buying Lincoln and Lexus leases will get cheaper, but there's a catch
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The driving experience of your modern SUV owes a great deal to the Lexus RX. When it took home our inaugural SUV of the Year in 1999, we praised the RX for not compromising on ride quality, fuel economy, and handling the way most other SUVs did for the benefit of occasional off-roading. The driving experience of your modern SUV owes a great deal to the Lexus RX. When it took home our inaugural SUV of the Year in 1999, we praised the RX for not compromising on ride quality, fuel economy, and handling the way most other SUVs did for the benefit of occasional off-roading. The success of the RX is part of the reason your crossover doesn't drive like a shrunken pickup.
The pandemic has started to shift the way automakers sell cars as we see resources poured into and online car buying. And while companies flirt with , Lincoln and Lexus are ready to tweak the typical leasing parameters a bit.
According to a report fromlast 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 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.
Hertz will pay $650M to stall bankruptcy battle over used car fleet
Hertz wants to cancel some of its car leases, but lenders want their money, so the rental company will throw cash at them for now.Bloomberg reported Tuesday that the rental car company agreed to pay $650 million to temporarily resolve a court standoff regarding its vehicle fleet. The battle took shape earlier this month as Hertz moved to selectively cancel some lease agreements on the cars. A separate Hertz entity controls the leases and the parent organization moved to cancel some of the 494,000 leases on cars worth $11 billion. The goal was to see the company shed cars to emerge from bankruptcy leaner.
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Own a piece of America's history"If they do not now accept our terms, they may expect a rain of ruin from the air, the like of which has never been seen on this earth.” These are the famous words of President Harry S. Truman, announcing the use of the atomic bombs over Japan’s Hiroshima and Nagasaki. But long before taking the decision to use this new weapon for the first time in history, Truman had way more trivial decisions to make.