Hey guys, got a friend with a 23 Traverse, currently has around 20k miles and a buyout of around $36k. He currently pays around $750 a month because he bought it during covid and just took a horrible deal.
What’s his best option for getting out of this large payment? He seems pretty convinced that he can get out of the payment and get something around $350 with $0 out of pocket but I’ve been looking for him around local dealers and there’s nothing he’s able to get into below $500. Any recommendations on super low cost vehicles with high RV he could get into for his range?
Singing up for his own LH account and asking the question himself. Historically, friends don’t take aggregated suggestions from their friends, especially when trying to “fix” a bad decision by making a worse one.
When the friend participates here, there is a better chance of them making a decision in their financial interest.
EVs and high fuel mileage cars were expensive in late 2022 but even that started to normalize in early 2023.
Sounds like your friend did little to no research, overpaid even for what the market was on those at the time, and then bought the dealers explanation of ‘well because Covid’.
Could be wrong, but it’s plausible.
Depending on how underwater, the best option here might be to just ride the lease out and be more studious the next time around.
