2016 Malibu Lease - $72/mo.

[Sidekicknichola]

I have never considered leasing a car in my life .... I usually buy a car used with 20-50k miles, drive it to +170k and move on... but not this time!

My wife was driving a Lexus IS350 we wanted to replace because of the miles, we did so with a 2016 Chevy Malibu we leased for $72/mo. 24 month lease, 15k miles a year.... no cost maintenance for the first year either.

MSRP - $24,660
I got the dealer to knock 8% off before incentives - $22,660
I was able to stack the following incentives
* GM Financial CCR - $2750
* Incremental Bonus cash - $575
* Bonus Tag Bonus Cash - $1000
* Volt owner loyalty cash - $2500
TOTAL - $6825 in incentives

Dealer hits it with $600 in an "acquisition fee"
New "net" total is $16,435

Residual after 24 mo / 30k miles is $15,042..... a difference from my net total of $1392. That number over 24 months + money factor + tax is $71.76

At signing I had to pay for tax on incentives I got (5.5% of $6825) + DMV fees + first months payment. So driving off I was in for ~$500.

------------------------------------------------------------------------


Two year cost of ownership is looking to be $2208. $1728 in payments + $420 in DMV fees / taxes + two oil changes in my 2nd year (assume $30/each)

 

[Herr Kutz]

I test drove the 1.5l version and the engine shutoff feature was terrible. It's extremely noticeable and cannot be deactivated.

The 2.0l turbo with the 8 speed on the other hand was very nice. I just don't understand such poor fuel economy for a 4 cylinder. I mean, 6 cylinder fwd vehicles can reach the same epa ratings as Chevy's 2.0t and the Chevy comes with 8 speeds ffs.

 

[Sidekicknichola]

We have the 2.5 liter 4cyl but in that the shutoff is really noticeable too.... I was shocked how apparent it is/was.

Beyond that and the sorta boring look of the car, its really quite nice... especially for the price we're paying. Tons of room. I've never been in a car where riding shotgun my feet don't touch the firewall carpet. I haven't driven the car in a few weeks, but my wife said she has been averaging about 35 mpg on the car, which is good enough for me.

.... the plan is she uses this car for two years, and in ~2018 we hope to find a 2016 Lexus RX350 coming off lease or as a CPO that she'll switch too. The sale of her IS350 + savings on this car should mean we can save up like 50% of the cost of the RX in these two years.

 

[Vdubchaos]

Me thinks that's an amazing deal! Congrats

How did you get all those incentives? Heck for that kind of money/deal I will buy a car today!

Also, what was the buy out price you agreed on. Sounds like it wouldn't make sense to trade that thing in.....

 

[Zivic]

Also, what was the buy out price you agreed on. ..

Im guessing 15,042

Residual after 24 mo / 30k miles is $15,042.

 

[Kaido]

Me thinks that's an amazing deal! Congrats

How did you get all those incentives? Heck for that kind of money/deal I will buy a car today!

Also, what was the buy out price you agreed on. Sounds like it wouldn't make sense to trade that thing in.....

They run specials like this from time to time, especially at year-end when they need to move out the old models. My buddy got the same Honda Civic I got, but for a $39/mo lease. Absolutely insane. It's only 10k miles per year, but he lives in the city so no worries. I think his was the same, $500 at the dealer and then just the tiny monthly fee. Pretty awesome :thumbsup:

 

[exar333]

Wow OP, nice deal!

 

[Vdubchaos]

They run specials like this from time to time, especially at year-end when they need to move out the old models. My buddy got the same Honda Civic I got, but for a $39/mo lease. Absolutely insane. It's only 10k miles per year, but he lives in the city so no worries. I think his was the same, $500 at the dealer and then just the tiny monthly fee. Pretty awesome :thumbsup:

Where do I start/sign up?

 

[Kaido]

Where do I start/sign up?

My buddy was getting emails from the dealership. I've seen some advertised for $129 & $169, but never under $100 (without a huge down payment, at least). But my buddy kept getting emails, one was $69 for a more fully-loaded one or $39/mo for the basic one. I think he's going to buy it out at the end, so he basically drives for free for the next two years haha...ten bucks a week, ridiculous! So maybe sign up for local mailing lists using a dummy account? I wonder if there's forum or subreddit that discusses crazy deals like that, maybe at Slickdeals...

 

[Sidekicknichola]

How did you get all those incentives? Heck for that kind of money/deal I will buy a car today!

I just kept my eye peeled and when I saw a bunch that would stack jumped at it. The big one was $2500 since I already own a Volt... that plus all the others meant I shoved $6800+ of incentives into 2 years, where most people stretch it to 3 years on a lease or 5+ on financing. $6800/24 has much more impact on the payment than $6800/60.

It's only 10k miles per year, but he lives in the city so no worries.

Ours would have been in the $45/mo. range at 10k miles, but there was no way we could swing that. I think 12k was do-able but 15k gives a nice bumper.


.... as yeah, the buyout should be at that residual number $15,xxx in two years.