Lease A Soulful And Passionate Maserati For Austere BMW Money ($650/Month, $0 Down) (Expired)

If you've always wanted a Maserati, now is a good chance to lease one.

There once was a time when the cheapest Maserati started at $126,000. (A mere three years ago, when the Italian carmaker sold all of 6,159 vehicles in 2012). Times have certainly changed, as now Maserati wants a slice of that mainstream luxury car pie. The goal? 75,000 vehicles per year by 2018.

The brand's most important entry is the Ghibli, their answer to the ubiquitous Mercedes-Benz E-Class and BMW 5-series. Starting at $71,850, it's priced higher than the Germans but promises to offer exclusivity, style, and yes, clichéd Italian soul and passion.

Since the majority of luxury cars in the U.S. are leased, offering a mainstream leasing option is crucial. Fortunately, Maserati has partnered up with Ally (formerly known as GMAC) to offer competitive lease rates. With Maserati's move into the mainstream, customers can say goodbye to the ridiculously low residual values and sky-high money factors that used to afflict Maserati leases.

Here's what you need to know.

1. The Lease Program Is Genuinely Competitive

Ghibli's lease sweet-spot is either the 36-month or 39-month program. Most dealers will advertise the latter, since the payments end up being a little less. Bear in mind, however, that you'll have to pay an additional year's registration ($600 or so) with the 39-month option.

Here is the lease program for November 2015. The numbers are the same for both Ghibli and Ghibli S Q4:

  
    2015 Maserati Ghibli - November 2015
  
    Months
    Interest Rate
    Residual
  
    36
    0.1% (.00004 MF)
    50% of MSRP
  
    39
    0.1% (.00004 MF)
    48% of MSRP

The residuals above are for a 10,000 mile per year lease. The mileage offsets are higher on Maserati than with other brands: subtract 2% from the residual above to get to 12,000 miles per year. Add 1% to get to 7,500 miles per year. Choose carefully: the mileage penalty for going over the allotted mileage is steep: $0.60/mile (most luxury brands charge $0.25/mile).

With an interest rate of 0.1% (Ally uses interest rates instead of a money factor), you'll pay practically nothing in finance charges. The rate requires excellent "S Tier" credit. If you qualify, leasing seems like a no brainer -- especially on a car like this, where it's nice to have someone else taking on the risk of depreciation.

2. Expect To Get Huge Discounts Off MSRP

Dealers on a popular car buying website (it rhymes with BlueBar) are promising selling prices of at least 15% off MSRP. On Maserati forums, recent lessees have reported as much as 20 to 25% off MSRP on 2015 models. It sounds like a lot, but inventories are high in certain regions (e.g., Southern California) and the cars are just sitting there.

Note that manufacturer-to-dealer incentives are much higher on the 2015 models than on the 2016s. Owing to excessive supply, Maserati is poised to cut back on production next year. So if you've always wanted a Maserati, now is a good time to get one.

3. Putting It Together

Here's an example of what you might expect on a decently equipped Ghibli with an MSRP of $77,795 and a selling price of $61,500 (21% off MSRP).

After a $795 acquisition fee, the net capitalized cost is $62,295. Ally Bank estimates the car will be worth $38,898 (50% of MSRP) after 36 months of use at 10,000 miles per year. Therefore, the total depreciation expense is $23,397, or $650 per month.

At 0.1% interest, the monthly finance charge will be a mere $4 per month. The total lease payment? $654 per month + tax.

This sample assumes $0 capitalized cost reduction (a.k.a., down payment) with first month's payment and license/registration due at signing.

  
    2015 Maserati Ghibli - Sample Lease
  
    MSRP
    $77,795
  
    Selling price
    $61,500
  
    Acquisiton fee
    $795
  
    Net capitalized cost
    $62,295
  
    Residual (50%)
    $38,898
  
    Total depreciation
          $23,397
      
    MONTHLY DEPRECIATION
    $650
          
    MONTHLY FINANCE CHARGE
          $4
            
MONTHLY LEASE PAYMENT
    $654

Leasehackr Score: 9.9 years
Valid through November 30, 2015

Customize Your Ghibli Lease

MSRP:

Sales Price:

% off MSRP

Taxed Incentives:

e.g., cash-back offers, loyalty cash, bonus cash. Most states treat customer cash rebates as a capitalized cost reduction, which is subject to sales tax.

Untaxed Incentives:

e.g., manufacturer-to-dealer cash rebate or if you live in a state where customer cash rebates are not taxed.

Acquisition Fee:

A.K.A. "Bank Fee." It is set by the leasing company. Some dealers mark up this fee to make additional profit for themselves. You can negotiate the fee back to its original that we are showing here.

Down Payment:

Not recommended

Net Capitalized Cost:

Residual: %

( miles/yr)

Miles/yr:

Adjusting the miles changes the residual(%).

Money Factor:

Months:

Monthly Payment (Excl. Tax):

Doc, Registration, License Fees:

Fees due at signing

Sales Tax: %

Tax your state, county, and city levy.

Tax is levied on the monthly lease payment (most states).

Tax is levied on the sales price upfront (e.g. VA, TX, GA).

Tax is levied on the total lease payment upfront (e.g. NY, MN, OH).

Monthly Payment (incl. tax):

Drive Off:

1st month's Payment incl. tax:
Down payment:
Registration and doc fee:
Total MSD Payment:
Tax on incentives and down payment:

1st Month's Payment:
Down payment:
Registration and doc fee:
Total MSD Payment:
Tax on the Sales Price:

1st Month's Payment:
Down payment:
Registration and doc fee:
Total MSD Payment:
Tax on the total lease payment:
Tax on incentives and down payment:

Leasehackr Score:

The number of years it would take for the accumulated monthly payments to exceed the MSRP. The higher the number, the better it is to lease as opposed to buy.