I currently have 2011 honda crv(paid for in full) and 2021 bmw x7 (leased, ends in may 24). I am trying to figure out what are my options and what seems most logical from money perspective to do with my situation. I am looking to replace the CRV as its old and we could use some of the newer tech, however we’d like to get something in that size and i was looking into replacing it with an EV as the CRV is mostly used for local driving, kids activities, shopping, etc. In regards to the X7, i am again looking at the market now and its really expensive to lease one and may just turn it in or buy it out and sell it if there is money to be made. The X7 is used as a family vehicle for long trips and me being a car guy, I like to replace the car with newer and different model (prior to x7, we had xc90). I guess my question is what are my choices for now or should i not do anything now and wait until the lease ends and figure out then? just trying to see what are best options to explore and think of financially
The Pro to waiting and replacing 2 Vehicles at one is the flexibility, you potentially can utilize a BMW loyalty credit & get a smaller electric vehicle…then shop a 3 row SUV completely separate.
The con would be waiting an additional 8 Months (doesn’t seem like a big deal) & having 2 down payments / out of pocket expenses at once.
ID4 is probably a good replacement for the CRV if you’re planning to replace it with an EV.
I love the X7, but they’re expensive, and I don’t remember ever seeing any deals as good as the XC90. I think aronchi always has good deals on the XC90. IOC is doing 9% off X7, but it’s still pretty pricey. GLEs are also very expensive with no good lease deals. Q7 is ok, but most people don’t consider it in the same category as the X7.
The other option is to get an iX electric to replace the CRV, but then get a cheaper gas car like the Mazda CX-90 PHEV or Jeep GC PHEV for road trips.
I completely get that at some point the cost stops making sense, or even becomes absurd, even when it’s not an affordability issue.
But it would help to know roughly where your line is, say for total lease cost for a given term and mileage requirement for the replacement on this one.
You can always revise the target if it doesn’t yield desirable choices.
test drove the id4, didnt really like…the best of all the EVs was ioniq 5 but concerned about cooling replacement costs and its hyundai so not sure of relability…my intent is to buy/own the EV and have the big vehicle for trips and change every few years
ix is too expensive as a lease and to buy as well…i am trying to be around 40k for a car to own and move around locally and the leased vehicle with all in around 1k/mo (i know its a challenge as i am in MD and we get taxed on sale price)
If you just want an around town type EV but didn’t like the ID.4, try the Audi Q4. It’s on the same platform, but Audi has made some slight adjustments to address a lot of the issues people have with the ID.4 (in particular the touch capacitive controls).
Q4s lease well (for now) and the commitment is short (usually 24 months), and VCI passes the $7500 along as a capitalized cost reduction.
Respectfully, from my view you have this backwards. The 3 row family hauler segment rarely (if ever) leases well, setting aside MD taxes and leasing.
I’d consider dumping both, buying a Palluride or Minivan or something that fits that need, wrap it in an extended warranty if needed, and use that for road trips. The CRV sized segment and comparables are likely to lease better, but if you want a gadget car or a 24 month fling with something it’s not encumbered by the space/size need.
I wouldn’t advise buying any EV right now specially if u dont qualify for the Fed credit. Leases seem to be great right now so just lease one and test it out for the 3 years. You will always have the option to buy it out 3 years down the road. Who know what will be going in the auto market by then. As for the X7, you have some time so just wait it out. The new LCIs seem to be having a lot of issues related to softwares. When you close to expiration, check on the X7 then, I wouldnt worry now. Good luck bhayya
Agreed, but the small suv is for wife and I won’t be driving it…when I drive I am looking for large suv as I am big person and need more space and also i need something fun
Wait with X7 until better times. You can start looking now, but paying double or triple of what you probably are paying now just to drive a couple of years newer car does not make much sense.
As to CRV, you can sell it on cars.com or autotrader.com. Take 20 pictures of it, close ups and full body. If car has any defects/dents/rust take a clear picture of those, transparency will save you a time by setting clear expectations and drawing serious buyers who are looking for what you have.
You can get OK deal on MB EQB right now, assuming you are into EV. They get $7500 EV lease rebate. You can get additional cash bonuses/discounts if you are a member of SAM’s Club and have AmEx credit card. With $10,000 off MSRP, even with current rates, you can get relatively OK lease deal on it, and the MF on it is also one of the lowest when you compare to GLE and some other models.
Did you talk to BMW about extending the lease? I would buy time on the X7 and lease the EV with plans to buy the X7 replacement. As others have said, 3 row vehicles don’t lease well.
If you don’t qualify for the $7500 rebate, why not lease a fancier EV? Audi Q8, MB, maybe the Ioniq, etc. Ford will have to do something to move all the Mach Es as well.
Extend your X7 lease and start looking for a purchase deal. As others have said the Telluride, Pallisade or Pilot are all very nice.
