Residual value of leasing an Air Touring with credits

[par11768]

I you have a 0% lease then you are just paying depreciation and no interest, (Cap cost less residual)/18 If they set the residual lower, your monthly lease payments would be higher because you have to pay more depreciation. If you purchase the car at the end of lease, the total of your lease payments plus the buyout should equal the cap cost. You can pay more now or later. If Lucid underestimated depreciation and the car is worth less than the buyout, you may be able to negotiate with them to purchase it at market value. If the car is worth more and you buy it, you come out ahead.

 

[momo3605]

I just signed the contract on a Lucid Air Pure. The residual after 18 months is approximately 60% which appears to be very high ($53K). Gross cap cost is $88. I received a total of $16.5K in discounts/incentives. Should I attempt to negotiate this number now with Lucid financial or wait until the end of the lease? I am interested in purchasing the car at this point based on my experience over the term of the lease. It's with 0% MF so leasing was a no brainer for me and I put $0 down.

Lol you think your residual is high? My 18 month touring residual is 73k. They won’t negotiate at this stage. Maybe after the lease is up they may negotiate if they don’t want to go bankrupt on the lease returns lol

 

[kpbhat]

So I talked to bank of america today (which is handling the leasing).
Seems like the rep was right about credits not getting applied on the residual value at the end of the lease.

Down - $0
36 months, 7500 miles, $0.25/mile after
Monthly - $1,501.98
Due at signing - $6,107.62
Includes title, license and registration, first lease payment, cap cost reduction
Residual - $55,015
Total cost of leasing - $113,700 (If I buy after 3 years)

If I finance the car for 3 years
Rate of interest - 5.5%
Length of loan - 36 months
Monthly payment - $2,578.73
Tax, registration at 10% (seattle) - $11,200
Total cost of financing - $92,850

Seems like financing is $21k cheaper which will cover any amount of depreciation after 3 years.
Am I missing something in my calculations?

I got mine on lease and my residual is 65k. Capitalized cost was $117.5k. When I did my calc, it looked like the interest portion for 36 month was barely 5k. I went for leasing as the effective int rate was about 2%pa. Their lease deals are very good. I think they are trying to push out more vehicles on road and this is their investment.
Purchase at 4.99% and paying interest on entire value of car didn’t make sense and I would have paid $500 more each month to arrive at residual of about $57k. I have to check my xl sheet. I went with leasing as I was paying a lot more in interest and higher emi.
You should apply and look at the actual calculation they provide Their online tool is also very helpful.

 

[par11768]

If I plug your numbers into a financial calculator 84,400 financed for 36 months at 5% with 0 down, the monthly payment is $2529. 54 not $2724?

 

[kpbhat]

Hi, I currently own a Model 3 which I am selling. Booked a 2023 Air Touring with DDPro, SoundPro, Glass roof, Cosmos silver and santa cruz.
I am keen on leasing to get the 7.5k (6.5k actual) EV credit but my sales rep told me (after I asked) that the option to buy after the lease term will not honor all the credits I am getting right now. So the residual value will be based on market condition on the original MSRP, which is like 22k more than the discounted price).

Is it true? Does it make more sense to finance now (5.0% APR) and sell after 3 years? I will be getting an SUV (preferably Gravity) after approx 3 years.

My ordered config (see screenshot):
Cosmos Silver Metallic, Santa Cruz Leather Interior, 19” Aero Range Wheels, Platinum with Glass Canopy and Dual Motor, All-Wheel Drive
DreamDrive Pro, Surround Sound Pro
MSRP - $111,700

Credits:
Air Credit - $7,500
Pro Credit - $11,900
Conquest Credit - $2,000
EV Credit - $7,500 (6,500 actual as Lucid charges around 1k for this). Only possible on leasing.
Referral Credit - $1,000 (I hope this is still valid. Advisor told me he can apply referral)

Not sure if you have already decided or not. Just checked Lucid website. Same config for touring is showing $90275. Lease cost is $1003 for 36 months with $4003 down. 2.99% apr is the rate. And this is before they apply conquest credit for your Tesla. Not sure if they give it to model 3. Looks like a solid deal to me