I am new to this forum and not new to car buying. I have purchased or leased over 30 vehicles in the last 20 years. In the last 12 years, all new. Usually I do really good. I always have equity or at least can sell it for what I owe after a couple of years. Until now…
I traded in my rx350 for a SRX lease. I thought I has a 15k/ year lease but it is 12k. There was a major health even with a family member that required me to drive a lot extra, and I am now 10 months away from the end of my lease and have only 1500 miles left. There is a lot of negative equity and I need to figure out, do I pay the mileage overage or get out early. It will probably cost me around $5k to get out early.
So 2 questions. One: is it better to keep leasing and pay the .25 or so for each extra mile? Or turn it in early and get a new car?
Are there any exceptional lease turn in deals out there that can help with this negative equity?
The we live outside of Detroit, so everyone has a domestic car. My wife doesn’t want another domestic just because she sees 5 or 6 of her exact color SRX every time she goes to any store. ’
We are looking at a Mid side Luxury SUV. She likes Infiniti, BMW, MB, ACURA and others. I also work for a big company and get discounts on Infiniti and BMW.
Any suggestions for me?
Did you see the one about the RAM 1500 where the guy traded in his RAM with 1200 in payments left and still got a 300 a month 50k truck? I know you said you want a luxury SUV but winter is coming and that RAM beast is gonna be able to go up the hill both ways in 2 ft snow to work
I think Volvo is also doing 3 to 6 months payment waiver.
I am surprised the SRX has negative equity. It is not an unpopular vehicle.
It is Cadillac’s #1 seller. Also, when you live in an area where there are a LOT of GM employees and family members getting discounts…You see a few more than normal. I often see 5-6 outside of the local Kroger at any given time.
So then you don’t want to be driving a Volvo or Lexus in GM land. Because you could find that it keeps getting scratches on the body all the time lol
It used to be that way. Not anymore. A lot of imports are in the area. 20 years ago it was a sin!
You’re going to have to decide if you want to pay the overage or pay to get out early. You could also try getting the car appraised by Carmax, Beepi, or similar services.
I ended up using my vehicle as a bargaining chip when lease shopping. I shopped for a lease, and separately told them I planned on selling my current vehicle myself because I could get more for it and wasn’t in a rush. Most dealers offered me $4k (including Carmax), and one dealer even pulled up auction listings showing it was generally going for $4k. One dealer got desperate and asked what it would take to earn my business. I told them the best offer I’d received and that I’d want $7k for my trade, and they did it (at probably a huge loss).
My situation is different, because I owned the vehicle and it was 10 years old, but the same could still apply in your situation. Start shopping for deals and when they think they have you, tell them you can’t sign a new lease until your current one has been paid off. Depending on how desperate they are, they may be willing to pay the full payoff amount regardless of the actual market value.
Just had a dealer tell me it was the end of the month and they need to hit their number at any cost. Even a $6600 loss. I told him I would not roll the $6600 into the new car. He said he understood 100℅. Then he gave me a $672 payment on a QX60. Lol. Same dealer someone else got a $399 price on. But yet he said he didn’t roll in the $6600. It was all out of his profit. LoL!
I hope you know that when a dealer tells you it is out of his profit, you need to ensure your hand is tightly on your wallet Coz his profit = your wallet
Ohh trust me, I know. I have bought over 20 new vehicles. I also know when a dealer is near their number, hitting it can mean tens of thousands so loosing 6-7k on a given deal doesn’t matter. It is just finding that one moment.