Need a plan to turn end my RR lease, buy new Jeep

Ask the Hackrs
1

So with the lack of inventory, ridiculous lease prices. This is my plan. let me know if and where I am going wrong.

my current RR Velar buy out price is 37k and the KBB value is 52k.

i need to decide in 10 days what to do about the lease, b/c i already extended for 6 months.

I cant seem to get a car in the next 10 days anyway to trade this one in for it. So i need to get a loan to buy out the 37k RR right?

then anytime i want. i can go into Jeep Dealer, and order a new 2022 Wrangler. when it comes in (in about 3 months). I could then get a new loan for the Jeep, 45k or so. and then I can sell my RR privately. or see what jeep gives me for it?

or should i work out the trade in price at the time i buy the new wrangler? what should i expect to trade it in for? one dealer said, he can maybe offer me 45k for it, and then work out a rental price for it while i wait for the new car to come in.

if i trade it in, do i have to use that equity towards a down payment? or can i put the 8k in my pocket? and finance the entire 45k for new jeep?

is paying MSRP for a new Jeep a good deal right now?

2

Where are you located? Order the jeep from a broker for under MSRP. The savings will help offset the taxes on the RR. Then later on price the RR on vroom CarMax Carvana and the others. Sell for highest dollar.

3

long island NY.

i dont think under MSRP is possible these days, but i will certainly try.

so just buy out the RR now, and dont bother trading it in or combining it with the Jeep at all?

4

shot you an email earlier today, can both buy the RR and facilitate the new Jeep, have a couple on the ground

1 Like
5

https://forum.leasehackr.com/t/leasecompanion-com-dec-jeep-deals-midatlantic-dmv-ne-ship-wrangler-gas-4xe-9-gc-4xe-wagoneer-7-gc-gcl-8-5/368985/291

Plenty of threads on here.

But looks like the above comment may be advantageous especially as there may be tax savings involved with the trade.

1 Like
6

how much with the tax savings be if I traded it in, vs sold it on my own?

7

Idk. Take the price you are buying it out for and multiply by NY state tax rate. If it’s 4% then we’re talking about $1500.

8

There’s also city and/or county tax in NY. Cumulatively it’s 7-8.875% depending on location

1 Like
9

are we talking about the tax i would pay at the time of buying out the lease?

10

I went ahead with leasecompanion on the new Jeep. great deal for this market. I will report back here with how it goes.

11

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