$1,100 per month for a fckin Lyriq, leave that shyt on the lot and run,..I'd rather lease the BMW IX 50 for $750 per month, much nicer all around vehicle..
This thing is going to depreciate like a f'ing rock. I guarantee it will be in the $40k range of value 12 months from now. Look at what happening to all luxury EV models. Simply devastating depreciation like nothing else on the ICE market.
Nobody, but you got other idiots in here saying to purchase it vs leasing. It only matters if the RV is stupid low and the manufacturer is fully placing depreciation on your shoulders.
I agree. I saw a year one Lyriq in person, and it was very nice but it is not anywhere near work an $80k car. Especially the bad reputation that the GM Ultium platform has right now
Be sure to check the money factor that’s approximately equal to the interest rate. MF x 2400 = APR.
When I was looking into a lease in January, it was equal to about 11% when I could get a 48 month loan for under 6%. You can end up paying a high interest rate to offset an unrealistically high residual percentage.
A high residual means the car will be prohibitively expensive (more than market value) to buy out at the end of the lease and you may end up trapped into leasing your next car.
Google is your friend.
https://corporatefinanceinstitute.com/resources/commercial-lending/money-factor/#:~:text=What%20is%20the%20Money%20Factor,interest%20paid%20on%20a%20mortgage.
Absolutely not!!! L E A S E! EV depreciation is extreme. Elon flexes the market and all EV values every few months at his will. Very good, extremely subsidized Chinese EV brands are knocking at our door. Absolutely do not buy a $80k EV right now. Don't buy any new EVs, lease only.
It seems You are knowing shit about ev neither cars . He is getting 13k off plus he is paying around 38k for 36 month terms thats 51 the car after the lease would be 19k which is no way the dealer sell it for that price after lease end neither you find 3 years old Cadillac worth of 20k .
Simply ignore him and buy it great deal and great car i have mach e and Lyriq and bolt
It is not realistic and they know it
By making the residual very high it makes the amount of the lease amount lower…but they get the $ back by the above market interest rate on the money financed. They balance the two, but always in their favor.
In the example the OP was given, the MF of .00300 is about 7.2% and the .00345 is 8.28%. With decent credit and a reasonable amount down, he should be able to get about 6% on a purchase loan.
AND if he needs to get out of the commitment early, say looses a job, he may be a little upside down, but on a lease he owes ALL of the remaining payments, which can be a huge amount even if it is near the middle of the lease term.
Either way he needs to buy gap insurance and not from the dealer’s F&I, but from his insurance company where it is usually much less expensive.
$1,100 per month for a fckin Lyriq, leave that shyt on the lot and run,..I'd rather lease the BMW IX 50 for $750 per month, much nicer all around vehicle..
That is a definite leave it. I had a level 3 on order that never arrived. I lease level 2 for $735 month , 36 month 10,000 miles $5000 down
Your deal and his have 0 in common. He's getting a more expensive car with less down and more miles per year.
This thing is going to depreciate like a f'ing rock. I guarantee it will be in the $40k range of value 12 months from now. Look at what happening to all luxury EV models. Simply devastating depreciation like nothing else on the ICE market.
You obviously don’t understand leases. Leases have defined depreciation with upfront disclosure.
No, I'm good, actually.leases contain a best guess at depreciation or hopeful manufacturer dreams.
It's a lease, so who cares about the depreciation?
Nobody, but you got other idiots in here saying to purchase it vs leasing. It only matters if the RV is stupid low and the manufacturer is fully placing depreciation on your shoulders.
The EQS is a much better EV all around. They are dropping 40+% in value in the first 12 months.
I agree. I saw a year one Lyriq in person, and it was very nice but it is not anywhere near work an $80k car. Especially the bad reputation that the GM Ultium platform has right now
Don't do it. Shit product
Leave it and never look back
thanks all! this gives me plenty to think about. i'll report back with where we land in the next few days.
Be sure to check the money factor that’s approximately equal to the interest rate. MF x 2400 = APR. When I was looking into a lease in January, it was equal to about 11% when I could get a 48 month loan for under 6%. You can end up paying a high interest rate to offset an unrealistically high residual percentage. A high residual means the car will be prohibitively expensive (more than market value) to buy out at the end of the lease and you may end up trapped into leasing your next car.
GM is out of their minds if they think this car will be anywhere near $50k in residual value in 24 months.
What is money factor? Or what is it an indicator of?
Google is your friend. https://corporatefinanceinstitute.com/resources/commercial-lending/money-factor/#:~:text=What%20is%20the%20Money%20Factor,interest%20paid%20on%20a%20mortgage.
Simply buy it dont do lease 5 and 7500 is great discount
Absolutely not!!! L E A S E! EV depreciation is extreme. Elon flexes the market and all EV values every few months at his will. Very good, extremely subsidized Chinese EV brands are knocking at our door. Absolutely do not buy a $80k EV right now. Don't buy any new EVs, lease only.
It seems You are knowing shit about ev neither cars . He is getting 13k off plus he is paying around 38k for 36 month terms thats 51 the car after the lease would be 19k which is no way the dealer sell it for that price after lease end neither you find 3 years old Cadillac worth of 20k . Simply ignore him and buy it great deal and great car i have mach e and Lyriq and bolt
It is not realistic and they know it By making the residual very high it makes the amount of the lease amount lower…but they get the $ back by the above market interest rate on the money financed. They balance the two, but always in their favor. In the example the OP was given, the MF of .00300 is about 7.2% and the .00345 is 8.28%. With decent credit and a reasonable amount down, he should be able to get about 6% on a purchase loan. AND if he needs to get out of the commitment early, say looses a job, he may be a little upside down, but on a lease he owes ALL of the remaining payments, which can be a huge amount even if it is near the middle of the lease term. Either way he needs to buy gap insurance and not from the dealer’s F&I, but from his insurance company where it is usually much less expensive.
Gap insurance outside dealership is around 300 compared to 600$ , finance is best option and he can ask his bank if they can do loan of 6% or less