Is leasing an Emira a good idea?

[Kalel]

Hey all, I looked and there was a conversation a year ago about leasing but it ended without much resolution.

I have never leased a car before but I am wondering about doing a 3 year lease on a left over 2024 i4. There are some deals to be had right now if paying cash but I am not sure about with leasing options.

It would get me to 2028 when the refresh will be out. It also takes away my need to PPF the whole thing. It allows me to keep cash in other interest gaining opportunities.

Just curious about if others have done this. Thanks!

 

[Emira Fan]

I've leased several cars, typically it ends up costing more, but cost wasn't a primary factor, more so piece of mind (didn't care about them). Really depends on the terms. With the cost rising on new Emira's the older ones will probably hold there value better. What are the terms? does the contract stated residual?

 

[Kimmax]

I did for 3 years and am due to buy it out in December.

I’m glad I did. If I weren’t able to get all the things fixed and the Emira turned into a reliable car by then I could just return it and it wouldn’t be my problem anymore. Now I know exactly what state the car is in, whats been done and what common fault could still wait around the corner after the warranty runs out.

I'm now certain I want to keep the car and I'm sure I can deal with whatever comes up next.
You sure pay a hefty premium for postponing your actual buy decision to a later date but I would say it was worth it.

 

[allenyao09]

I've never leased a car before either. I think it depends on how good of a deal you can get and the tradeoffs. Run the numbers and lease it if it makes sense financially.

 

[GetawayDriving]

I've leased cars, and would lease again in a heartbeat. On some cars it makes a lot of sense (EV leasing loophole, locking in liability on high depreciating cars). If you're saying leasing allows you to buy a 2024 at reduced / pre-tariff prices, than I think that also makes a lot of sense. You can always buy it out in the end, and now you've snagged an Emira for a big savings.

 

[VR1]

I suppose it depends on the residual and money factor Lotus is charging. Still, if I had to guess without seeing the numbers, I would think it would be hard to imagine that Lotus would be able to provide or subsidize attractive options on either.

 

[netsinah]

Leasing a new vehicle is a personal choice. I've never done it but (for example) my "car nut" brother-in-law always leases for 3 years, in spite of the extra cost he incurs. There's an element of gambling in it, IMO...since you're usually not sure whether the buy-out value at the end of the lease, will be more or less than the value of the car at that time (or how far apart, the numbers will be). If it's more, yes you can always just hand back the keys, but it may be a tough pill to swallow if you're still in love with a car you know well. Plus, you sometimes risk exceeding the maximum mileage allowed under the lease terms, and paying a penalty if that happens.

That said, my bro-in-law sees the extra leasing cost as justified:

1) he gets a new vehicle every 3 years;
2) he usually never buys out the vehicle at the end of the 3 years, preferring to try out something new instead;
3) most of his vehicle repairs, are covered under the "new car warranty", so he usually avoids any major repair expenditures.

He's been caught twice, having to pay a mileage penalty. And when he sees the mileage creeping up towards his limit near the end of his lease, he'll try to avoid driving the vehicle as much as possible, which then cramps his driving style.

So we're back to a "personal choice". I tend to keep my vehicles between 8 to 10 years and do most of the "out of warranty" repairs myself. My bro-in-law has had a lot more different vehicles over our driving lives, which has brought him enjoyment.

 

[sixtyy]

This car is 110K plus tax exactly as my spec. It is well worth it. I assume after 3y it will be 75K, which is 68% residue. It is good value.

 

[Tteape0]

Last I checked they had residual at 69%. Problem was the money factor was practically an 11% APR. Made the payment on a lease more than just financing it at the 5% I can get at a credit union. Curious on others experience.