I am here in Florida. I leased a Volvo S60 Inscription last year for $426 on 15k miles a year. 3 year Deal. With 1000$ down. I know I could of got a better deal last April it was my first time using this forum. Anyway I see Carvana is offering me 32K to trade in my car. It only has 5500 Miles on it after a year. Screwed myself with the 15k miles thought I would be driving to work everyday.
I’ve been browsing the web and I cant seem to find any good deals. With Carvana I’d have around 15k money back after pay out. Is there any similar mid-luxury deals to be had or just keep my lease. With a 15k payout I think I can get some good money and apply some to a new cheaper lease.
I think the market is wonk, sadly
Even if we ignore the fact that carvana can’t buy your car off lease, your numbers are way out of line. If they’re offering you 32k, that means your payoff is 17k. Something is very off
Maybe I did it wrong. My remaining lease is 9k in payments. I just relooked my purchase at lease end is 22.3K. So I would get back 10K. I put the 22.3K in.
but you wouldnt b/c that 9k in payments doesn’t magically go away. s60s are worthless.
ah so I have to pay the 9k out and the 22.3K so effectively I’d only get about 1k.
No, because you’d have to pay taxes and such too to buy it out.
no. you’d also pay tax on top.
ugh i hate you for beating me.
You need your payoff from VCFS, not your residual.
And only you can buy your lease out early from Volvo
Yesss sir …. It would be Amazing if the 9k in payments would go away magically
got it so basically sit tight. I forgot about the lease buyout.
maybe sit tight, maybe not. What is your current payoff number to Volvo as of today? Get offers from 6-7 other companies too besides Carvana. With that info it may give you the knowledge you need to negotiate selling your lease to a Volvo dealer.
Volvo dealer can’t purchase the lease unless it’s being traded in on a new volvo.
That’s where I was going, but probably could have used the word trade instead of sell.
Unfortunately, it’s a story of welcome to it’s not 2019, or 2020 or even 2021 anymore
That is unless you want a Frontier or want to order a Wrangler 4xe.
OP it’s not just the market that is wonk. Your math is also wonk. You have zero equity in that Volvo. But that’s much better than being thousands negative if the market was not wonk.
$426 for 15k miles/year is not bad at all. You wont get anything close to that number for a premium car. You should be thankful you did before the market went crazy and drive it happily.