Hi all, new to LH and just ending my first lease on a 2017 Volvo V60. Originally leased on terrible terms with my father having just passed away and dealer took advantage of my emotions and ignorance about leasing (eg: said MSRP on leases non-negotiable). Thanks to LH I’m learning A LOT.
Thinking about either lease buyout or trying to extend lease in anticipation of 2019 V60’s arrival which have good reviews. Volvo has no release date or price yet and I’m guessing demand will be high (like with XC40) so not much wiggle room to negotiate. Also, Volvo is not very willing to extend my lease if I don’t have an order in (can’t order yet with no release date).
My RV is too high ($27,00) on the 2017 to have equity (trade in = $20k) and so a buyout is perhaps not the best plan. My husband is in a lease with Honda Civic that runs another year and RV on that is $15k. If I turn in my car we are sharing one car in SoCal which is tough going.
I guess I’m wondering if we should go ahead and buyout the lease on the V60 and keep that as the second car when the Civic runs out or if the Civic holds its value better? Then in a year we would get the 2019 V60 because by then the “new factor” will have played out and I could maybe get a better deal? This must sound crazy…and I feel crazy…but we have been thrashing this out for weeks and I guess I just want advice from people who aren’t car dealers.
Is there ever a reason to do a lease buyout when the RV is higher than trade in? Or am I just really really crazy.
Any advice on getting a lease extension when they haven’t released the cars yet would be a huge help. I’m just needing maybe 3 months tops. The 2019’s they “think” will be in by January. Thanks!
Do not buy a Volvo, ever 
Keep the Civic. Depending on your budget, you may score a decent deal on a V90.
V60 will not be here until spring or summer of next year.
Not sure why you would buy either. But, if you are going to buy one, make it the Civic.
Thanks for the quick responses. We were leaning toward the Civic too. Wondering if the “do not buy a volvo ever” comment is meant as humor?
Do Volvo’s never hold their value?
Anyway I very much appreciate the input. Sometimes you just need an outside source. These boards have been very instructive. Looking forward to more guidance in our new leases.
This. No, I’m dead serious because of this. You also don’t want it out of warranty. I’m currently 10k miles under mileage on 53% RV and still about 3-4k under payoff.
Given their high depreciation rate, buying a 3-5 yr old one at 50-70% off msrp could be an interesting experiment, especially if you are somewhat handy. But if your buyout is 27k and current market value is 20k, not sure they will come down that far, in which case you are better off buying on open market.
Wow! That’s all very upsetting but good info I truly appreciate.
I was considering doing a CPO on it but they want $2,500 on that so the costs keep piling up and up. Seems leasing is the best option. Especially in today’s market where the tech and safety features keep changing so quickly.
I was just freaking out a bit about being without a car for a few months. Lead time on the new V60 doesn’t sound doable. Will have to hunt for something else. Hard to find good wagons these days-I don’t like big SUV’s. Dealers are always puzzled by that for some reason 
Will keep hunting the board for tips and suggestions for good lease deals in the next few months. Thanks again guys!
I’m not handy at all ha ha! Wish I were. I thank you for this info. Not one dealer thought I should buy it out but I wanted solid opinions from people who didn’t stand to profit.
Leasing, to buyout at the end, kind of defeats the benefits of leasing. In this case, it is also not a great move financially.
I would widen my search for a replacement, as you suggested, and just rent another car that fits your needs. You can always get another Volvo in 24 to 36 months.
I hear you. When I did the lease I was just not thinking, Didn’t negotiate price or look at residual. Also put down a sizable down payment to get my monthly cost down. Basically did it all wrong. Now I am learning, thanks to all you helpful folks.
Prior to this, my first lease, I was able to keep cars for 10+ years without issue or much maintenance. This is a whole new world. I am so glad there is a lease “hacker” forum like this. All this wisdom and kindness is beyond helpful.
@Bleu - I wouldn’t recommend paying over retail market value for your own leased car, and it sounds like you’re way out of round on that one. This is what can be good about a lease- limited downside. If you buy it out, you’ll probably pay tax on the residual, which is further financial damage.
You might be able to extend the lease, even though the new V60 can’t be ordered yet and isn’t supposed to show up until the 2nd quarter of next year (it was pushed back). Someone at VCFS can make the decision. You also will probably have to pay near or all of MSRP on an early V60 depending on whether an order for one would come out of a dealer’s limited allocation (it probably would).
One thought- if you can’t extend your lease, maybe you could lease some Volvo for 24 months. More than likely, the 9 month pull ahead will still be in place and you could plan out a 2019 V60. I suspect it will come out as a 2020 from the get-go.
If you post the last 6 of the VIN to your current V60, I might be able to help you more. Or you could PM it.
This is good info and a smarter plan. My lease ends in three days-they extended it from what was originally today. I wouldn’t benefit from the pull ahead at this point I’m afraid. Also, not interested in much else at Volvo at the moment. Drove the XC40 and didn’t care for it, felt the XC60 was very nice but too large for my comfort to handle.
I didn’t know the release had been pushed back. Volvo of Palo Alto (Ca) told me they had some coming in January, but as you said I think it was dealer allocation. No one in California can agree on the release date, am hearing anything from November to February so am very pleased with your honest info.
The second quarter release is fresh info.
A pull ahead would be on the next car (probably). Say you leased a 2018 S60 (there’s $6,600 of lease cash) for 24 months, you could probably turn it in after 15 months. Probably the guy in Palo Alto was operating on the time frame we were given earlier.
I see about the pull ahead, being for the next car. Yes. This is good to consider. I didn’t know that was an option. Volvo didn’t start sending me pull ahead info until I was very late in my lease.
Sad to hear they are delaying things further. Maybe trouble in the Carolina plant due to the storms? I understand that’s where production will take place on the new V60. Sure looks like it’s going to be a beautiful car.
I pm’d the VIN. Thanks again, so much, for your help:smiley:
No worries! The V60 will be coming from Europe, actually. Just the new S60 from South Carolina until they build the new 2020 XC90 there as well for worldwide consumption.
Just FYI: I heard about spring/summer 2019 being the earliest from my GM in April.
Are you talking to Volvo Financial about extending your lease or going through the dealer? I think Volvo is usually pretty happy to extend a lease they even have a form online you can fill out to extend it out.
It is up to 3 months only and you have to have a car on order to extend to 6 months. In any case, Bleu has already extended her lease.
I believe she only got a 3 day extension and not the 3 month though unless I missed that somewhere else.
I’m not clear either, but even a 6 months extension will not help her with the new V60.