They’re charging that money factor and wanting 800+ credit for the best deal….. insane! That money factor belongs to someone with a credit score of 600
Totally agree with you. If the lease prices don’t change, then will be canceling my day 1 order and just wait to see if they get better. Then will see if any changes happen with the Air this year too as I do prefer sedans, but wanted the newer tech in the Gravity and NACS. I would not want to buy an EV anymore, as the resale value just plunges too much and I just don’t keep cars long enough to take accept that steep depreciation.
8+% is absurdly high. Lucid clearly has “excess demand” at the moment and is understandably trying to monetize that. There will be many that just gotta have one out of the gate no matter the cost. I am simply not that guy. I’m no cheapo, but the initial financing options offered by Lucid, lack of any incentives and no apparent EV credit in the leasing calcs has me on the sidelines until demand softens. As much as I do NOT like our Ioniq 5, we own it outright and will happily drive it another year or two rather than throwing away $10,000-$15,000+…
Yeah im that geek, and did build a tool to weigh the costs of cash versus lease and buyout. I’m saving $6000. And thats if i dont buy out early and go the full 36 months. What i like most is that i know myself and i will likely want something else in 3 years so i have the option to not buy. Then my total cost to drive the car for 36 months/45100 miles is $32228. If i paid cash today and sold the car in 36 months/45100 miles there is no way my total out of pocket would be that low. This is another reason i may not buy the residual. Lease deals change every month, and i know mine ended on 3/31. There are different ones now, so they would all need to be recalculated to determine if they are a good fit. But the one i got, i wont be hurt by the depreciation.
How was this ascertained?
I had the BMW IX for about a year and just sold it because the Gravity is coming and I still have my Air. In my opinion the BMW was very nice but It didn’t handle all that well to what I hear from the early reviews. It doesn’t have a frunk and technology not as well laid out from what I have seen from UX 3 so far.
It’s not “fair”, but it is reality. These are the choices informed consumers now have. If the Gravity is worth $500 more a month today that’s an $1150 lease payment, not $1700, so the real question is if it’s worth $1100 a month more.
I agree. But keep in mind that my last fully loaded 7 series bmw was $1,200 a month to lease. But if you try to get one now, it will also be $1,700+ a month. All car prices and interest rates increased last 3 to 4 years.
Just looked at lease calculator with $40,000 down payment and the difference in payment from zero down is $1235 per month. Plugging that into calculator shows over 3 years it comes to about 7.5% interest. I know this isn’t exact but it is at least a baseline
You can’t guess that way. With a 60% residual, the APR is about 6%.
What's the number of years and annual mileage for that residual?
The majority of banks are sitting on underwater loans of depreciated cars from overpricing in 2022, so none of them are feeling at all friendly with loaning/leasing at this time....
True, potential owners don’t care about that though. They’ll see a $700 lease on a BMW and a $1900 lease on a Gravity and no matter how much better the specs are it will steer people away. BMW is offering 3.99% financing also while Lucid is at 6%. Lucid can have the best car on the market but they still need to be somewhat competitive in financing and leasing. I’m by no means saying like for like but when you’re coming in near double, people will walk.
Don’t think they’d really care tbh.
I did that today!! I essentially said, “if these lease numbers hold I am going to hold off on my order. These numbers are one-sided and while I don’t expect the kinds of incentives you have on Air, I also will not pay MSRP PLUS a high finance rate with zero fees incentives.”
