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Prices Paid: Buying & Leasing Experiences Lexus IS 250 / IS 350 Lease Questions
1166 messages, Last post on Dec 06, 2009 at 10:52 PM
You are in the Prices Paid: Buying & Leasing Experiences Forum. Your Hosts are car_man & kyfdx
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Replying to: hockeymom1712 (Apr 15, 2009 2:00 pm) Car_man Host Prices Paid: Buying & Leasing Experiences Forum
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Replying to: ach8888 (Apr 18, 2009 6:59 pm) I would be happy to work up a sample lease payment on the IS that you are interested in for you if you let me know what its approximate selling price is. Car_man Host Prices Paid: Buying & Leasing Experiences Forum |
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Hey Folks, Many thanks for all the info on the site. Negotiating with Park Place Lexus here in Dallas. Looking at at 2009 IS 250 with Premium Pkg (SL Z1) for $1,000 down and $439 per month all in. I think this is a pretty good deal, but wanted to confirm before I  went down and picked it up. Thanks for all the great info!
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Replying to: mmarketos (Apr 28, 2009 1:07 pm) First I want to say thank you to everyone posting here! As I've been reading this forum since yesterday, I've really been learning a lot. I am new to the whole "leasing" thing, but am now considering it. Reason being is that my Pontiac Grand Prix needs transmission work, at only 100,000 miles. So what I'd like to do is trade it in. Which brings me to my question - can any of you give me feedback on what I might expect, as to a trade in? The bluebook trade-in value of my Grand Prix is $2,550. The car probably needs about $1500-$2000 worth of transmission work. I'm hoping that they will offer me $2,000 for the car, since they can probably repair the car, or get it repaired, a lot cheaper, with all of their resources. In addition to this, I have a payoff of about $6000 left on my Grand Prix. I have NO idea how this will affect the lease deal I might get. I mean, of course I want to add this amount to the lease, and I wouldn't mind paying a few thousand of it up front, but just wondering if any of you might have some advice or feedback, or might just tell me what to expect. Thanks very much Oh yeah, and "greeneyes", may I ask what the name of your salesperson is? You can PM me if you'd rather. I work in Santa Monica, and that's the dealer I'd like to deal with, and it sounds like you got the maximum deal that could be hoped for so far.
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Replying to: valuehunter07 (Apr 29, 2009 7:35 am) I actually got my IS250 through Vista Lexus in Woodland Hills. I would have gone with Santa Monica, but they didn't have the color I wanted and would only deal on what they had in stock. Also, they couldn't seem to make the number match the quote I had been given the first time. Vista dealer traded for my car from Oxnard. I didn't get the car for the price I thought, but it was still a good deal. I probably could have gotten another couple hundred off (maybe) or free maintenance or something had I kept pushing, but I was so exhausted by that point, my sister was in town, my other car had died (and I towed it across the street where they couldn't see and I drove it over -- so how would I have actually left or pretended to leave and see if they went lower?).. I think I had pushed my limits and I'm pretty happy. Below is what I paid.. MSRP $37,656 (IS250 RWD, Nav, Prem, 18" summers) Selling price $32,448 (under invoice, with no rebates/incentives at the time) 36mo/12k (53% residual) MF lowered to .0006 (.114%) with 9 MSD (now I wonder, could I have made it .0000 with 10??) Down $4680 (I think) -- $3825 of that was the MSD -- no cap reduction. Got $1000 from trade -- '98 Chevy Cavalier with 122k+, fair condition (I thought this was fair considering it had scratches, some rust underneath, broken A/C, cracked head gasket causing overheating, though I'm pretty sure they only knew about the scratches) 35 months at $411.xx, but now increased to $415.xx because of tax increase. As far as your trade, don't tell them you have one until after you get your selling price on the IS set. Don't tell them what's wrong with it, it'll just give them an excuse to give you less. They aren't going to fix your car, they're going to send it to auction. I didn't owe any money on my trade, but it's my understanding that they will roll up what you owe into your lease (so expect an extra $167 per month from that -- based on $6000 owed) and it wouldn't surprise me if a dealer tries to add other fees in on the back end and attributes them to what you owe on your trade. I would doubt that you'd get $2000 for your trade, maybe shoot for $1500, start at $2000. If you think you can feasibly get higher than that, start at KBB. Don't forget, I think this month's residual is 2% lower than last month, right? I thought I saw that in another post, but I could be wrong. Also, if you have a Costco card you should go to www.costcoauto.com and submit a request through there. That will take you directly to the SM people I dealt with and also the dealer at Vista I purchased from. The Costco price is $750 over invoice for the IS and you can do better than that, but it's a good starting point (instead of at sticker).. also by going the Costco route, the dealer has to show you the invoice price of the car. If you have any other question, email me, my email is in my profile. |
