August 2008 Lease Rate for 08 Lexus ES350

My Take: There is a $1000 cash rebate available for current customers on the ES350, in addition to a reduced money factor. The residual stays the same, making this lease cheaper than last month.

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  • ES350 + Premium Plus + Navi
  • MSRP $39,075 ($40,075 – $1000)
  • Invoice $34,366 ($35,366 – $1000)
  • Standard inception fees + tax not included

2008 Lexus ES350 Sedan
24 Month – Residual 57% of MSRP – .00065 Base Rate
36 Month – Residual 50% of MSRP – .00065 Base Rate

24mo Payment: $517 at invoice, $717 at MSRP
36mo Payment: $433 at invoice, $567 at MSRP

Check out last month’s numbers:

24 month payments: $574 at invoice, $775 at MSRP
36 month payments: $476 at invoice, $611 at MSRP

That’s about $40+ less per month on the 24mo and 36 mo leases compared to July. Obviously, the $1000 rebate is what’s helping drive the payments down. Even without it, you should see some savings ($15 less on a 36mo lease). So what does Edmund’s TMV say? They say that the ES350 goes for about $36,366, which is about $1k over invoice. So I think best case scenario is $1000 over invoice, minus the $1000 loyalty case (if you are a current customer) and you get invoice, which on a 36mo/15k lease it’s approximately $462. Knock it down to a 12k mile lease and you’re looking at $440 a month.

* Residuals posted are for 15K miles/year. Add 2% to Residual for 12k mi/yr and 3%
for 10k mi/yr on all terms

8 thoughts on “August 2008 Lease Rate for 08 Lexus ES350

  1. This post is very helpful to me as I am considering getting an ES 350 this month. I know it’s not sporty but I have come to realize that what makes for a fun test drive may not be the best commuting car in heavy traffic. I will probably get this car, a C300, a TSX or a TL.

    What I don’t understand is the low residuals. I thought Lexus vehicles really hold their value better than many other cars. But these residuals make me think I was wrong. What am I missing?

  2. Glad this helps. At this point, pretty much every manufacturer makes up their residuals. It does make sense in a away. For them, making residual values low means you pay them more. When they get the car back after 2-3 yrs, they will probably sell it for more than the residual value indicates (as a CPO more than likely), win-win situation for them it seems.

  3. Thank you G. I plan to buy so I wonder which of the 4 cars I am considering would hold its value the best.

  4. No problem. I think I would personally stay away from the C300. I do like the car a lot, but it’s a first year model. I would lease it, but I don’t think I would buy it. I think the TL and the ES350 will probably be your best options. They make good commuting cars because they are smooth, quiet and well-appointed. I like the TSX, but has a rougher ride and is not as quiet. Because they have been around for some time, they will probably hold their values a bit more.

  5. David, I would also check out the A4. Leases well. Very good car and the maintenance warranty helps counter the querkiness you sometimes get with a German car.

  6. G: Why would you lease the C300 rather than buy it? The C300 is new but has been out more than one year. MB has sold more than 300,000 of them worldwide and they seem to be good cars. But I am tempted by the ES350.

  7. David: I’m always weary of 1st year models, specially with a company like Mercedes since they don’t made the most reliable cars. My aunt has had 2 thus far and they are always in the shop. I don’t know, something about German cars that break often. Surprisingly, I didn’t have too many issues with Audi. The biggest one was a blown coil pack, which was rather common for the 1.8T. Other than that, it didn’t have any problem. I think you will save yourself more headaches by going with the Lexus. After all, we pay for the car to sit in our garage, not the dealer’s.

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