Member Since: 25 Apr 2007
Location: Michigan
Posts: 70
Purchase at end of lease
I'm currently leasing an LR3 (directly from Land Rover) and it runs out in April so I've got plenty of time to decide what to do, but I have a question for anyone in the USA who has negotiated purchase of their lease vehicle.
I was hoping to possibly buy it at the end of the lease seeing as I know its history etc.
Has anyone had been successful (or otherwise) in negotiating a discounted price on their lease vehicle?
Cheers.'08 LR3 V8 SE in Stornoway Gray, Alpaca interior. Xenons, Cold Weather Pack, Bluetooth & Sirius. General Grabber AT2s. EBC Sport Rotors & Green Stuff Pads, Traxide SC80 kit half fitted...
'11 Mini Cooper S Countryman, True Blue.
20th Nov 2008 12:07 am
bythehour
Member Since: 21 Nov 2008
Location: Toronto
Posts: 10
My buddy's lease expired earlier this year. He looked around and compared his buyout (residual) to market value. The market value was much lower, and his wife really liked the truck
He made the dealer a "reasonable" offer and did the deal. He probably could have done better by letter them put the car on the lot (nothing was moving), but it was not a risk he wanted to take.
Just be frank with the dealer. They know that the retail and wholesale market sucks (take a look at autotrader!)
23rd Nov 2008 10:54 pm
SN
Member Since: 03 Jan 2006
Location: Romiley
Posts: 13710
bythehour wrote:
My buddy's lease expired earlier this year. He looked around and compared his buyout (residual) to market value. The market value was much lower, and his wife really liked the truck
He made the dealer a "reasonable" offer and did the deal.
That will be one of my Options methinksSteve N | 21MY Defender | 08MY Discovery 3 (history) | 06MY Discovery 3 (ancient history)
23rd Nov 2008 10:57 pm
BrewMonkey
Member Since: 25 Apr 2007
Location: Michigan
Posts: 70
Cheers guys. I think some frank negotiating is the best way to go. I'm prepared to pay a premium due to me knowing the history of the vehicle and having looked after it since new, so hopefully I can work something out with them. Plenty of time yet though.'08 LR3 V8 SE in Stornoway Gray, Alpaca interior. Xenons, Cold Weather Pack, Bluetooth & Sirius. General Grabber AT2s. EBC Sport Rotors & Green Stuff Pads, Traxide SC80 kit half fitted...
'11 Mini Cooper S Countryman, True Blue.
24th Nov 2008 5:32 pm
DiscoCanuck
Member Since: 03 Feb 2009
Location: Ontario
Posts: 2
I was looking at picking up a LR3 and had considered a lease takover for a while, until I saw the buyout prices. I was seeing people on leasebusters trying to get out of LR3 SE leases at $1000 a month for 8 months but the buyouts were insane, $29k on average. I picked up my 2006 SE a few weeks ago, it was off lease with 50k on the clock and 11 months of factory warranty left, cost me $20k Canadian, and its in amazing shape.
There are some awesome deals on LRs out there.
4th Feb 2009 3:28 am
COMCLOVIN
Member Since: 27 Jul 2008
Location: Colorado
Posts: 44
I think you'll find you have a lot of room to negotiate on a lease return currently. Especially if your dealer is still footing a nice selection of 08 models. I've seen some nice lease end offers at various dealers..
5th Feb 2009 7:24 pm
BrewMonkey
Member Since: 25 Apr 2007
Location: Michigan
Posts: 70
Out of the blue, the dealer sent a letter offering a deal on handing the lease back and purchasing a 2008 model. The deal was great: hand the lease car back with zero to pay (there were 3 months left on the lease) and walk away with a brand new 2008 model (specs in sig) for $37k. I went in at 5pm just for a chat and left at 8:30pm in the new car. The wife was surprised to say the least
The buyback on the lease car wasn't worth it - they were talking in the $30k region, which was way more than I wanted to pay for it.'08 LR3 V8 SE in Stornoway Gray, Alpaca interior. Xenons, Cold Weather Pack, Bluetooth & Sirius. General Grabber AT2s. EBC Sport Rotors & Green Stuff Pads, Traxide SC80 kit half fitted...
'11 Mini Cooper S Countryman, True Blue.
9th Feb 2009 3:08 am
buddaman
Member Since: 10 Jan 2009
Location: california
Posts: 9
there are great deals right now I bought my 06 lr3 for 19,000 with 19,000 mi. on the od. that was 3 months ago
LR has something called 'residual value insurance'... & so they will sell the lease return car on auction & WILL receive the difference between the 'buy out' price & what they actaully get from the auction, from their insurance company.
i.e. they will NOT give you a worth while discount on your current vehicle!
My lease ends in april as well, but when I asked about how much I can get the car for, they told 'we can save you only a couple of K (from the $33K buy out price) - BUT, we will sell you an 08 with less than 10,000 miles on the clock for $33K'... plus, they are not charging me the last monthly (april) payment, NOR the 'lease end fee'.
so thats what I did... I'm returning my 07 SE today with 30,000 miles - and buying an 08 SE (+nav & the little fridge to boot) for $33K (with 3,000 on the clock)! it doesnt make much sense, I know, but thats what I've been told.
do yourself a favor - shop around! almost every dealer in Jersey has these '08s with less than 10,000 miles' for about what I'm paying...
as for the new 09s - they are giving them away for $39K!
BrewMonkey wrote:
I'm currently leasing an LR3 (directly from Land Rover) and it runs out in April so I've got plenty of time to decide what to do, but I have a question for anyone in the USA who has negotiated purchase of their lease vehicle.
I was hoping to possibly buy it at the end of the lease seeing as I know its history etc.
Has anyone had been successful (or otherwise) in negotiating a discounted price on their lease vehicle?
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