I am currently in a vehicle lease until March 2022 and have the option of extending my lease until September of that same year (Chase bank). When I got into the lease originally back in 2019, I was able to negotiate roughly $7000 off MSRP (on a vehicle brand that tends to be difficult to negotiate). The vehicle today (to Vroom — which was the highest quote I received) is $55,000 which gives me $9,000 in equity after payoff (so really $7000 of that is what I saved on the original negotiation). I do not have another vehicle or I would just pocket the gain and call it a day.
While it is likely that the market will improve (especially with the new rules around 3rd-party selling — sounds like the wholesale market is starting to stabilize a little), since i am assuming nobody knows with a high degree of certainty what the new car market is going to look like then ( as well as equity of my current car — could be a wash — I could still make out ahead), I am pondering what the absolute best financial call here (given the variables and unknowns).
I do have a proposal on another vehicle for roughly 7.5% off MSRP although the MSRP is quite a bit higher than even the price I paid for my original vehicle (just a completely different car) — thus my monthly is going to be higher. The residual is not amazing but the MF is buy rate. I was able to negotiate on another but only $1500 off (which is still better than what a lot of others are charging — over MSRP or MSRP) but not as great as the first offer.
If it matters the vehicles we are talking about (current and proposed), I am happy to share. Just trying to look at this purely from a financial perspective. My lean right now is to stay in my current lease and hope that I can make out better in early 2022 (I believe I would have to sell or extend 60 days before my lease is up — so that only gives me until Jan to make a call — not sure enough changes between now and then — inventory could be worse). I would rather not buy my current car out as I then have to pay taxes on a vehicle that only have another 12 months under warranty on a notoriously unreliable brand.