As we’ve all seen over the last couple of months, used car prices has been greatly inflated (due to shortages related to Covid-19, etc.) and many of us have capitalized by selling our leases before the end of the term for a profit due to the positive equity involved.
Whether it was to a physical dealership, or an online dealer (like Carvana, Vroom, or ALgo), it’s certainly been a unique set of circumstances as none of us expected to make money on a car.
I think we should share some of the deals on cars we’ve sold over the last few months (and new leases to replace them, if applicable).
One note, in order not to replicate the threads about selling to Carvana/Vroom/ALgo, I think we should limit this to to deals that have occurred only over that last couple months.
I’ll begin with a template of 2 leases that I’ve sold in the last month:
Maybe I’m not getting it here.
So you replaced cheap leases with much higher priced leases on similar cars with similar MSRPs.
Doesn’t this effectively wash out the extra money you made over the course of the 36 mo. lease?
Sell Date: July 2020
2018 Mini Cooper Countryman S All4, MSRP ~$41,000
Lease summary: $325/325 DAS, 36/12
Payments remaining: 6
Carvana
Positive Equity: $250 Replaced with : 2020 Ram 1500 Laramie, MSRP $62,000
Lease Summary: effectively $502/$502 DAS (payment is $522 - $500 bullet liner - $250 bonus drive)
Sell Date: Sept. 2020
2019 Jeep GC Limited, MSRP $44,000
Lease Summary: $400/$400 DAS, 39/12
Payments Remaining: 21
Payoff: $29,000
ALgo offer: $32,000
Positive Equity: $2,925 (algo tow charge $75) Replaced with : Nothing yet looking at cars, saving on insurance/monthly payment since we only need one car atm etc.
Made out ok. Wish my countryman had a year or so left and I probably could’ve made money on it based on recent countryman deals here. Anyways my numbers could be slightly off, don’t have them logged anymore now that all the sales are finalized. Wish I had a Tacoma or Gladiator to make 5k on lol.
Well if you look closely, the replacement for #1 had a $2000 higher MSRP, and we still come out about $2000 ahead even with higher payment (so no “wash out” there at all). Of course I knew that selling high would mean the new car’s payment would be higher. In fact, I directly address it in a post here:
For #2, I made a conscious decision to get a nicer car, and after applying the positive equity and BonusDrive, the new payment is about $70 more… and I’m not sure how you figure $39k and $54K to be similar MSRPs…
Sell Date: September 2020
2017 Dodge Charger hellcat, MSRP $73,725
Lease summary: $650/$2000 DAS, 36/12
Payments remaining: (extended 1 month)
Payoff: 44,655
Sold to CDJR Dealer: 53,000
CDJR dealer sold immediately: $57,500
Positive equity: $8,xxx
Replaced with : 2006 e55 amg 58k miles $17k (seller needed to get rid of it in a hurry, current market is about $20-$22k and covid hasn’t really changed the market, these cars are $20k cars since about 2016… depreciation curve flat and trending upwards)
Also hunting for m5/charger wb/charger redeye wb lease.
Need winter vehicle/extra vehicle, will sell if I get an m5 at the right price, otherwise I’ll ride it out until December +2 month extension, normal payment is $650+/mo for one of these.
A number of data points in the Carvana/Vroom threads. I know it’s anecdotal, but I saw the Carvana/Vroom offer on my car plummet over $2000 in just a couple weeks. ALgo was still high, but I think most are seeing lower offers.
A couple of the dealers I spoke to about my new car also told me that they’re seeing prices begin to normalize.
I’ll spare you the boring mod details , but it’s making 700 to the wheels and weighs 500 lb less than the cat. Really just a transition car for me at the moment, if I lease a wb or m5 I’ll just sell this one to my dad. Great car just skittish on reliability.
, but it’s making 700 to the wheels and weighs 500 lb less than the cat. Really just a transition car for me at the moment, if I lease a wb or m5 I’ll just sell this one to my dad. Great car just skittish on reliability.