Currently, my BMW 330xi lease expires at the end of July 2024. The current buyout price is 30K and I expect to pick up my new car (still on a BMW lease ) at the end of April. The car is in great condition with 22K mi, no mechanical problems or accidents recorded, but there is a scratch on the door. I checked some websites and the offers are around 25-27K.
What can I do now to save the most? Thank you!
Underwater so probably just keep to term end and put all your miles on it before turning in.
More than likely you will be hosting 2 payments for Apr/May/Jun/Jul UNLESS you can trade it in at the Dealer in April and the neg equity is less than 4 payments.
So you leased a new BMW that arrives in April, but the current lease ends in July? Did you not work out a trade in of the existing lease with the BMW dealer as part of your new deal?
I don’t see how the dealer would guarantee the trade in value of the existing car when the new car order was placed.
Reevaluate in March; prices and market conditions fluctuate…
No, the dealer wouldn’t guarantee a value, but there should be an general idea of whether or not the vehicle would have any positive equity or best to just turn it in. In MD we get a tax credit for any trade-in, so it is sometimes worthwhile to trade into dealer rather than return. Sometimes you can negotiate a buyout of the existing lease at time new vehicle is delivered. Seems like in this case there will be a few payments on existing lease when car is delivered. Maybe dealer will eat them through buying out the car.
I guess once you’re a week or 2 from delivery of new vehicle you can have dealer appraise it for trade in.
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