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Prices Paid: Buying & Leasing Experiences Land Rover LR3 Lease Questions
566 messages, Last post on Aug 04, 2009 at 9:28 AM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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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. Thank!
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Replying to: s.k. (Mar 13, 2009 12:51 am) These prices related to a dealership in the DC area.
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Replying to: lhr7 (Mar 13, 2009 4:46 am) 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
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Replying to: britman4 (Mar 13, 2009 6:04 am) 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? |
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Replying to: DonovanG (Jan 20, 2009 3:43 pm)
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Replying to: padraic (Mar 19, 2009 4:15 pm) 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. |
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Replying to: padraic (Mar 19, 2009 4:15 pm) Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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| My lease for a 2008 LR3 HSE ends in mid August. I went to the dealer today to discuss purchasing the vehicle after the lease expires. I figured that with the economy where it is, gas prices still high, the LR4's on the way, and folks still not buying cars that I might be able to negotiate a good deal. The residual value from my contract is about $37K. The dealer was not willing to budge off the residual value and they said they could make a lot of money off it if I did turn it in at lease end. Anyone else have any recent experience purchasing a 2008 at lease end or know if I really can't do any better than a buy out price of $37K? | |
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Replying to: pj1966 (Jul 18, 2009 11:53 am) I got a lump of cash off the lease buy out. Something like 7k. The dealer was very realistic and at the point when he started negotiating he was quite clear we were going well under the buy out price. You can get some unused 08's with all sorts of package add ons and style kits for 37. So a brand new or nearly new. There is NO WAY, they will sell the thing for 37k. Just let them have it back and go and negotiate for a 2nd hand or frankly a new LR3. The only exception is when it is out of the dealers hands. But the fact that he thinks he will make money from a used 08 at 37k means he has lost his marbles. I recon you could buy that car for 30/32 depending on mileage, |
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Replying to: pj1966 (Jul 18, 2009 11:53 am) I have also seen loads of new 2008 LR3 SEs for the $33 to $37 range, depending on the options. $37,000 for a used 2008 is a little crazy. Although, the buy out price may be out of the dealers hands. My original buy out price was controlled by the Land Rover Capital, not the dealer.
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