I’m one year into a 3 year lease of a 2024 Volvo XC40 Recharge Ultimate (thanks to Leasehackr!). 8,800 miles, outstanding condition. I want to swap this car for a 2026 Volvo EX30 Ultimate as soon as possible.
This is my first lease - I’m still a clueless newbie. I am seeking advice about how to proceed. What might I pay for early termination? Can I roll the payoff/trade/penalty into a new lease? How do I approach the dealer? What else do I need to know or I should consider?
And unfortunately you’re tied to a captive that has some of the strictest rules around. No lease transfers and no third party early buyouts, you can search LH for more feedback re: VCFS. Good luck
Buying out on your own really but that will also cost thousands in loss. I have 10 months left on my xc90 t8 and my payoff is $61400, best online offer is $35800.
Beauty is in the eye of the beholder, right? I want a smaller lighter look/feel, even if the dimensions aren’t much different. The XC40 feels somewhat ponderous compared to the EX30, and the screens… I came back to Volvo from a Tesla Model 3 because of Musk, but there are aspects of the Tesla I preferred, many of which are present in the EX30. Or maybe I just want a change?
If you’re only a year into the XC40 lease, the whole thing really comes down to what your payoff is and what the car is actually worth right now. There isn’t some official “early termination fee” with Volvo — it’s basically just whether the numbers line up in your favor or not.
The easiest way to start is to log into Volvo Financial and grab your payoff number. Then get someone like CarMax or a Volvo dealer to give you an appraisal. If they’d buy it for more than your payoff, then you’re in good shape. If it’s less, that difference ends up getting rolled into the new EX30 lease if you want to move forward.
When you go to the dealer, just be upfront and say you’re thinking about switching to the EX30 and want them to check the numbers. They’ll appraise your current car and lay everything out. Nothing complicated — it’s literally just “Is your car worth more or less than the payoff?”
Once you have the numbers, people here can help you break down whether it’s a good move or if it’s better to wait a bit. It’s not a bad idea to do the homework before you walk in, though, which you’re already doing. Good luck.
According to Edmunds/KBB/CarMax trade-in value is about the same as payoff, so it looks good, right? Private sale is quite a bit higher, but too much hassle for me.
Also send a message to vcfs while you’re in there and ask them how much to terminate your lease and return it early. Some people have reported Volvo will allow that for a negligible difference.
Apparently that isn’t always true. I was intrigued to see that the dealer who leased me the XC40 has the exact EX30 Ultra I want arriving in 2 weeks. I made an email "swap” inquiry directly to my original XC40 salesperson, copying the sales manager and financial manager (including the resale estimates from Edmunds/KBB/CarMax). Two hours later I had a signed deal. No payoff/buyout/trade-in. No inspection/grounding visit. No hassle. No penalty at all, as far as I can tell, other than receiving somewhat less favorable terms than LeaseHackr suggests I could have asked for starting from scratch. I’m happy to pay a bit more for the completely painless, quick, cordial (enjoyable, even) experience. They didn’t make me feel like the wanton, spoiled, thoughtless bougie bastard I am. Dealer says when the EX30 arrives I will drive in with the XC40, sign the papers, get the new car intro spiel, and drive home in the EX30.
For those who wonder if I am aware of the differences between the XC40 and EX30: Yes, I am. I test drove. My previous 5 year ride was a Tesla Model 3, so I am completely on board with the smaller size, fixed roof, minimalist interior, lack of physical dials and switches. In fact, those features are what’s pulling me in. The EX30 is much like my Tesla Model 3 without the lack of visibility, poor handling and Elon Musk. It drives like my wife’s VW eGolf, which I adore. Uncanny - I feel like Volvo hired Dom Cobb (Inception) to develop the specs for my dream car.
You got my number! And you’re right: BMW is very tolerant. I ordered a 2002 BMW M3 and picked it up in Spartanburg where they give you some track time. As I pulled off I saw bunch of MINIs being demoed to dealers. 6 months later I asked the dealer to swap the M3 for a MINI and they didn’t even blink. Just wrote it up.
Of course they will…and if you don’t know how to come up with and calc your own numbers it is very easy for the dealer to do for you and make big money again!
