Just Leased A Used Lexus!

[Jimmothy]

Just entered into a lease for a pre-owned 2009 GS 350 AWD fully loaded (i think - it has nav system, dvd, special sound system).

Based on a cost of $27k, certified for 3 years. Residual value assumed to be $18k.

Lease for 24 months.

$5k down, $335 a month. 15k miles a year.

What do you think? Did I get fleeced or a good deal?

Still trying to decide. I wonder what sort of lease I could have gotten on a new car instead.

Thoughts?

[Jimmothy]

Oh yeah, 44k miles on it now.

[pj8708]

Hi Jimmothy and welcome to the Lexus Owners Club.

It sounds like a case of buyers remorse, or at least, wondering if I pullled the trigger too soon.

No one can answer your question except you. Your opinion is the only one that can determine if you paid to much, to little, or should have look around some more. That's why I started to get out my calculator but realized regardless of my crunching, it would only make you happy or disapointed.

The real problem that made you ask the question is that it appears you did no research at all before you hooked yourself up on a used car without knowing what a new car would have run. My personal experience has been always lease new. You retain as much as possible of the cars original value, (as shown in the residual value number). And by the time your finished with the

GS, it will have 77,000 miles on it and be a 7 year old car. Not trying to be negative but I would make sure your lease has the residual value written in as a guaranteed amount versus a "approximate", or "variable". Also, make sure you can stay within the milage limate of the lease. The cost of the overage mile can really add up.

Do some more home work and if you think you made a bad decison, my state at least, allows the customer a certain number of days, (I think it's somthing like 15 days) to change their mind and break the contract.

Check it out. All this being said, it sounds like a nice ride.

Paul

[SW03ES]

Its pretty unusual to see a lease on a used car nowadays, VERY few banks will do them anymore. Lexus Financial for instance will not.

Hard to say whether it was a good deal without more details. I wouldn't have put the $5k down...

[denslexusgx470]

First of all, congrats on acquiring a Lexus! As far as leasing a used vehicle, I've never heard of any financial institutes around my area that will lease a used car, not even a CPO (which is practically a "new" Lexus just with some miles on it but has an extended warranty). IF leasing a used car was an option available to me, I would do some heavy home work and research before pulling the trigger... But what matters in the end is that you're happy and satisfied! It's an opinion that some will agree on you and some won't, no matter if you loan or lease a new or used car.