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buying Lincoln and Lexus leases will get cheaper, but there's a catch

20:56  24 august  2020
20:56  24 august  2020 Source:   cnet.com

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The coronavirus pandemic has started to shift the way automakers sell cars as we see resources poured into home delivery and online car buying. And while companies flirt with car subscription programs, Lincoln and Lexus are ready to tweak the typical leasing parameters a bit.

a car parked in a parking lot: Perhaps this will be a good option for those that truly don't drive far. Craig Cole/Roadshow © Provided by Roadshow Perhaps this will be a good option for those that truly don't drive far. Craig Cole/Roadshow

According to a report from CarsDirect last Wednesday, both luxury brands are prepping 5,000-mile lease offers. Frankly, that's pretty wild. Fewer miles boosts the residual value in the lease calculations, which spits out a lower monthly payment for car shoppers. And in today's world, shoppers often look at monthly payments more than the final, total cost.

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Using the Lincoln Navigator as an example, the website shows the lower-mileage lease cuts the SUV's monthly payment on a 36-month lease from $918 a month to $808 a month to save over $100 in the process. Of course, driving 5,000 miles a year can be pretty tough in normal circumstances.

It's not clear what Lexus and Lincoln's reasonings are behind offering this sort of lease, but it may have something to do with more people working from home and driving shorter distances amid the COVID-19 era. Neither Lincoln nor Lexus immediately returned a request for comment on the upcoming programs.

On one hand, the savings are certainly valid. On the other, if you're prepared to drop over $800 on a leased vehicle, another $100 doesn't seem like too much more to ask with more miles allotted. And don't forget pesky overage charges if you happen to drive more than 5,000 miles a year. Lincoln will ask for $0.25 for every extra mile driven, which could leave you with quite the sum to pay up after 36 months.

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This was originally published on Roadshow.

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This is interesting!