Lease Offer Help
 

Hello,

Just came from the dealer and test drove the 370Z, one word WOW...I used to have a 350Z and this is a huge improvement.
After spending some time talking to the salesperson I got the following deal, haven't signed anything yet. I was wondering if i can get your opinions as to whether this deal is fair or not.

370Z Touring
Sticker Price: $35,785 (I don't know the terminology, but he showed me that he's offering the car for the lease at $31k+)
ILLUMINATED KICK PLATE
Carpets
Trunk mat
Splash Guards

Lease Term: 39 months
Down Payment: $2,500.00
Monthly Payment: $550 (tax in)

Is this a good deal?
Any advice will be appreciated, Thank you.

Use this: Car Lease Calculator — Monthly Lease Payments and Costs
to determine if it is a good deal. At first glance it appears it is not. Residual on the 370z (from my dealer is 56% with 15k miles per year and 57% with 12k miles per year) Also the money factor is .00325 or 7.8%. Is he selling the car to you for $31,000 less you cap reduction or is the 31,000 including the 2500 cap reduction? That will make a difference in the estimated lease price as well. Hope this info helps.

I'm a little inexperience at the whole leasing terminology, I usually purchase. But I believe the $31,000 is the "final" price so I would think that it has the cap reduction included. Basically, he's basing the lease rate on the $31k price. Also, I had the salesperson translate the money factor into the interest rate equivalent and it was about 5.5%. I'm torn here because i've been reading the prices that other forum members are paying and the deal is looking less and less favorable, this car has no package what so ever so I thought the price was too high which is the reason why I walked away.

Thank you for your help.

I dont find leasing to EVER be a good deal, no matter what you're paying.

You're left with absolutely nothing in the end.

^ You lose equity in buying a car anyway. Leasing can be a feasible option if you go through cars like diapers.

Vertex, in this circumstance, you may want to consider buying a Z. For one, you don't have to worry about a mileage allowance. Two, you can get a fully equipped Z for just a tad over what the sticker price is on the one you're leasing. Three, you can have the sense that you "own" the car instead of feeling like you're borrowing the car.

Besides, I think you would have more power dictating your price (invoice) if you were actually buying it outright.

Hey guys,

Thank you very much for all your comments. After doing some more research on the forum regarding pricing I'm in agreement with you guys. I've changed my mind and going for a straight purchase.

Thank you guys again!

lol on all forums every lease-related thread turns into the ol' dreaded lease vs. purchase!

in any case, no that seems like a horrible deal to me. should be in low 400's for that to be a good deal

hehehe...Yeah I noticed that, thanks for your input though.

After thinking about it I felt that this is a car that will always be fun to drive, so it would be good to just buy it. At a later time, if need be, I can just buy a more practical car and keep this one as my "toy" car, of course a REALLY powerful toy :)

Do you know if the Residual % and the MF is still the same?

Would I be safe to assume that if I need 20,000 miles per year, I could guesstimate that the residual might be 55%

Just to give you some direction. I'm picking up my Z in two days, msrp $404??, no down payment, 39 months lease with 1000 miles/month for $596 per month tax in
Hope this helps