Hi all, I’ve been lurking but not very active since October of 2019 when this site helped me with my first lease - a 2019 Ioniq Electric Limited.
At the time, I had no intention of getting a vehicle like that and actually came here looking for luxury SUV options. However, when the option came up and I looked at the numbers, the Ioniq made a lot of sense.
I ended up signing on for 36 months, 36,000 miles at $172.44 per month with nothing but first month due at signing. At the time I was driving about 9k miles per year just to and from work and had the ability to charge for free at work. The gas savings alone from not driving my truck covered the lease payment, not to mention the more comfortable ride and reduction in wear and tear on the truck and it’s expensive tires and oil changes.
Anyway, 5 months to the day and 4K miles after taking delivery, COVID came along and I commuted to work for the last time. Now it’s 10 months and 1k miles later and the car sits most of the time. I also just learned that I will be working from home for at least the next 6 months. With the commute continuing to be out of the equation, I see myself driving the car no more than 500 miles over that period of time and I could easily just shift that over to my truck. This makes me question whether I should continue paying for a vehicle I’m not using.
I’ve requested quotes from Carvana, KBB, etc a few times over the past few months and the numbers were never great. I just checked again, and they’ve gotten much worse. The exception is VROOM, but I feel like this is an indicator that now is the time if I’m going to get out.
My payout is $21,578.42. VROOM offered $19,961.00. This leaves me upside down by $1,617.42. I’m not thrilled about paying money to give up my use of the vehicle, especially considering it started out at as such a good lease deal. But, I also feel like I’m throwing good money after bad if I keep it. Between the lease and insurance, it’s costing me $231.90/mo for the car to sit in the garage. Assuming I return to the office in 6 months, it’ll cost me $1600 to keep the car sitting until then, which is a wash with dumping it. The obvious difference between the two is that in one case, I still have the car and can continue to drive it at a cost of $232/mo. But, there’s also the possibility that I won’t return to the office or at least not full time, and at that point there is no way I’ll have enough value to get out for less then the remainder of my payments.
In summary: I know I won’t be driving the car for at least 6 months and during that time I’m going to have to shell out $1600 no matter what. If I keep the car, I’ll be guaranteed the ability to continue to drive it in 6 months at a very reasonable price, but I may end up wasting more money if I don’t start driving again. If I dump it now then I lose the guarantee of a low cost vehicle, but I eliminate the concern of continuing to throw away money and gain the option to try to get a good deal on a new vehicle. Even if I can’t get a deal, I do have a vehicle to drive so I won’t be stuck.
If you’re still with me, what would you do?