Paying off a lease car..What to look for?

[batmam]

Hello Hackrs,

Hope everyone is getting a good chunk of cash on by selling your lease cars to Carvana/Vroom. I am about to pay the last payment on leased AUDI A4. The pay-off quote on the car is at 21K and If I want to buy the same car in the market, It’s around 27K. So I have decided to buy the car for myself as I need a car. Over the last 3 years, I took good care of the car and it has only one minor scratch and really low miles. The only thing I need to worry about is to replace the rear tires which I am okay with it.
I am wondering what should I look for if I am going to pay off and use the car?

Like car’s warranty? Maybe a pre-inspection before paying off the car? Also, do I need to pay the entire sales tax when I buy the car in a single payment?

[digging]

If you’re finding similar vehicles for sale at $27k, you most likely would get a good chunk less for it when selling to Carvana and company.

Factor in sales tax, which I’ve personally never heard of being able to partially pay it. Factor in the tires and purchase fee.

At the end, it might not be as much equity as you’d imagine, but I’m not saying it is a bad plan. Especially if you took care of it.

Like most people, your options are:

• buy out what you have, knowing the full history of it
• return and lease half the car you have for about the same $
• return and lease similar car for maybe double what you’ve been paying
• return and buy a used vehicle for an absurd price and hope you’re lucky with it

Good luck

[max_g]

@batmam

Also, do I need to pay the entire sales tax when I buy the car in a single payment?

Yes.

You can finance the entire amount including sales tax (if your lender is willing to lend that amount to you).

But you cannot pay for the car in cash and then finance the sales tax.

[batmam]

Thanks for the options. With the current bullish car market, I gonna got with buying it off.