Leasing an Evoque???
I'm new here so allow me to give a little background. I've been a BMW guy for quite a while, I've had about 5 of them and I'm currently driving an X5. After the owning the first few I started leasing because I don't put that many miles on them, I like getting a new car every few years and after owning a 750i I learned I don't like owning them out of warranty due to nearly everything costing a minimum of $1K to fix.
I'm also not really happy with BMW's current design direction. I've always had a bit of a soft spot for Rover though. I drove an Evoque this weekend and really liked it. That being said Rover unfortunately doesn't exactly have a stellar reputation when it comes to reliability either. So... I would like to continue to lease if possible. Problem is when I asked the sales guy about it he immediately steered me away from that option. He said the lease payment on an Evoke would work out to something like $5K due at signing and $800 a month for 3 years/ 12K. Which is a total of $33,800 over 3 years. That seems very high to me but, I know BMW does subsidize it's lease programs pretty well. I'm guessing Rover doesn't. My current X5 lease which had an MSRP in the same ballpark as the evoque lease payment is only $550 with around $1500 due at signing. As best I can gather the residuals for LR must be terrible or the money factor must be insanely high or both.
Does anyone have the specifics regarding the residuals, money factors, etc...? I would really appreciate it.
As far as purchase options go, about how much are you guys getting off of MSRP?
Thanks in advance.
Last edited by hotrod2448; 09-24-2012 at 02:25 PM.
09-24-2012 11:29 AM
A lease is nothing more than current price minus residual divided by length of lease(plus an interest rate usually). So certain brands that traditionally have had a high residual(like Toyota) would have a very low lease payment. You can also lease via your bank or credit union(which may give better rates) and frankly it is all tossed in the air(no one really knows what a residual value for a brand new model is and they're guessing based on average depreciation of the make). If you look at certain sites, it shows a depreciation of 9 grand off an Evoque the first year of ownership(which is 20%!!). Frankly I went with the purchase route as i'm gambling that it'll be worth more than the residual(and I believe the reliability factor is improving since Tata Motors purchased LR/Jag). As for purchase price, I got 4 grand IIRC off MSRP(might be 3500). I know I posted it somewhere in this forum but the number is escaping me right now.
Quick purchase/lease calculation: With a 5 grand downpayment(vs due at lease), a 50 grand Evoque would have 45k owed to bank. 6 years at 0.9% APR would put payments at $650. On the other hand, a quick lease calculator with a residual value of 25 grand after 3 years would put the monthly payments at $800 with 5k down.
Thanks. Having been through it a few times I understand how lease payments are calculated. I was just curious if anyone knew the specifics on the residuals and money factors (Interest rate).
Because by my calculation an MSRP of say $55K minus a negotiated discount of $3500 and $2K cap cost reduction (not including whatever lease inception fees there are, should still be less than 5K total) gets us to $49,500, minus the residual you quoted of $25K is a total depreciation of $24,500 divided by 36 months comes out closer to $700 month. Which is still not as favorable as buying but, I'm just trying to get where these numbers the sales person gave me are coming from. Now looking at the math it seems to me he was quoting it for straight sticker because he was giving me the "These things are hot right now and some dealers have market adjustments on them." speech just before hand.
Last edited by hotrod2448; 09-26-2012 at 11:20 AM.
I have a 42 month lease. The residual was 50% of the value of the vehicle. The money factor was the equivalent of 3.9% APR. You can find the money factor calculator on the net to figure out the money factor and vice versa, but I forgot the actual money factor number once I figured it was 3.9%. Great part is you are only paying interest on half the value. Take a look at the 42 month instead of the 36. The residual on 36 months was like 52%, so totally worth having to pay 2% more for 6 months more.
Originally Posted by hotrod2448
When I was considering a lease, they quoted me a monthly of $740 for 36 months/12k miles on a Prestige which was I thought was high. I ended up just financing a Coupe Dynamic for 60 months at 2.99.
Does anybody know the current lease rates for a 2013 Evoque? I am interested in a 36 month lease with 10k miles per year. Thanks!
i believe its .00069 for a 36 mo lease with a 51% residual.
Originally Posted by warbern
Capitalized Cost...... 52,695.00 Pro-Rata.............. 0.00
Total A.M.O.'s........ 0.00 Cap. Reduction........ 0.00
Service Cont.......... 0.00 Doc Fee............... 80.00
Bank Fee.............. 795.00 Tax................... 0.00
Total Cap............. 53,490.00 License Fees.......... 444.00
Cap Reduction......... 0.00 Gov. Fees............. 8.25
Net Cap............... 53,490.00 Advance Pmts.......... 830.44
Residual....51.00% ... 27,894.45 Security Deposit...... 0.00
Total Depreciation.... 25,595.55 Total Drive Off....... 1,362.69
Less Net Trade........ 0.00
Depreciation.......... 710.99 Less Rebates.......... 0.00
Rent.................. 56.16 Cash Due on Delivery.. 1,362.69
Tax................... 63.29 Rate.................. 0.690
Monthly Payment....... 830.44 Term.................. 36
Since this thread has found new life, I ended up leasing an X5d this weekend. The numbers were just too good to pass up. 36 months, 12K a year, $64K MSRP, $14K discount, only first months payment due at signing and $580 a month. Sorry Evoque, I really liked you but, the math just didn't work out.
$14000 discount!!! Whoa!!!
I agree with you here. I really like the Evoque (still have not pulled the trigger yet), but the lease really sucks on this car. fully loaded E350 with a P2 was 1k down and $560/mo (taxes included).
Originally Posted by hotrod2448
Where did you get your X5 from?