Lease Question

[dJt3xtbook]

Just wanted to get the forums opinion if this is a decent lease deal:

2024 GX550 Overtrail+
MSRP $82,569
Due at signing $4,000 out the door
Monthly $1,395 (includes taxes)
Miles per year 10,000 (doesn’t really matter since I work from home)

I’m thinking it’s about standard (not great, not bad), but just wanted to get some forum opinions before I go to the dealership tomorrow.

 

[ilumo]

Pretty horrible to be honest. Lexus is really bad to lease. Just from these numbers, you are paying over $54000 to drive 30000 miles on the car. Just purchase / finance it if you really want. You can sell it after 3 years and be way ahead at those miles if you buy it.

 

[S SUBERI]

I agree with the above post by llumo That's a pretty high price to pay for a 30k miles. I have never leased because I could never seem to have the numbers make sense. With a car like a Lexus or many Toyota's they hold their resale for a long time. Its just some much better to purchase.

 

[ilumo]

cars that have real life residuals that are absolutely horrendous (most evs ) are good to lease. You don’t want to be stuck holding the bag on those type vehicles.

That said the golden rule for leasing is (was) is 1/100 of the price of the car per month. So an $80,000 car should be <=$800 a month for a good deal. You’re way way off with the GX.
For example, for my 2017 gls450 (82k msrp), I leased it for about $680/month for 3 years.

for more info on leasing, you should go check out leasehackr.com

 

[dJt3xtbook]

Thanks for the feedback, everyone! After reading these responses and then test driving the vehicle today, I ended up not moving forward and ended up with a very good deal on Land Rover Defender instead (don't hate me). Love the GX550, but just wasn't for me. Thanks again to all! Might pop back into this forum occasionally, but off to the Defender forums now.

 

[ilumo]

Thanks for the feedback, everyone! After reading these responses and then test driving the vehicle today, I ended up not moving forward and ended up with a very good deal on Land Rover Defender instead (don't hate me). Love the GX550, but just wasn't for me. Thanks again to all! Might pop back into this forum occasionally, but off to the Defender forums now.

Good luck with the rover!

 

[Bluegill]

For God’s sake, man, please say you just rented the Defender and didn’t actually buy it!

 

[killy]

On thing with Lexus, they tend to have pretty co secretive residuals. So on my last 2 NX leases I had pretty significant “equity” built up by the end ( basically dealer offered to buy the car off me for 5-10k over the residual amount ).

Could do even better if you tried to sell privately prior to lease end.

 

[Larry]

I agree with the above post by llumo That's a pretty high price to pay for a 30k miles. I have never leased because I could never seem to have the numbers make sense. With a car like a Lexus or many Toyota's they hold their resale for a long time. Its just some much better to purchase.

It actually makes more sense to to lease a vehicle that holds its value rather then one that doesn't. Your payment is based on the residual value. The more value at the end of the lease the less your payment will be. If the cost is 85k and the residual value is 60k. Then you payment is based on the 25k.