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Replying to: mmarketos (Apr 28, 2009 1:07 pm)
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Replying to: kingpcgeek (Apr 29, 2009 4:19 pm) I can't get my head around the residual value thing. From what I've read, the higher the residual value, the lower your payment. This seems like a good thing.... but then, if there's a higher residual, then that also means if you want to buy the car (to keep or resell it), then you're gonna be spending MORE to do that. So am I correct to assume that a higher residual is good if you only want to lease and not keep? thanks very much
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Replying to: valuehunter07 (Apr 29, 2009 5:10 pm) From going through both forums, it seems the better deals for the IS are around $415 a month (12K), while the TSX deals are around $345 (15K). Also, on the deal listed by Greeneyes, there was around $1500 in upfront fees, and also another $3200 for a deposit. With the TSX deal, there was no money down. I'm just trying to gauge the difference in cost, and wondering if I'm understanding and assuming correctly? thanks |
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Replying to: valuehunter07 (Apr 29, 2009 5:10 pm) A lease is based on the selling price of the car (MSRP or negotiated price) minus what the estimated value will be at the end of the lease term (Residual Value). The Residual Value in the lease contract is quite often much lower than what the car will actually be worth at the end of the lease. For instance, you're leasing a car priced at $35,000. The lease contract is written for 36 months and is based on the Residual Value (or 'Value at Lease End;) is stated at $20,000. The monthly lease payment would be based on the $15,000 difference (plus the finance/money-factor rate and sales tax, etc). In reality, the car is worth $25,000 at lease end. If you simply turn the car back in to the dealer, he will make $5000 by selling it! OR you can purchase it for the $20,000 listed in the original lease contract and you'll be buying a $25,000 car for $20,000. The majority of leased cars are returned at lease-end, which is what the dealer prefers because he will profit from re-selling/leasing it. You won't find lease deals with residual values overestimated for a particular model, especially in the current economic climate. If anything, leases are becoming more conservative in the residual value estimation- making the payments higher, but also making the cars a better deal for you to purchase at the end of the lease term! Cars such as Honda, Acura, Lexus and Toyota have some of the highest residual values in the market. As such, these are the vehicles that should have the lowest lease payments (relative to their competition).
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Replying to: igozoomzoom (Apr 29, 2009 6:22 pm) but this is what I don't understand so far - I keep hearing "don't negotiate the monthly rate, negotiate on the price, with a lease" Ok, even if you negotiate a low price though, they can always add fees on top right? And the residual that you just explained, that is still a subjective figure right? I mean, the dealer can make any residual figure they want right? So when setting up a deal, if they want to get me paying a certain amount for the 36 month period, they can just adjust the residual, to get their desired amount. To me, in my VERY rookie and dummy level of understanding here, it seems like the exact thing that should matter to me most, is how much I'm gonna pay monthly. Unless I buy the car at the end (which I most likely will do... probably to re-sell myself), that is the only thing that makes up the cost for me, other than any upfront money I pay. Am I understanding correctly so far? Thanks for helping me out. I have Friday off, and plan to go out to dealers all day on Friday. I don't want to rush, but I'd like to make a move as soon as possible, because my Grand Prix has the issue, and I don't want to push it, and my other car is a real bucket. If I understand the numbers, I can understand and target exactly what kind of deal I want, and then I'll be sitting pretty. Thanks so much!!!
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