I have a 2019 Q7 lease up in Nov. 2022. Given the state of supply, etc. I’m really not sure what to do. Dealer already wants it back (of course they do).
I know there’s great value with my lease but I’m not sure how to maximize it. I really just need next step or a plan of action. I’d like to turn it into a lease of an Etron but I’m assuming with inventory issues that’ll be tough. Am I boned?
I also have $7200 in MSDs on the car too (not sure if that’s relevant)
Residual Value at end of lease will be $34,400
Please let me know if other info is needed/helpful.
Thanks!
I would start speaking to dealers on ordering a E-tron at sticker. That should give you time to cash out on the equity by selling to any Audi,Porsche dealers or 3rd party sites. Regarding the msd that amount will be returned back to you @feralist
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- Find out what the market value is for your Q7 (e.g. KBB, carvana, truecar, etc.). Be realistic with expectations. If KBB says $45k, give yourself a reasonable window of flexibility.
- If the gap between market value and residual value is appetizing enough, begin the process to purchase your car (you can choose to do this now by requesting a payoff quote, or wait until eol and hope the market rate is still attractive)
- Use that newfound equity as money down towards your new (much costlier) lease to offset, or perhaps invest privately since putting money down on a lease is not usually a good idea (know in your mind the investment helps offset a higher monthly payment).
- OR – instead of purchasing, work with your dealer to see what they’ll offer you. They might be able to streamline steps 2 & 3.
Warning – lots of finance companies altered their buyout rules to counter doing this, or at least made it challenging to do so easily. I haven’t heard many bad things about VW credit but ymmv. Good luck!
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