Leases got worse today!!

[Panhandler]

$6500 plus TT&L, “acquisition fee” and “other fees”. About $11k at closing which I thought would be covered by my trade-in. Instead, the trade-in reduced the monthly lease payments to a very small amount.
Still a very good deal because of the tax rebate.

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[theonetruestripes]

Going to be hard to get approval on a lease today and the vehicle before the end of the quarter.

Hmmm, I got approval on the lease, and in theory my car comes to the service center on the 23rd, with my pickup scheduled for the 26th. So I hope nothing goes wrong.

When you said “hard to get the vehicle before the end of the quarter” do you mean “if it hasn’t been built yet”, or am I maybe luckier then I realized (or about to be a lot less lucky!)

 

[somethingforcat]

$6500 plus TT&L, “acquisition fee” and “other fees”. About $11k at closing which I thought would be covered by my trade-in. Instead, the trade-in reduced the monthly lease payments to a very small amount.
Still a very good deal because of the tax rebate.

I originally ordered a R1S dual motor max battery and planned to pay off the lease within a couple of months. However, I decided that I did not want to access that much cash with the market dropping and so much uncertainty, so I switched to standard battery. The interest rate on the lease is soooo much lower, so I can pay all 36 months of the lease and have the "rent" portion of it more than covered by the $7500 credit. I will save almost $400 a month with the standard instead of max battery.

 

[Zeusy Zeus]

It was a 2019 Audi s4. It was actually 598! My dad was in the industry for years and always said the 1% lease was the holy grail! Close to that was a 2006 z4 that was 57k and was only 569. I’ve had a couple!

That’s incredible. I’m shopping around for another vehicle if you have any lease advice send me a DM please ?

 

[Rade]

I try and get at least 8 years out of a vehicle. I don't drive like an idiot, ensure routine maintenance is done, address issues with normal wear and tear, etc. Our Nissan Rogue is hitting 11 years 160k miles since we took delivery, and it still looks relatively new and is mechanically sound.

That said, I pulled the trigger on leasing my R1T in September of last year. The offers and incentives were quite good, and the Gen 2 reviews were all excellent. Rivian gave me an incredible trade-in value for my 2019 Nissan Frontier, and that offset my lease substantially. The monthly payments were in my financial comfort zone, planned out for the duration of the 36 month contract. My intent from the onset was to purchase the vehicle outright at the conclusion of the lease, relying on investments increasing from a strong market over the term of the lease.

My, how times have changed. With the markets plummeting, a possible recession looming and watching my savings drop sharply week over week since late January, I pulled the funds out of the savings this month and paid off the lease. Six months in, no penalty for early termination. Yes, savings took a hit, but I felt it better to secure the asset then "hope for the best?" 30 months down the road.

The check was delivered - awaiting the title to clear now.

The lease payment was my only monthly expense; the lease options through Rivian Financial got me into a vehicle that, otherwise, would have been well out of my monthly price point. I would not squabble about $100 increase; push the button, especially if you have equity a vehicle you can trade.

 

[DuoRivian]

The R2 is right around the corner and will be cheaper.

Still a year unfortunately

 

[Electrified Outdoors]

Leasing can cost more than owning over the same period of time IF you only take into consideration the payments. There are many variables the largest of which is resale/trade value.

Now that the car market has returned to normal after the post COVID appreciation market that was going on leasing makes sense if you regularly trade up every 2-3 years.

This of course depends on things like the amount of depreciation your paying for and the money factor (interest rate) on the lease.

1% of MSRP payment is indeed a good lease deal….heck even 1.25 is probably ok. The Rivian quoted numbers though all usually include 7k in cap cost reduction in addition to the $7500 that Rivian has priced in.

My Silverado EV fell into that category…in fact was under 1% before MD sales tax of 6%.

In a couple of months I expect Tesla used prices to see severe downward pressure as the supply of used models continues climb due to the mass exodus.

if that comes to fruition, I’m seriously considering purchasing a 3 or a Y as a beater.

 

[bfilippo]

Leasing can cost more than owning over the same period of time IF you only take into consideration the payments. There are many variables the largest of which is resale/trade value.

Now that the car market has returned to normal after the post COVID appreciation market that was going on leasing makes sense if you regularly trade up every 2-3 years.

This of course depends on things like the amount of depreciation your paying for and the money factor (interest rate) on the lease.

1% of MSRP payment is indeed a good lease deal….heck even 1.25 is probably ok. The Rivian quoted numbers though all usually include 7k in cap cost reduction in addition to the $7500 that Rivian has priced in.

My Silverado EV fell into that category…in fact was under 1% before MD sales tax of 6%.

In a couple of months I expect Tesla used prices to see severe downward pressure as the supply of used models continues climb due to the mass exodus.

if that comes to fruition, I’m seriously considering purchasing a 3 or a Y as a beater.

Likely true on the last point, I got $27k for my just over one year old Model Y with nearly 40k miles, and even that was more than the dealer wanted to spend given the situation. I suspect by the end of the year you'll get a Y or 3 for under $20k that is only 1-2 years old with 30k miles or less.

 

[Panhandler]

R1S Dual Standard offer expired yesterday. They sent this e-mail yesterday.

I just signed the lease agreement on my new R1S that will be delivered to my house on Tuesday. I have never leased a vehicle before, but this deal was too good to pass up. They applied the $7500 tax credit to the lease payments and my monthly payments, after applying the trade-in, are less than $200. If I purchase the vehicle at the end of the lease for the residual, my total payments, excluding TT&L, acquisition fee, etc., will be well below the original msrp.
This is a great deal because the vehicle does not qualify for the federal tax credit if you purchase it. I also did not have to worry about qualifying personally. That made the Rivian very competitive with other vehicles that I considered, such as the Silverado EV.
Hopefully the EV tax credits will survive the new Congressional budget. I expect that Rivian will have a similar option in the future for as long as the tax credits stay in place.

 

[edwjmcgrath]

My theory, having been up in a public company, is that any sale or lease after today can’t be guaranteed to be delivered this month And can’t be counted as revenue. No point giving a discount if it doesn’t help this month or the first quarter.

 

[Count Orlok]

I was hoping for a drop in price for the end of the quarter but prices went up at least 100 bucks today! I have been waiting to pull the trigger but I don’t want to put anything down on a lease and it’s still too rich for my blood! Still kicking myself for not pulling the trigger at the beginning!

never be a payment buyer

 

[highnote1]

never be a payment buyer

Not so much the payment as the crappy money factor and giant down payment on a lease that caused the payment. I know all the sides….

 

[Jetsetter]

When do we think lease deals might return? Speculating, We just test drove an R1S and loved it as a replacement for an ICE minivan we want to get rid of. We aren't in a rush, and clearly just missed lease deals, so I can wait.

 

[bfilippo]

When do we think lease deals might return? Speculating, We just test drove an R1S and loved it as a replacement for an ICE minivan we want to get rid of. We aren't in a rush, and clearly just missed lease deals, so I can wait.

I think they just pushed a new trade-in offer to complement the EV credit applied to the lease, which is different because you can get a Standard or Large this time with that deal, it was only for Max packs before.

 

[Jetsetter]

Yes, but now you HAVE to trade-in to Rivian (not just get a trade-in estimate from them like before).

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