Last post on Nov 23, 2013 at 5:27 AM
You are in the Prices Paid - Buying & Leasing Experiences
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Lexus RX 450h, Lexus RX 350, Car Leasing, SUV
#1305 of 2763 Re: 2010 lexus lease rx350 [jkenley]
Feb 17, 2009 (4:57 am)
Hi. Everyone here is so knowledgeble! Wonder if you can help me. I have an RX 350 lease $537/mo with navigation for a 2007. Lease expires in September but I'm at 31k miles of the 36k so need to do something in next few months before I run over my mileage. I love the car but can't afford the 2010. So I can either try to buy out this lease or buy a used 2007 on the market. The market prices seem very high. My residual value (on the agreement) is $26,500. That's seems like too much to pay to buy a car that has been totally retooled for 2010 and in a bad economy.
1) Can I extend my current lease terms another year?
2) Can I try to buy the car but renegotiate the residual value? And if so what is a price I should shoot for -- $20k?
#1306 of 2763 Leasing 2009 RX 350
Feb 17, 2009 (4:41 pm)
My wife and I are looking at a 2009 RX 350 with Premium Plus and Nav. Initial offer from salesperson has MSRP at about $44,100 and sales price at $35,700. I like the price for the most part but the lease factors seem really high. One dealer quoted .00285 which translates to 6.84%. Can you really negotiate money factors/lease rates? In looking at a BMW for myself, got a quote below invoice AND a lease factor that translated to about 2.1%. Makes a big difference. Can you go in there and try to negotiate the lease rate or can I only try to negotiate the final purchase price?
#1307 of 2763 Re: 2010 lexus lease rx350 [MSchiff]
Feb 17, 2009 (8:56 pm)
Hi, Jkenley. I also am leasing an '07 RX350 and am loving this car! I'm also thinking of buying it at the end of my lease, but my lease doesn't end until August of 2010. I'm doing fine with keeping my miles under the 15k a year, so no problem there.
Although I'm not sure if you could negotiate the buyout price on your current RX with Lexus, it certainly wouldn't hurt to try once you get close to the end of your lease. Who knows? With the way the economy is right now, they may be willing to lower the buyout price for you.
By the way, a friend and I were surfing the Internet together on the Carmax website. She's looking for a used
'08 Acura TSX, and I thought I'd take a look and see what an '07
Lexus RX350 used is selling for. This was in the Tampa, Fl area. They had one that had 35,000 miles on it and it was an '07(about a thousand miles more than mine right now.) and Carmax was asking $26,0000 for it.
If you're a person that takes good care of their car, it would probably be a good move to buy this car at the end of your lease.
When I was building a 2010 RX350 on the Lexus website, I could
already see this car is going to cost several thousand dollars more than my '07 did because of the way they're grouping some of the options such as rainsensing wipers and the power rear door and such.
Anyway, I hope it works out for you whatever you choose to do.
P.S. I remember back in 1998, my mom was leasing a Toyota
Corolla and she was able to extend her lease by six months because she was in the middle of moving to South Florida and didn't have time to deal with deciding whether to buy the car or turn it back in at the time. Check with your Lexus dealer.
#1308 of 2763 Lease buyout negotiation and Lease Extension
Feb 18, 2009 (3:52 am)
In answer to an earlier post about negotiating the buyout - my understanding is that Lexus has insurance for lease end where residuals exceed value. So from everything I've read, there is no real incentive to reduce the buyout since they probably don't eat the first few thousand anyway due to the insurance. I'm not 100% certain but I've seen and heard this quite a bit. It also matches my conversations with LFS trying to negotiate a buyout. No dice!
I did, however, extend my lease for 6 months. No extra charges and nothing really changes with the lease terms. I got add'l mileage (my annual mileage/12 for each month's extension) and quite a bit of my payment actually goes toward paying down the buyout on the car.
The purpose for me doing this is to see if I can find a 2010 (or something) that entices me beyond my buyout. So far, with no discounts I'm having a hard time selling the 2010 to my wife (and it's her car so . . . )so we may end up just buying this one out.
It's not the cheapest option to be sure but it gives us flexibility to see what happens with the market. We can turn it in anytime before our due date and we won't be charged for the following month. Not a bad program and easy to do with a phone call to LFS.
Good luck and let us know if you have any luck with the buyout negotiation.
#1309 of 2763 Re: Lease buyout negotiation and Lease Extension [carshpr1]
Feb 18, 2009 (4:39 am)
Wow thanks so much for letting me know I can extend my lease up to 6 months and still accrue toward residual value. This way I can delay the buyout decision and see what else opens up in the marketplace.
My lease expires in September. I was told I couldn't call LFS until 6 months before so I will call next month and let you all know what they tell me.
I love this car and thought of trading down to the IS 250 but it's nearly as expensive and I love the trunk space that the RX350 has.
Feb 21, 2009 (11:13 am)
anybody have any thoughts on how lexus are planning to move these hybrids in this market? I have an 06 rx400h and waiting to see how the new models look and drive, but from everything I hear there are no good lease incentives as the MF is so high. Should I ditch the hybrid and get gas equivalent? I want to support the technology and enjoy the extra power but not for hundreds more a month.
#1311 of 2763 Re: Latest money factor / residual? [Car_man]
Feb 22, 2009 (6:08 am)
I thought I could get a great deal on a 2009 RX 350. This would be my 3rd lease, it's year-end and the economy stinks. What a joke! With LFS, the mf is .035 and the residual on a 3-yr lease with 12K miles is 40%. I guess Lexus isn't hurting so badly. Without navigation the price was $35,300. Anyone have better luck with their negotiations?
#1312 of 2763 Re: 10 rx450h [womble]
Feb 22, 2009 (12:16 pm)
Just did deal on new 08 RX 400 H. MSRP $51064. Purchase price under $40000.
Money factor .00185. Only $20 more than none Hybid. Good availibility.3rd largest dealer in U.S.
#1313 of 2763 Re: 10 rx450h [efrus]
Feb 22, 2009 (4:51 pm)
Where is that deal from?
#1314 of 2763 Re: 10 rx450h [kringledog]
Feb 22, 2009 (8:11 pm)
Ramsey New Jersey. Richard Lexus. Very nice people to deal with.