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Lexus Manila's leasing program

Leasing seems to be the next big thing as far as the luxury car segment is concerned. In essence, leasing involves availing of a car without actually buying it. You only pay a monthly fee for a certain period of time, and you're spared from the usual expenses that come with car ownership (like LTO registration, insurance and periodic maintenance). Of course, you also don't get to keep the car in the end, but industry computations show that a person who leases always comes out in better financial shape than one who purchases a car. That's because the former is protected against the car's depreciation over the period of time that he uses the unit.

And because luxury cars are primarily expensive, leasing is becoming a wise option among those who aren't willing (or able) to shell out huge cash up front and over time. Leasing, if you think about it, is very much like renting.

In April, BMW Philippines launched its leasing program called FlexiLease. Now, Lexus Manila follows suit with its own leasing scheme, which the company calls "The Lease of No Worries."

Lexus's leasing program--in partnership with Orix Rental Corporation--is a lot like BMW's scheme, with one fundamental difference: With Lexus, you don't have to give a security deposit (BMW requires a 10% deposit). "Our relationship is based on trust," says the Lexus brochure. "No need to deposit an amount up front."

In other words, you only have to take care of a fixed monthly rental.

For now, Lexus's leasing program is for three years and offers four models:

Lexus IS350
Retail price: P2,548,000
Monthly rental: P57,625

Lexus IS350 F Sport
Retail price: P3,058,000
Monthly rental: P68,421

Lexus RX350
Retail price: P3,898,000
Monthly rental: P84,938

Lexus ES350
Retail price: P3,528,000
Monthly rental: P78,098

At the end of the three-year lease, you can opt to either terminate the lease or renew the lease (and get a brand-new unit). If you keep renewing the lease, you will basically be renting and getting a new Lexus every three years.

So, who wants to drive a brand-new IS350 for P57,625 a month?

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Vernon B. Sarne
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