I have a 2018 BMW X5 with 20,000 miles, my lease is up in November. My buy out is $37,XXX when the lease is up, I’ll probably have 22,000 miles by then. Trucks that have double my mileage are being sold for the same price if not higher. If I buy it out the cost of the car loan will be almost the same as I’m paying for my lease. I’m looking at dealers around me and they only have 1 2021 X5 on their lots. Thinking of buying the lease and riding this out for a few years until leases can stabilize again. $750/$800 for an X5 is crazy, $1,000 for an X6 is even crazier. Has anyone done this in the last few months because of the way leasing is going?
I’m sure a lot of people have done this. Presumably because they never questioned the unstated assumption in this thought process.
Any car that’s bought needs to be eventually resold (unless it’s reliable enough to be driven into the ground after 20+ years from brand new but the X5 isn’t a good candidate for that). What’s going to happen to resale values if/when things normalize?
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Very true it is a bit of a gamble. Is it worth it to save money in the short term but how much would I be losing in the long term? My gut tells me that the prices of used cars are not going to drastically drop in the next 3-4 years. I also think that this issue with new cars is not going to change anytime soon, the cars are flying off the lots, dealers are making tons of money barely giving discounts on cars. I think this is going to take years to change now. Once companies get a taste of money, they are not going to want to give it up right away. The only thing I really have going for me besides a hunch is that in 3 more years the car will have about 45,000 miles hopefully helping the resale value.
Like I said it is a gamble, still on the fence about what to do.
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