Check around with all aggregators to see about what they would pay for it. I believe @AutoNinjas may be able to get you going and cash out equity.
1 Like
Do you think I should do this closer to when I end the lease (2/28/22) or should I just sell it now and look around for “deals” for a used car to tie me over for a year(ugh).
1 Like
I’ve a Mercedes A220 and I’m just 2 years into the lease term. Dealer reached out today to upgrade or sell since there are some good “deals” for the year-end and there’s demand for pre owned cars now.
I have 12 remaining payments ($385 each). Is this common ? What’s my best step forward ? Ignore and continue paying the lease and walk away ? Honestly, I was caught off guard since I hadn’t even thought it since I have another 12 months to go.
Buy-out amt at the end of lease term - $23k
Remaining lease payments - $4,620 (385*12 months)
Car history - One accident
Carmax gave a $27k quote online.
Apologies in advance if any of this doesn’t make sense.
Being marketed-to? Yes it’s common
1 Like
Year end deals? Yes, like how the buyer gets the shaft deal, or help the dealer keep paying for his Tesla deal. Just keep paying the monthly, its the best deal you will find.
Now if you have money and want a nice E class, go for it
I sold my significant other’s leased 2019 X4 last week for a little less than 12K over payoff. He didn’t want to buy his car and refuses to entertain the idea purchasing a non-luxury SUV. Basically, he only wants to lease a luxury SUV with included maintenance. We seem to have two options given his limited criteria and need for a car: 1) MSRP 52K BMW X3. We are applying the equity; $11,500 drive off, $410/month including 7.75% sales tax for 36/36. 2) BMW X4 (MSRP 59K) around $625/month, $11,500 drive off, 36/36. Affordability isn’t the biggie here. I hate the situation and am trying to make the most of it. I don’t know if I am missing an alternative or haven’t taken important factors into consideration. I am truly grateful for any advice you have to offer.
Those numbers seem excessive.
3 Likes
Both lease deals are terrible. Why not just finance either car and apply the $11.5k as down payment?
10 Likes
Haven’t run the numbers there but they almost even seem too high to be at straight sticker.
Maybe marked up MF and dealer add-ons? I seriously can’t believe OP is considering this deal.
4 Likes
Look into an XC 60? Included maintenance.
2 Likes
Just think, I’m paying the same monthly payment+tax as the X3 for a $52k 330i 36/36 lease I’ve got last January. Oh, $0 out of pocket.
OP is so much better to finance. I pickup a new 2022 X5 next week where financing (I got Penfed) is $200 less a month than leasing. Just not even a choice unfortunately at this point.
4 Likes
If I may add, I would strongly recommend reading up on how a lease works here: EDITORIAL | LEASEHACKR.
You are missing a lot of info, such as:
- Pre-incentive sale price of both cars (Are you getting a discount?)
- Incentives you qualify for? It seems like you have loyalty.
- What are the fees included in the offer (such as doc fee, acquisition, title and registration)
- How much of that equity is going towards a down payment?
- Have you confirmed Money Factor (MF) on the Edmunds Forum?
Without all those numbers, we are not able to help break down your deals.
I always tell folks to know their NUMBERS.
EDIT: If you can wait a few months, your best bet (to get a discount) might be going the custom order route. Search broker deals in the “Marketplace” for details. Lots of READING and comparing NUMBERS.
1 Like
Where is the scenario that includes an $11,000 check to you at signing? I would not roll that equity into a new lease for all the reasons
3 Likes
I thought the sentiment was that down payment is not good for a lease.
3 Likes
So then why are you considering it? I am going to repeat it one more time: PLEASE take some time to read up and understand how a lease works.
It is one of the worst times to lease a car.
DO NOT sign any of these lease offers.
2 Likes
I am not OP. I was making sure that down payment on a lease is bad.
1 Like
Meant to respond to OP. My bad.
Fixed that for you
2 Likes
Once you are able to share some numbers, it might not be a bad idea to also run numbers on a purchase.
1 Like