2015 370z leasing price

[saga_NickeL]

hi,

i got a quote from a nearby dealership for the 2015 370z base wt sport package, manual. after putting 3000 down, the monthly payment is 417.
money factor is 0.00197. residual value is 51%. my location is near Philadelphia in PA.

do you think that is high or ok?

need your advice...
based on my calculation, the reasonable price for leasing in 39 month should be 380 with 3000 down.

what do you think?

[JAKES Z]

Not sure about your numbers there, but the residual being that low is going to make the Z an expensive car to lease. You can't negotiate the residual value though. You're probably better off buying a Z on a 60 month loan if you're going to put 3k down and want a payment in the mid $400s.

On to my next point, it's generally a bad idea to put a down payment on a lease. You'd be better off putting that 3k in your own bank account and using $77 dollars a month of that 3k to contribute to your monthly payment rather than giving it to the dealership for a lower payment. Or look into MSDs and see if your state offers that.

It's also said that if you can't afford the lease payment without putting a big down payment, then you probably shouldn't lease that car.

If you do end up putting 3k down and something happens to the Z, like you end your lease early, or car gets totaled out and insurance pays for it, you'll most likely never see any part of that 3k again. Thus, keep your 3k deposit in your possession and use it to supplement your monthly lease payments if you must.

[foss]

One easy way to convert money factor to interest rate is to multiply it by 2400.

0.00197 * 2400 = 4.728

Also depends what sales price they are giving you. Residual is calculated of MSRP, so for example if MSRP is 42,000 * 51% = 21,420

If you get the car for 39,000(including fees) - 21,420 = 17,580 - 3000 down = 14,580/39months = 373 + interest + tax

That's approximate calculations, you can probably find a lease calculator somewhere online (edmunds, truecar, etc.)

[saga_NickeL]

@Jake Z,
I don't think the residual value percentage is negotiable. I have calculated that, 60 months finance with 3000 down would be 500 something.

how much lease payment you would accept may i ask?

[saga_NickeL]

@foss, that's about right, your calculation is similar with mine. the point is i tried a lot of dealers, no one accepts my calculated price.

i had been kicked out by a dealer last week. cuz they thought my price was ridicules...

[Zipper 104]

On a lease you'll adjust your down payment to get the monthly payment where you want it. If you can't put enough down to make your payments reasonable, that says you can't afford to buy it.
With regard to the residual....remember, if you look after the car it will be worth way more than the residual at the end of the lease. You then buy the car outright by paying the residual to the holder of your lease then sell the car on your own at market value and pocket the difference.
I bought out a lease once on a Honda Accord for about $10K. Drove it another 3-4 years then sold it for what the buyout was. Had I sold it when I paid the residual I'd have pocketed about $5K.
Before I bought my 370 I looked into a lease. The residual was not negotiable but with $20K down the monthly payments were really cheap. The residual was about $22K, IIRC. I estimated I'd pocket about $6 to $8K selling it after buying out the residual.

104

[Zipper 104]

Originally Posted by foss

One easy way to convert money factor to interest rate is to multiply it by 2400.

0.00197 * 2400 = 4.728

Also depends what sales price they are giving you. Residual is calculated of MSRP, so for example if MSRP is 42,000 * 51% = 21,420

If you get the car for 39,000(including fees) - 21,420 = 17,580 - 3000 down = 14,580/39months = 373 + interest + tax

That's approximate calculations, you can probably find a lease calculator somewhere online (edmunds, truecar, etc.)

Close, but I think you pay interest on the residual amount over the lease's term and it becomes part of the monthly payment. Only the down payment reduces the amount of the interest you pay over the term.
Someone has to pay interest on the residual amount and it sure isn't the dealer.

104

[synolimit]

Originally Posted by Zipper 104

Close, but I think you pay interest on the residual amount over the lease's term and it becomes part of the monthly payment. Only the down payment reduces the amount of the interest you pay over the term.
Someone has to pay interest on the residual amount and it sure isn't the dealer.

104

I don't think so. I've done a lease before with it all paid up front. I saved money since there was no interest for the 36 months only. The next guy buying the car or you buying out the loan should pay whats owed after the lease has ended.


OP that seems a little high, things change though. My 13 msrp was $36,600 for a sport. I put $1000 down but had $800 negative equity roll over. Got $1000 rebate for the lease and pay $409 for 38 months. My residual is $21k. Keep negotiating.

[Zipper 104]

Originally Posted by Scott@Synergy

I don't think so. I've done a lease before with it all paid up front. I saved money since there was no interest for the 36 months only. The next guy buying the car or you buying out the loan should pay whats owed after the lease has ended.

You might just be right about that Scott. I last leased a car in 1992 so I think it's real safe to say I'm not up to speed with how leases are handled. Regardless of how the interest and payments are calculated and when they are paid, there's interest to be paid on the residual amount. The only way I can see getting around it might be if you give the car back to the dealer at the end of the lease and the interest was built into the residual amount and not paid up front. I'm not sure.

104

[saga_NickeL]

Originally Posted by Scott@Synergy

I don't think so. I've done a lease before with it all paid up front. I saved money since there was no interest for the 36 months only. The next guy buying the car or you buying out the loan should pay whats owed after the lease has ended.


OP that seems a little high, things change though. My 13 msrp was $36,600 for a sport. I put $1000 down but had $800 negative equity roll over. Got $1000 rebate for the lease and pay $409 for 38 months. My residual is $21k. Keep negotiating.

when you lease your car, may i also know the state?
it's impossible to get a close price like yours around philly in PA.

actually, i have made a deal with 488, 39 month, 0 down.

[synolimit]

Originally Posted by saga_NickeL

when you lease your car, may i also know the state?
it's impossible to get a close price like yours around philly in PA.

actually, i have made a deal with 488, 39 month, 0 down.

Ohio, July 2013 for a 2013.

[boxienuts]

dealer said with $3000 trade in value that 36month/12000 miles/yr lease for 2015 sport package automatic is $500/month.
Seems very high to me.
What do you guys think?
Also does anyone know if Nissan does 10,000 miles/yr lease for 370Z?
Thanks for advice

[deftoneZ]

One thing to keep in mind on the lease is, depending on what part of the country you live, it could work out to your advantage at the end.

On most of the leases they are still 12,000 miles a year, 36 months but if you live up north, you're likely not driving the car half the year so your mileage could be significantly lower at the end of the term, thus making it worth more than the residual quoted 3 years prior assuming it would have 36,000 miles on it.

I am currently still looking around and have spent a lot of time working with my local Nissan dealer, sadly the lease deals out currently are pretty terrible and mainly only for a bare bones base, or a touring. Nothing with a sport package has any incentives going at the moment and the residuals on the deals are crap.

[saga_NickeL]

@deftoneZ,
i have leased my z at 488/mo with 0 down, 12000, 39 months on Apr 1st. it's a base model w. sports package.
my thoughts is, z is a special car so you cann't wait a good deal in any month. i had been waiting a deal for years. the most aggressive deal was in June last year. claimed 299, base model, 12000 and in 39. but if you add sports package. you would be surprised. dealer won't give u any price below 400.

i had visited all nissan dealers within 70 miles from my home. and 488 is what i got lowest.

good luck.

[saga_NickeL]

@boxienuts

3000 trade-in equals to auto shift price based on my deal.
that's quite close to what i calculated.

my goal was 480/mo, and dealer gave me 488.

for you, i think you can try 490.
and i don't know about 10000/yr lease....