I leased an Audi etrongft during evpaloza and am having some serious buyers remorse. I’ve accepted at this point that I will be taking a loss to sell back to the dealership but at the moemnt the loss is pretty substantial at around 20k due to the value of the car in the current ev market. Does it make sense to sell now or do we anticipate any changes to the market this summer that would be worth waiting for to get a little more for it?
Unless OEMs suddenly all cut production on EVs in tandem, I don’t see much changing. But can’t predict the future either way.
If you’re willing to stay on the lease, you could try transferring it if it’s a cheap lease deal. But obviously there’s risks with that and I would only do so for someone I trust.
Out of curiosity: why do you hate the car, and what kind of deal did you get for it?
If it’s an amazing deal transfer it to someone you trust. Don’t take a 20k hit.
What’s your payment and terms??
How could the lease be a deal here if OP is already projecting a $20K loss to potentially end the lease earlier. With any lease, the loss is fixed for the duration and we all know it when we sign it. Am i missing something where we can trim down losses on such lease deals?
When supply was short during covid, i did have similar remorse on a car i financed at MSRP and trying to offload to trim losses. But, not sure how this can be accomplished on a lease and would love to learn similar to OP
Although me telling you this will not help you, I feel for you OP on your e-tron dilemma.
Been watching so much of the low-cost or “great” deal from MSRP being the #1 reason people are leasing/buying (especially leasing an EV), but in reality it was not the right car for the lessee/buyer for whatever reason. A great deal or low-cost lease won’t make you more happy with the ride in the end.
If you are adamant to get out, you might want to see what an Audi broker/dealer here on LHer could do for you on another Audi and see if they can help you with the dealer on lessening your pain on the e-tron (although there will still be pain).
Good luck!
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been seeing a bunch of these posts about the e-tron. Whats going on?
If it’s 20k loss, it’s likely because it’s a horrible deal.
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Not necessarily. Inflated residual values are great for lease deals but bad for getting out early. People with 99% residual Nissan Frontier leases on higher trims are probably close to $20k in negative equity but those were amazing leases.
How did you arrive at ~$20,000?
If you sell now at a $20k loss, what are you planning to replace it with?
Wouldn’t you be able to just do an early lease termination, and just have to pay the 1% depreciation in that case?
The what? I’ve never heard anything about a 1% dep on early turn ins
My question is in reference to a lease with a 99% residual
OP needs to check their contract and read what it says about early termination. I’ve leased two Audis, but I can’t seem to find my old contracts to share that info.
Says he owes all the depreciation (or at list this Audi contract says that) if he’s underwater. He does save on rent charges.
So if this was a hypothetical 99% RV lease, he only owes the 1% (or the balance of)
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Hi everyone, thanks so much for your help. So to clear up a couple of things:
- I looked into an early lease termination with Audi financial and I would still need to make the payments on the lease till the end of the term or pay the amount outright and the time of handover
- Lease transfers would keep my name on the lease and that feels risky
- I arrived at the 20k number because my payoff amount on the etron gt is 78k however I cant seem to sell the car for anything more than 58k.
- I want to get out of the lease because I have experienced more than one significant insurance hike since aquiring it, at this point it doesnt make sense to keep it through the end of the lease if this continues
- I wasnt planning on replacing it with anything for at least a year to recoup some of my losses
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Depreciation is ACC (adj cap cost) less RV so any upfront taxes, acq, doc, DMV, etc fees that are capped are in there.
But yeah any contract that only requires the remaining depreciation will cost less to terminate than the sum of remaining payments.
What’s the cost of keeping it until the end of the term vs burning $20k? Have you replaced it with something else or is this an extra vehicle?
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Fyi
When is the lease due? Is the cost of the insurance hike less than $20k you are planning to burn?