(FORTUNE Small Business) – When a new car arrives on the market, deals can be hard to find because supplies are short and demand is pent-up. But if you're willing to wait a few months, you can often find some bargaining room on vehicles that deserve your attention--though not such a high sticker price. Two new German luxury sedans, both on the market for about six months, illustrate the point nicely.

First, the Volkswagen Phaeton. You've probably heard about it--the first-ever luxury offering from VW. The Phaeton arrived in the U.S. late last fall and has been slow to catch on, despite a national ad campaign, good reviews, and VW's modest expectations of selling or leasing 3,000 cars a year in the U.S. It seems buyers can't get their minds around paying $64,600 ($72,365 for the version I test-drove) for a car from a company that also sells the New Beetle and whose name translates as the "people's car." I sympathize, but they're wrong. The Phaeton is a superbly if conservatively styled car with the handsomest interior in its class. It flaunts the usual upscale features (leather, hardwood) and adds some of its own: full-time all-wheel drive, four-zone climate control, and--most appealing--freedom from the pretension that sometimes accompanies other German makes.

To ease the sticker shock and entice shoppers who might be on the fence, Volkswagen has started offering some unusually attractive lease terms. You can get a three-year lease on a Phaeton for $698 a month if you drive 10,000 miles a year, or $748 a month if you plan to drive 15,000 miles. There is one catch: The lease is a good deal only if you turn the car back in after the three years are up. If you decide to buy it, you could get stuck. Automotive Lease Guide estimates that the Phaeton will be worth only 41% of the original price after three years of ownership. Most luxury cars are worth 50% or more after that interval.

To see what a bargain VW is offering, compare the Phaeton with another German luxury car that arrived in the U.S. last fall, the BMW 530i. It carries a base sticker price of $44,495--some $20,000 less than the Phaeton, yet the lease terms were similar. A three-year, 15,000-mile lease on a 530i will run you $727 a month. (And for the record, the fully loaded price on the 5 Series I drove seems steep at $56,145, given that the car is powered by a mere six-cylinder engine. For what BMW is charging, you could buy a smaller 325i and have enough left over to get a Mini Cooper.)

To be sure, the prices of BMWs reflect their popularity and proven quality. Sales of the 5 Series cars were so strong earlier this year that dealers could keep only enough cars on their lots to fill demand for 15 days--less than half the normal inventory. BMW sells more 5 Series cars in a month--some 4,000--than the number of Phaetons VW hopes to sell this year.

But if you're less interested in BMW's status and more interested in leasing a well-engineered German luxury car, consider dropping by your Volkswagen dealer. Chances are he'll be glad to see you.