Leased a G70 3.3 back in November because my Mercedes lease ended. Truly not happy with the car due to some features and gas mileage. $54k car for $658 per month with $0 DAS (true zero drive off) was appealing. Plus I made some money from the Mercedes.
Now I want to get rid of it, but I can’t do a lease transfer. The buyout (excluding taxes) is $51717.86. Do you think I have a shot to break even?
2022 Genesis G70 3.3t Awd 11/19/2021
How much did carvana/carmax/etc offer to pay to buy it? How does that compare to your payoff after taxes?
Assuming Genesis dealers can buy leased Genesis cars (check this) get a quote from Autonation and see if you can break even. Also start thinking about a car you won’t hate.
Waiting on Autonation quote, but was quoted offers from many other companies. Rage is $40k-$50k due to the data being limited. I heard they are selling for over MSRP in Florida and on the West Coast. This may not be true, but if they are, then I have a better shot of trying to sell it there to break even.
Not sure there is a car in this current market. Would like to order an M3 Comp AWD and sell this after. Or sell this now, buy a used car and trade that in when getting the M3. And yes, I know the price on them, but I would rather spend more and enjoy it. I am not tight on budget, just cheap.
$40k to $50k. With taxes it is $56k to payoff car. I actually have had the most success with a place called CarShop in PA. They are owned by Penske. Did my homework, but was hoping that I could get some input from different parts of the country. To pay $1k to ship and break even is fine by me!
Is the $50k offer from a Genesis dealer? Or what’s the highest offer from them? $1700 to drive a car for 5 months is not bad. Sell and move on.
Keep in mind that I have made 4 payments of $658. It was a third party affiliated and allowed to buy out Genesis. My effective monthly payment if sold would be about $1,083…
True, I forgot about the payments you made. Looks like you need to sell for Msrp to break even.
The buyout price or I’m negative
If you have to buy this car and sell to a third party, you’ll have to pay the taxes. Have you done that math?
I think getting a Hyundai or Genesis dealer to buy it for that payoff is…optimistic.
If you have not obtained quotes from all of them, I would do that and see where you might have any leverage.
Please check my earlier posts. I have requested all information. My thought was other markets were hotter than the northeast. Aside from that I can probably get rid of the car in a month or two with no loss.
I read them all before I replied. GLWYS
Here in South FL, they are definitely being marked up from MSRP. I walked in to a dealership yesterday just to test drive the car (literally haven’t been able to test drive ANY of the cars I’m looking at except for one due to inventory shortages) and the salesman provides me with a worksheet after the fact showing a $3K markup plus jacked up MF. Same dealer was putting a $10K markup on a pretty bare bones M340i and $50K markup on an i4 M50.
FYI, I did a quick search online for G70s and saw some other dealers in other states also are marking them up, as well.
What do you not like about it, aside from the MPG? Curious, as this was at the top of my list before the market went crazy.
Try rodo. I sold my Genesis to them without taxes so they must have a Hyundai dealer in their network.
Update - Highest offer from anyone is $50k and buyout is $51.7k. After a few more payments if market stays the same I can unload it then.
That’s a big “if”.
From someone that can buyout the lease or from someone that you’ll have to buy out first to sell to?
For a genesis gas guzzler 3.3t in this climate?
Good luck that is more then wishful thinking
Big is an understatement…