My original contract on the vehicle ends end of this year: Dec.2022.
However, after moving to CA area from New York, I drive a lot more than used to and I have only 3000 miles remaining to reach the limit of the miles on the contract. (monthly mile is 12k)
I just had a call with MBFS and they informed buyout price of under current condition is about 30k which includes early lease break? penalty 1.4k and remaining lease monthly payments. One thing I don’t like about their proposal is that the amount of money 4.5k I did put as “security deposit” cannot be refundable as this will be early lease break case.
I got a couple of quotes from Carvana, Vroom how much value I can get if I am selling it now, and it was around 30k - 34k.
Here is my question.
Anybody had a similar cases before at the late stage of lease, need to decide either buy the car or just return it with paying some extra money for over driven miles?
I planned to move to EV after this GLC and waiting for EQE suv or polstar3 but my guess is that even if they come out on the market, it won’t be available right away to get it.
Please share your experiences and give some advice or thoughts.
Why not wait until December. The car will be worth the same amount at that time whether it is leased or owned. You can make the decision to buy it without any penalties at the residual price less the deposit, turn it in over miles and pay the fee if it is cheaper than buying-- or selling it to a MB dealer if you have equity without paying sales tax on the residual amount.
buy out price: 30k and no refundable security deposit 4.5k
when I keep the lease til end of Dec: remaining balance about 3.8k + 750 for extra 3000miles but I can get my 4.5k security deposit back (- little deep scratch on rear bumper + scratch on from rim )
I will try local dealers if they can buy it but not sure if have access to the buyout price so lower the amount they could pay.
Your buyout already has the 4500 MSD deducted. Had you not put 4500 in MSD into the lease, your buyout would be 4500 higher. I have been through this with one MB lease that I traded in, and another that I currently have.
If you want to keep the car, just wait until lease end and buy it. They will apply the 4500 then as well. If you want to get a new one, do so before you exceed miles. Talk to a dealer, not MBFS about that process.
This is peanuts in the grand scheme of things. IDK why this is driving your thinking process.
No need to do anything with the GLC until lease-end.
In the meantime, test drive some EVs and then order one. IDK why you’re fixated on EVs that aren’t even out yet when there are so many makes and models out already.
I congratulate you on getting 100% of the value out of your lease.
Many people ended up paying for thousands of miles they didn’t use, and then turned the car in at the end because they didn’t know they had other options.
In a similar situation. I live in FL and as I understand it you have to go thru a MB only. I have a GLC RWD with just about everything but a sun roof. My lease is up the 28th of Dec and buyout is $32k. I want to get a 2023 GLC mild hybrid. But they still haven’t set the available date in US. I’m thinking buying out rather than extending the lease @ $650/mt vs a home equity interest only of around $145/mt. Sell the car when the 2023 lands. As of today I only has 16k on the odometer. Pretty sure I won’t reach the 22,500 for the 3 years. At least that’s where I stand with 6mts to go.
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