Well, my parents are looking at getting a new EV again, before the tax credits expire, but things don’t seem to have improved much. Here are the sites I’ve tried so far and only a few are decently within range of the payoff. Am I missing any of note? Thank you!
The offers I’ve received so far range from $24.4k to $32.6k, some of which are ranges. The payoff is 39.7k. 12 payments left on the lease ($841 each).
Seems like your parents missed out on the firesales of these and leased it when it first came out. My advice would just be to wait, there’s no need to follow up a bad deal with another bad deal (new lease + negative equity) because of what may or may not happen in a couple months. A lot can change in the remaining 12 months and there’s no need to rush.
EVs aren’t selling now so what do you think will happen when the $7500 goes away? Manufacturers will compensate one way or another to get these off their lots.
-Heavily incentivize somebody to take over the lease (probably would need to offer $6,500+ to drop the effective to a realistic range)
-Finish up the lease and pay the remaining $10,092
-Pay $10,092 now and turn the car in
-Buy it out at $39,700 and hope you get $32,600 for it (cost of $7,100)
To be clear the $39,700 is the payoff and not just the residual value?
Your best bet is to heavily incentivize and see if somebody will take over the lease. That’s a set thing. If you buy the car out the value will only drop and you may end up taking a bigger hit.
I wouldn’t try KBB Instant Offers again. They just barfed out a number and sold my info as a lead to several dealers, most of which lowballed me and were absolutely certain that my car wasn’t worth the KBB price even if it was plated in 24 karat gold and the headliner was made out of saffron.
Kargone just elicited a handful of lowball offers from dealers in Maryland.
Eventually I’ll make the time to post a summary of all of my encounters in the thread I linked above.
I agree, there’s no sense in pursuing any offers below 29.5k as my parents may as well just pay the remaining monthlies and turn it into the dealer at that rate.
And every single number offer is below that already and every single range rec’d starts below that.
Maybe prices will go up when the tax credit goes away or when the tariffs start biting. But then, getting a new EV will be less attractive.
And yeah, kbb sold my number again, sigh. On most sites I used an old phone number, but I’m still getting spammed, lol.
My guess is the dealers will lower their prices. I’ve often thought they aren’t discounting EVs as much knowing the 7.5k is in their back pocket (and not actually the consumers’ pockets).
EVs (and any cars) on their lots cost dealers money, right?
Just have them keep this one to term…They’ll be losing that $7500 anyway if you try to sell this thing now and get into a new one…
If I were them-I’d just purchase an RX350 at this point after the lease. Holds value better than any…
Thank you, all. I spoke with my Dad and they will wait to term.
There just doesn’t seem to be another way out of this for now with depreciation outstripping the residual value.
Residual values are intended to be retail values, right? Not trade-in values, since it’s the cost to buy, presumably at retail at the end of the lease.
