentioned that you just came out of a long-term lease in a Mercedes and loved it. Lease the LS for a few years and see if you like it - if not, walk away at lease-end and go back to a Merc, or try another brand.
I do have a lingering question, though, which I mentioned in my first inquiry:
Is there anything to be gained (or lost) by waiting til summer, since I barely have need of a car til September? Between the price of a Manhattan garage, the cost of insurance and the monthly lease payment, I'd save > $2K/mo. in July & August if I just wait to take delivery of a replacement for my MB. It occurs to me that selection may become an issue the closer we get to the '09 rollout, but it seems like otherwise I might just be better off waiting. I'm ready to move quickly or wait, depending on what your take might be.
My opinion, since you're in a current lease, wait 'til about a month before that expires, then start looking for your new vehicle and revisit us here on the forums to discuss pricing and negotiation tips.
A great deal can still be had now, but why pay those additional expenses you mentioned for the next 3-4 months, when just as good if not a better deal can be obtained in August or September.
I just bought my third LS there. And from the same people. It is Scanlon Ft. Myers Lexus and they are a long time Elite dealer. Consider them if you want to buy a Lexus.
It really depend. If you click on the link that give the money factor and residual for April number, there is a formular to calculate lease payment. There are 4 factors that affect the lease payment (1) cap cost (the price we negotiate to get the car) (2) residual (3) mony factor (4) acquisition fee + document fee etc. etc..(It is part of the negotiation other than the acquisition cost that Lexus charge which is not negotiable)
Cap cost is more supply and demand dependent in a local area. Waiting may or may not help. One thing to note is that if you are already getting close to invoice, there is not much room for dealer to move unless they are desperate or there is some rebate from manufacturer (like month end or quarter end and they need to make some sales target).
Residual actually move lower over the year. Each month LFS will lower the residual to account for the lower residual percentage (so at the beginning of the model year residual is at the highest and just right before rolling over to the next model year is the lowest. Sometime it can be 3-5% difference....)
Money factor change every month depending on whether LFS wants to promote the car. Sometimes you will see LFS moving down both residual and money factor from one month to the other to compensate each other and make the monthly payment more or less the same..
There seems to be 3 different times slot in a years that is best for shopping lease. The first one is at the beginning of the model year when the residual is highest (providing that it is not a hot car..) and hopefully the money factor is reasonable. The second one is in December when Lexus want to move the car and run the December to remember promotion with low money factor and something artificially high residual (and dealer are more willing to deal since they have to close the book for the year as well). The third one is at the end of the model year, when they really need to move the old model year out before the new model year come. So the money factor and deal are the best...
My plan is to wait and see what Lexus offer for 08 in July/Aug in term of lease deal. If nothing interesting that I will wait until 09 come.. Worse come to worse, December will be the month to pick up an LS..
P.S. The security deposit probably give you about 8%-9% annual return in the form of reduce monthly payment. Given that it is more or less guarantee (assuming that you trust youselve in making the paymenet), it is a pretty good deal
The Security Award reflects that Lexus pays the most attention to detail when it comes providing the highest level of protection against theft of its vehicles.
Ken Rogers, Fleet World editor said: “The Lexus LS stands above its worthy competitors simply because it is such a quality product, manufactured to the highest standards. No longer the new kid on the block, Lexus has nothing more to prove.”
Congratulations on your LS460 at a great price. What color did you get? How was the shipping?
I got a quote from Ray Catena/NYC MSRP $68,414, Sales $63,000, as you said $5000 off.
I wonder if anyone can recommend another dealer in North East tri-state that can take it down to $8000 off?
Does the dealer fees include tag, tax and title? If so, this is a steal.
Enjoy!
Care to tell how your feeling with the car and good parts or bad want to share.
