Hi Hackrs,
Three years ago I found my lease here & learned how to negotiate it for the most advantageous pricing! (And forgot the password to the account I was using back then, so here’s a new one.)
Now it’s lease-end time and, like many people, I have equity. I’d love the Hackrs’ expert thoughts on what to do about it.
My car: 2019 Chevy Bolt EV, battery recall completed at the end of 2021. 28,600 miles on it (leased for 45,000 miles, then there was a pandemic and my commute went away).
Lease Buyout Price: $19,392.00
Equityhackr offer that I pulled just for comparison’s sake: $24,500.00
I like the Bolt and want to continue driving a small EV. I have a parking limitation at home that requires a short, hatchback type car, so the Bolt works well for me.
New Bolts are leasing for about $400/mo with $2000 down at the dealer where I leased this one, and inventory is limited; I might not be able to find the packages I want in a 2022 vehicle.
With all that in mind, which of the following do you think is most financially advantageous?
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Buy and keep my current Bolt. I can afford to buy it in cash, so I wouldn’t be taking on an interest-bearing loan.
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Return the lease to the dealer (they will credit me for the equity, but haven’t told me how much) and lease a 2022 Bolt now.
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Extend the lease at $400/month (which does not reduce the buyout price) for up to 6 months and lease a 2023 Bolt when they come out, in the hope that the reduced purchase price means a more advantageous lease & my equity lasts.
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Buy out the lease, sell privately, and lease a 2022 Bolt (or other small hatchback EV?) now.
I’m inclined to buy and keep the car, since no matter what I do I’ll need a car and I got it when the getting was good, price-wise—but we all know that leasing has its advantages, that’s why we’re on this forum.
Insights appreciated, thanks very much!