Currently leasing a 2016 Lexus IS200t in SoCal. Lease is up in a little more than a month and I’m way under mileage. Had 15k per year and only have 29k miles now. I’ve read most likely I’m just looking at a loss here but other have mentioned taking it to CarMax and getting a quote, but to be honest didn’t understand exactly what that meant. Any help/explanation would be appreciated!
You can get a quote from vroom, carvana, CarMax
If your quote is higher than your pay off price it’s better to sell the car to one of those companies as you’ll get a check for the positive equity
Example: pay off 30 k
Carvana offer 33k
You would get a 3k check
You have no equity. 29k is a lot of miles and sedans are not in demand. Congrats on leasing, you came out ahead.
With 15k lease RV may be low enough to have some.
So to be clear, I’m comparing what they have listed as residual ($25,782 on the screen shot I have from them) to what the above mentioned sites quote me?
Buyout vs Offered price…
I’m sorry - what screenshot and from whom?
Your RV is and end lease value stated in the contract you signed.
Compare that number to what is offered by carmax, carvana, Vroom.
No. It’s a Lexus IS. Nobody wants a Lexus IS.
I’d take one at the right price.
I’ve enjoyed it
You also need to confirm what the actual payoff number is, the residual probably doesn’t include any taxes (if applicable in your state) or any fees that may apply for buying the car out.
Before you even consider taking the car anywhere, go on autotrader or cars.com and check to see how much that car is being sold for with/around the same mileage as your car and obviously the condition helps with price but you’ll get a general idea if there is equity in the car or not.
good advice here. I just turned in a VW GTI lease. was 36/12k and the car had just under 24,000 miles on it when I turned it in. Went over the numbers, the residual was really close to the actual value of the car, so not worth it to buy it and sell it
Is that a screenshot of a residual of the car you are planing to lease or the one you currently own?
I asked for buyout info and here’s what I got. Double checked my odometer and at less than <28k miles. Guess I’ll look around and see if it’s worth my time.
Definitely worth to try to get the quotes. Moreover, if the trade-in value is close or above the payoff you can trade it in just as an owned/financed car when making a new deal. It will save you the hassle of the return as they will not look even half that close at the wear an tear, you won’t pay any closing fees and you may even get few bucks back in form of a tax credit.
Make sure when you call them you ask them for a 10 day dealer pay off , that’s what carvana and all these other sites would pay, if they can’t give you that you can ask caravana to call on your behalf
Silly not to even check these says as long as you know about Vroom, Carvana etc. Takes a few minutes of your time and you will know if you can make any money or not. Even though Vroom messed up the payout to my finance company they finally got it right and I was ahead over $1000 and got rid of the car a few months early. Carmax if not local to you is not as easy. Vroom and Carvana would be ther easiest. They pick up the car from you. KBB you have to bring to one of their dealers.(But yuou get a price on line)