I have a 2021 Grand Cherokee Limited with only about 12k miles on it, and based on where you look the ‘trade in value’ on some of the local dealers website makes it out that I could have up to $7k of equity. Right now I pay about $500 a month for 36/12…do you guys think theres any possibility I can hop into a 2022 Grand Cherokee (New/WK/L) and get below what I currently pay with the equity?? Every dealership I call is a runaround, cars in perfect condition. Located in CT.
with 7k of equity, sure.
The L’s and the WK still lease decent
How much did carvana/carmax/etc offer you for your GC?
Carvana and Carmax were around $38k…i believe my buyout is around $34,500…one dealership near me had my trade in valued at $42,500.
Figured if i can jump into something brand new with lower monthly payments its a no brainer.
According to Market Place a 2022 GC Starts at 550 + TTL for a 36/10 after discounts
So expect to put in $2000 plus TTL (2000-3000) and that’s assuming you can get the GC at a discount.
I think a good approach is to try reaching out to a broker for your region from the LH marketplace. Many of them can arrange the buyout/equity of your lease or you could consider Equity hacker as well.
Have you thought about contacting a broker? I ordered my 2022 Wrangler 4Xe through @Bostoncarconcierge . His MA based dealership delivered the Jeep to the DMV in Norwalk (closest to my house). Easy process. Doesn’t cost anything to send an inquiry email to see if his dealer (or any other broker) has what you are looking for in stock. If you aren’t driving that much, have you considered custom ordering to your specs to get a better deal?
I’ve aways been intrigued in the process, as the feedback seems to be its a much more beneficial process to go about things. I just dont know where to even start…
Sure. if you use that equity as a down payment (which is not recommended) you can have any monthly payment.
I would obviously weigh my options, such as keeping the payments in my current ballpark and pocketing some cash. I more so just want to take advantage of what I have while i’m able to…can’t predict the future but it’s hard to imagine the used car market is going to stay this high.
Send an email to Mike@Bostoncarconcierge.com . Tell him what you are looking for. He can tell you if one of the dealers he works with has an in stock or incoming unit that meets your specifications. If not, he can order a car for you (it just takes longer). He’ll tell you the price. If you think the price is reasonable, then you send him money and the dealer will call you and schedule delivery. Very easy & transparent process. No games, no BS. I’ve leased 2 cars through him since joining this site.
On another note, is your current lease through CCAP, Ally, or US Bank? I’d pocket the equity if I was you.
Lease is through CCAP. Definitely would like to put some money in my pocket but also don’t want to spend a ton more than what I am paying already. I will reach out to him and get some info, appreciate the feedback.
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