We have a 2017 Tahoe Premier and are in MA. 36K miles.
Traded in a Traverse for 8500K, payment was 699 per month for 39 months. Residual Buyout Value is 41K. Looking on cafax and KBB similar cars with similar miles are going for 45-47K. Does it make sense to just buy it in this case? We didn’t expect the residual to be lower than market value.
Thanks.
Take it to Carmax and see their offer price.
If better, then take to Zoom / Carvana and see theirs.
If Carmax is really low then the KBB is wrong or you are looking at the wrong columns in KBB.
Just sold my 2017 Tahoe LT to a dealer at lease end for $41k last week. Buyout was $37k. Selling it to the dealer let me avoid paying sales tax on the whole amount (CA), keep the equity, and I was able to get a sweet new Tahoe.
Just for some background, the Vroom offer was around $38k. KBB was around $36.5k but generated some leads on interested Chevy dealers that wanted the vehicle and would negotiate the buying price.
1 Like
Difficult to say if this was a great deal as Dealers will add value on the other side to help make up if / any losses.
You’re right. It wasn’t the same dealer I bought a new vehicle from. I was only mentioning I was able to get into a new vehicle in an advantageous position.
1 Like
Then that’s a great deal wow 4k above residual on a Sell not a trade in.
So seems like they are indeed going for more! Looks the the used car market is good right now. I think we will just buy it out and keep it. It’s been a great car and we looked after it well.
I don’t think we said to keep it because of equity.
??? Sell it and use the equity to lease a new tahoe.
It doesn’t matter what it’s worth if you are going to keep it, right?
I don’t really want another lease. I like this car and don’t mind keeping it for the next 10 years or so. Just wanted to make sure it’s a better deal than handing it back and then buying a used car.
What deal did you get on the new Tahoe? I am not sure about it because of the larger size. Would be tight in my garage.
It only matters because initially we were going to hand it back and then buy a used car.
If the Residual is higher, (which it should be)
Sell the Tahoe and use the money to get a ‘used’ car.
Just because it’s high ‘now’ doesn’t mean it’s high a year later.
But if I can buy out my own Tahoe for 41K and keep it, or buy one for 45K used with more miles isn’t it better to buy out the lease?
Mine is 41K and has under 37 K miles. Excellent condition.
Cafax Value is 44K Private Value
41K Trade in Value.
Carvana gave me a number around 37K.
We have 2 Jeeps, a 2011 and a 2014 that we own and are paid off. Trying to keep monthly costs down with 2 kids going off to college soon. We still need a 7 seater since we have 4 kids. Any other suggestions or cars to look at if you think the Tahoe isn’t worth it? Thanks!
And cargurus is:
CarGurus Instant Market Value™
$47,719
Private Sale Estimate:
$45,815
Trade-In Value:
$39,497
Sounds like you are dead set on keeping the car.
Call GM and start Payout.
Note : You should get loyalty for 90 days afterwards in case you decide you want another car.
Only if it makes sense financially! Open to any other options.Actually only has 34K miles too. It doesn’t seem like I can find another car with similar specs and mileage anywhere near 41K?
Well Ask here! I’m sure you will find some people who can point you the right way or possibly a nice cheap 3 yr lease.
Will you need a 7 seater after your 2 kids leave for College?
Thanks! Yes will still need a 7 seater for carpools for the younger 2 and for traveling with the whole family. I used to have a Traverse and liked it but now it feels too low to the ground. I love our Grand Cherokees and wish there were something similar with 7 seats. Test drove an Atlas but it felt flimsy. Was also looking at the Explorer or Expedition. We have been so happy with the 2011 mint condition Grand Cherokee we bought this year for 10K with 80K miles from a friend, which is why I was thinking of buying the Tahoe or a used car instead of a lease this time. So hard to know what to do!
Well that is a completely different statement than you first post…hehe