Last post on Aug 06, 2010 at 2:34 AM
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Land Rover LR3, Car Leasing, SUV
#547 of 569 Re: 2008 LR3 SE Lease [kyfdx]
Jan 21, 2009 (11:28 am)
Thank you for the quick response kyfdx. The lease is actually not thru Land Rover, but a local Colorado bank.
My fears with purchasing the vehicle is that then I will need to get additional warranty coverage for the last couple of years. From what I have been reading in some of the posts is that there can be quite a bit of maintenance issues that crop up after the first few years. In addition, all of the service will be included in the lease, since we won't put that many miles on the vehicle.
I love the look, drive (especially off road), and space of the vehicle, but I am not sold on its long term reliability and I thought that I might try it for 3 years. Based on the ~$14k residual, I could finance that over 2 years and be at the same place at the end of 60 months.
Do you know of any better deals with leases? Should I push to get the money factor lowered? Should I get them to throw in some extras with the lease?
#548 of 569 Re: 2008 LR3 SE Lease [Schumi]
by kyfdx@Edmunds HOST
Jan 21, 2009 (11:42 am)
Your dealer probably has the best independent lease deal available on his computer.. Of course, it's almost impossible to know how much he might be marking up the rate, or if he has more room to move down in price. You can always check a website like leasecompare to see what they are offering.. to see if the dealer's bank is competitive...
I share your worry about Land Rover's long term reliability, and resale...Having the option of just turning it in is a nice insurance policy. I just couldn't swallow a $700 lease payment on a $36K car... For that amount of payment, I'd be looking elsewhere, but you probably like the car more than I do..
Sorry I can't be of more help..
#549 of 569 Southern California
Feb 16, 2009 (11:03 am)
I have been searching dealers for the best price on a 2008 LR3. I have one tell me he will take $17k off MSRP. My wife fell in love with her friends. It is a great truck to drive.
It is true there are really no 2009's and the 2010's will be out late spring?
Is a lease out of the question??
#550 of 569 Re: Southern California [murphy4]
Feb 26, 2009 (3:49 am)
Hi Murph. There is indeed a 2009 LR3. They should be at dealers now.
Prices Paid: Buying & Leasing Experiences Forum
#551 of 569 LR3 Lease Ending - Need Advice
Mar 13, 2009 (12:51 am)
In May 2006, I leased a 2005 LR3 SE that already had 1600 miles on it at the following terms: 36 month, 15,000 miles/year at $728.44/month (7.5% tax included) with $943 out of pocket (Including the first month payment and paper work. There was no need for security deposit but I will have to pay a disposition fee when I return the car at the end of the lease.)
I was told by the dealer that the MSRP of truck at that time was $50,770 and that their selling price was $40,770. The options on this truck included GPS, cold weather package, and the lighting group. The dealership also told me that there were a couple thousand dollars worth of additional dealer-installed options that they were not counting in the pricing such as wood grain dash, trailer hitch...I also had a trailer braking system installed afterwards.
A few days ago, I got a call from Bank US that since my lease is ending in two months, I could either return the truck at the end of May or buy it from them for $23,465 plus any taxes, fees and "other charges". On the other hand, they told me that they would also entertain an offer from me on the purchasing price.
I would like to seek your advice on: (1) Are there any reasons that I should walk away from this truck at the end of the lease, e.g., some known reliability issues on 2005 LR3, high maintainence costs, etc? (2) If I should go about making an offer, what is a good starting dollar number in your opinion? (3) If I should decide to return the truck, should I do anything in getting the truck ready before returning it to avoid additional charges from the bank?
BTW, I have about 41000 miles on the truck at this time and its conditions are OK in general. I have already bought another truck (a 2008 GMC Sierra 1500) late last year but could use the LR3 as a spare vehicle.
#552 of 569 Re: LR3 Lease Ending - Need Advice [s.k.]
Mar 13, 2009 (4:46 am)
To be honest with you, $23,000 is kind of high for a 2005 with 41,000 miles on it. I just traded in my 2007 LR3 HSE with 20,000 miles on it. I bought a 2008 LR3 HSE in the high $38,000. When I went back to the dealership to pick up my plates they had a 2006 LR3 HSE with a little over 20,000 miles on it for the low $20,000s. If you are going to buy a car at this time, remember you have more negotating power then ever before. Take advantage of it and push for what you can get.
These prices related to a dealership in the DC area.
#553 of 569 Re: LR3 Lease Ending - Need Advice [lhr7]
Mar 13, 2009 (6:04 am)
I agree, 23k is way way too much.
23k will get you an 07 if you're tough with them. You should be looking in the mid teens. And don't let them put the vehicle number in their PC and give you that value. Its rubbish. Just put the bid in and tell em take it or leave it. These people need cash currently
#554 of 569 Re: LR3 Lease Ending - Need Advice [britman4]
Mar 14, 2009 (8:23 am)
Ihr7 and britman4, thanks for your advice. BTW, I used the Edmund's Used Car Appraisal worksheet and got the following pricing information for my LR3 (with all the options):
Trade in - $15,100, Private Party: $17,500, Dealer Retail: $19,500
So is it reasonable for me to start the offer at $15,000?
#555 of 569 Re: Update- LR3 leasing [DonovanG]
Mar 19, 2009 (4:15 pm)
Any Word if they are gonna have a more attracttive lease deals on the LR3 in April 09?
#556 of 569 Re: Update- LR3 leasing [padraic]
Mar 20, 2009 (4:35 am)
No is the simple answer to that
The Devaluation and frankly complete lack of interest from financing companies to do it mean that if you did you would be financially significantly worse off than buying.
You might get a deal on a Range Rover Sport, because they are pretty flush with them in the US. Saw one the other day at 680 month.