Congrats on your purchase at a "steal" price. I am in NYC region and in final stage of buying a 2008 LS460. I'd appreciate if you could pm me (gctsai8@gmail.com):
1. Name and contact of your dealer.
2. Details of your car, including miles on the car.
Thanks in advance,
George
Details are Black (Obsidian)/ Cashmere... <15 miles on Odometer,brand spankin' new... Navigation/Mark Levinson/Advanced Park, Intuiive Park, Once Touch Open/Close, Preferred Access. Package. MSRP $72,435
My Net Sale price included $795 Destination charge, and $599 dealer fees.
Just needed to add state sales tax and $42 state doc fees.
thanks
Thanks for your time and info!
I saw one with similar color combo, looks sharp, enjoy your LS!
One dealer has offered it to me for $60,500, but if the ML ($72,435) can be had for $63k shouldn't I be able to get the $68,305 version for less?
I was wondering if you can get me the dealer info as well.
dratifk gmail.com
thanks
I am looking at a 2008 LS460 with 5,200 miles. It was registered and traded in. Asking price is $63,900. It has NAV, but no ML. So original MSRP would be in the $68,305 range and invoice around $60k. Would you suggest deducting .40 per mile from the invoice price or now that it is June, should this car be treated as an almost one year old and deduct 20-25% off MSRP? Thank you for your advice.
Model:
LS 460
Year:
2008
Interior Color:
Black Leather Trim with Medium Brown Walnut Accent
Exterior Color:
BLACK
Base MSRP*:
$62,900.00
Delivery, Processing & Handling Fee**:
$765.00
Available Package:
$8,770.00
Navigation System/Mark Levinson® Premium Audio System/Advanced Parking Guidance System Package with Additional Options
Navigation System/Mark Levinson® Premium Audio System/Advanced Parking Guidance System Package, Comfort Package, Intuitive Parking Assist, Power door closers and power rear trunk, Preferred Accessory Package (includes Cargo net, Trunk mat and Wheel locks)
Accessory Options:
Comfort Package:
Included
Intuitive Parking Assist:
Included
Power door closers and power rear trunk:
Included
Preferred Accessory Package (includes Cargo net, Trunk mat and Wheel locks):
Included
Trunk mat:
Included
Wheel locks:
Included
Cargo net:
Included
Total MSRP**:
$72,435.00
Thanks everyone for your help. Time to start reding the Nav Bypass thread at club Lexus.
A lot will depend on how much the dealer took that vehicle in at, how long it's been on the lot, etc...
I'd suggest starting your bids around $54k and emphasize that the vehicle has taken the hardest depreciataion hit in the first year. Expect them to say something like, "we're in the car for way more than that."
The vehicle has a projected wholesale value of ~50% after 3 years, so you're asking for roughly 20% off, which is not unrealistic, but they have to be willing.
"Lexus division sales fell 17% to 26,593, led by a 18% slump in cars."
about $9650.00 off MSRP. 14 Miles on the ODM.
$71,300.00 OTD in So. Cal
Smokey / Black
ML/NAV/Advance Parking
Comfort Plus
Lexus Link
Intuitive Park Assist
Automatic Power Door
Rear Bumper decal
Premium Floor Mats
Accessories
Dealer was very agressive.
What are the chances of ordering the car I want from the factory, and will that affect my ability to get a good price? If it's too late in the model year to order from the factory, how do I find a car that has the Comfort Plus package somewhere in the U.S.? The Lexus site indicates that the Comfort Plus package is not available in Dallas or several other areas I checked.
Anyone know someone good I can talk to at either Park Place Dallas/Grapevine or Sewell Dallas?
As to pricing, can I expect to pay about $10,000 below MSRP, and then add in TTL? I would think Lexus sales are hurting these days and we are close to the end of the model year? In other words, what would be a good deal at the end of July or August? Any info on this would be appreciated.
Your best bet is to shop in S. Cal and either drive the car back or ship it to Dallas. Paying cash or not don't make any difference to the dealer (if anything, it is negative for the dealer since they don't have another opportunity to make some money). Price are determined by supply and demand. If you only have one dealership in town, you will only get the price that they want you to have. In So Cal, there are tons of Lexus dealers within driving distance so there is a lot of good deal. May be combine a shopping trip with a family Disney vacation... good luck.