Last post on Jan 03, 2011 at 6:36 PM
You are in the Prices Paid - Buying & Leasing Experiences
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Land Rover LR3, SUV
#273 of 339 Re: A lot more room than I thought... [kmasso]
Sep 03, 2007 (6:31 pm)
I was wondering: how did you get to your selling price of $11,300 off of MSRP? I assume that this includes the $6000 incentive that Land Rover is currently offering, but that still seems like a great price and I'd like to duplicate it here in New Jersey, if possible. I have gotten a quote on a 2007 LR3 SE Loaner, 4700 miles, MSRP $54,500, selling price $49,500 and then, with addition of Land Rover Lease Cash of $2325 selling price comes to $47,175. The Lease is for 24 months (dealer said that was the best term, price-wise), 10,500 miles per year. The residual value is %64 and the money factor is .00131. This ends up costing $673.91 per months with taxes, etc. included. Now, that seems ridiculously high to me. Land Rover is offering a deal of $699/month for a ***NEW*** LR3 with Cold Climate Package, Bluetooth Telephone option and Xenon headlights! I really need some advice here! Can I add/use the $6000 Land Rover "Cash to Dealer" on a lease? And if not, why does Edmunds list the TMV pricing report on the same LR3 SE that I'm looking at as $46,567? Help. please. Also, where did you get your deal, if you don't mind me asking?
Thanks in advance for your help (I really don't want to get ripped-off!)
David in NJ (DWWS)
#274 of 339 Re: A lot more room than I thought... [kmasso]
Sep 03, 2007 (6:34 pm)
Forgot to mention:
The Edmunds TMV price report on the LR3 SE like mine is $606 *LESS* than my quote of $47,175 and the Edmunds price is for a NEW LR3 and my quote is for a loaner with 4700 miles!
David in NJ (DWWS)
#275 of 339 Re: A lot more room than I thought... [dwws]
Sep 04, 2007 (5:45 am)
You are making a couple of typical consumer mistakes.
1. You can't take the dealer cash and the special lease. The dealer cash is already built into the lease through the 2,325 dollars of lease cash and the special .00131 money factor. That money factor translates into an interest rate of 3.144 percent. How do you think Land Rover gets that interest rate down to half or so of the average new car borrowing rates? They buy down the money factor with cash using the balance of that 6,000 dollars of dealer cash left over from the 2,325 dollars.
2. You aren't comparing like car to like car. The 699 lease is on a LR3 with a MSRP of around 51,000 dollars. You are leasing a car with a almost 4,000 dollars more equipment. Also the advertised lease probably does not include tax. Rarely do advertised leases include tax because it can change depending on where you do the lease.
You are leasing a more expensive car for less then the ad price including tax.!!!!! That 699 lease with taxes is probably in the mid to high 700 range depending on if you have property tax in New Jersey.
#276 of 339 Re: A lot more room than I thought... [british_rover]
Sep 04, 2007 (7:13 am)
Thanks British Rover:
My only question then is: is there any way to get a deal similar to the ones mentioned by kmasso and Bodid? They both mention that they got $10,000 - $11,300 off sticker price on their deals. I am still about $3000 away from that point. There is a dealer in Virginia who is advertising a new 2007 LR3 HSE with Cold Climate Package for $41,997 and a new 2007 LR3 SE with no options packages for $41,050. Do you think that is a reasonable price to shoot for in NJ on those types of cars? That is less than the selling price of my quote on a Loaner LR3 with 5000 miles on it and, in the case of the HSE, isn't that a little closer to a similarly equipped car? Also, how can an HSE be less than an SE with fewer options? I know that these are stupid questions, but this is only my second time leasing a car (I moved from Manhattan to NJ 4 years ago and I never needed a car in NYC). Any help would be most appreciated. I would really like to determine what the absolute lowest lease price is that I can achieve for an LR3 (which is exactly what everyone else wants, too, I guess!)
Thank you in adavance for your help; I cannot afford to waste any money here (3 small children tend to eradicate anything that might be considered "disposable income"!)
David in NJ (DWWS)
#277 of 339 Re: A lot more room than I thought... [dwws]
Sep 04, 2007 (7:33 am)
I got the following deal in NJ a week ago:
2007 LR3 SE V8 Buckingham Blue with Alpaca interior, Tech, cold and lighting package.
24 months with 10,500 miles per year
MSRP is $54,500
Capped at $49,110
Montly before TAX $681.95
$1784 due at signing which includes motor vehicle and doc fees as well as NY sales tax(NY at 8.375%).
The money factor is .00106
resd. 64 lease end value $34,880
The bank fee and first month is waived
I Used $1500 coupon to cover initial payment.
Hope this helps
#278 of 339 Re: A lot more room than I thought... [arik5966]
Sep 04, 2007 (7:45 am)
Thank you so much arik!
Where did you go for this deal? Was the $1500 coupon in addition to the $2325 "Lease Money"? Was your LR3 new, or was it a "Loaner" with minimal miles on it (around 5,000?) I'm sorry for all the queries, but I really need to figure this stuff out.
Thanks so much and congratulations on your new Land Rover!
David in NJ (DWWS)
#279 of 339 Re: A lot more room than I thought... [dwws]
Sep 04, 2007 (7:50 am)
That 10,000-11,300 dollars off were on out right purchases though. You can't combine the 6,000 dollars in dealer cash with the special lease.
I think you could grand or so off the purchase price of that LR3 but no more.
Tell them to rework the lease with a selling price after the lease cash of 46,000 even and see what they say.
#280 of 339 Re: A lot more room than I thought... [british_rover]
Sep 04, 2007 (8:05 am)
Thanks British Rover! I'll give that a shot! Also, do you think I ought to call the dealer in Virginia and see about leasing one of those Land Rovers? Wouldn't the lease cost be less with the lower advertised selling prices? Just wondering....?
Thanks again; I'll keep you posted!
David in NJ (DWWS)
#281 of 339 Re: A lot more room than I thought... [dwws]
Sep 04, 2007 (12:16 pm)
In May, I leased a 1200 mile loaner 07. LR3 HSE List 56100 sold for 48K. 1700 down, 24 months 18k/yr. 790 INCLUDING TAX. I got this in NJ in Princeton.
#282 of 339 Re: A lot more room than I thought... [dwws]
Sep 04, 2007 (5:15 pm)
Again, my deal for $11,300 off sticker ($40,500 purchase price)was based on an outright purchase on a vehicle that stickered at $51,800 with the bluetooth, lighting and cold climate packages. The dealer told me that invoice was something like $47,500 which was $200 higher than the invoice price that I cam up with on Edmunds. With the $6K factory to dealer discount that took dealer cost down to $41,500 and then I asked for the $1k owner loyalty discount as I have owned two other rovers and figured I could produce copies of titles and get the discount. The dealer told me that Land Rover was not offering the customer loyalty discount on the '07 models so they wouldn't give me the discount and said that my offer of $40,500 was below thier cost. I told the dealer that I would just find a pre-owned '07 or a service loaner as I had seen both priced in the high $39K range and the dealer called me back 10 minutes later and said come pick up the car at the $40,500 price. When I saw the dealers worksheet it appeared that they registered the vehicle as a demo to take advantage of another Land Rover incentive and to make the deal profitable for the dealer - I don't know exactly how they worked it out but I know that the car only had 19 miles on it when I pulled off the lot. I would imagine that Land Rover gives the dealer an incentive of a few more thousand dollars on top of the $6K for demos and service loaners. Good luck with the lease.