Our 2018 Jeep Grand Cherokee is at a residual value of 21k. Our lease was a 3y/36 and currently have around 26k miles on it. I punched up carmax and I was offered 31k. I havent checked any other sites. Its my wife’s car and In her mind I’m sure she would like to every 3 years lease a new car. Uhg… Do I just buy the car and sell it privately and then look for a new lease? or do I wheel and deal at the dealership…? or should I just extend the lease for another year and wait and see. I dont see us putting a lot of miles on the car… Also in the future Im sure we could do a 3y/30k lease… thanks
Sell it to Carvana or one of those services.
Trade it in and purchase a new car so you can save on the tax. Try and wheel and deal at the dealer so it’s a nice and easy swap.
Sell to Carmax, take the difference, and put it in a savings acct.
Then use that money to pay off your next vehicle’s lease payments.
Avoid putting too much down on a lease. Why? because if you total it two days later, you lose that money down. It only offsets the monthly payments, which you can easily make from your $10,000 that you’ve put in a savings.
Take the CarMax deal, they still are allowed to wheel and deal with many finance companies that have been shutout in the last few months. Doesn’t apply to you but now GM Financial has stopped 3rd party buyouts as of July 1. Same with a handful of banks and companies.
Every vehicle I detail especially a lease return) I let them know about the current situation. One girl made $5,700 off a Civic she was going to return for lease. Another family made $9,000 off a pickup lease. Both CarMax.
I made $3k off a Volvo XC40 lease and got out a few months ago.
Now places like Vroom or Carvana are winding down the brands they deal with, including Volvo as they aren’t getting the dealer buyout price any longer (your payoff price, minus tax)
I’d shift to CarMax as soon as you make a deal for a new lease. Don’t use it as down-payment just in case, bank that 10k for lease payments.
Never take the car to trade in when getting a new one. Dealerships will play their best poker face to pretend they aren’t salivating over your used car due to the current shortage and give you less.
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Never say never. At least take your highest offer and ask of the dealership will match it. Just have them cut you a check when signing for the new car. Advantage (depending on state) is the tax savings.
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