He should look at other luxury brands. If he is fixated on getting an SUV, then he needs to find one that meet his needs, but also does not burst his budget.
Glad to hear we are in agreement.
In this current market, all options should be on the table, IMO.
- Hope your husband has done some reading.
Closeness-communication bias
Happy New Year, Hackers!
I have a dilemma, and would like some opinions, please. We have 2 vehicles with expiring leases as follows:
2018 BMW 330e
Lease expired 12/8, but extended for a month and can extend 1 more month to 2/8; if we order a vehicle, we can extend for 3 more months or so
Payments are $358/mo
12,000 miles on car
RV is $30k, and market value seems to be exactly that (no equity)
2019 Volvo XC60 T6 Inscription
Lease expires end of May, 2022
Payments are $508/mo
23,000 miles on car
RV is $31k; Shift offer is $44k (I was really surprised to have equity?!)
With work from home, we could roll with just 1 car for a little while…but not sure how long since return to work could happen at anytime. We are not set on any specific vehicle, but would like to have an SUV (and might even want to have a compact SUV and a subcompact SUV once we go back to 2 cars).
So what to do? Turn in the BMW and buy out the Volvo…and then hope there still equity in the Volvo when the market gets better? Sell the Volvo for the equity now, and extend the BMW for as long as we can…and hope that there’s something decent to lease in 3 or 4 months? Have considered an X1 to replace the 330e, but also considering RAV4 or CR-V.
Would love to hear your thoughts. Thanks!
Your best bet is sell the Volvo, extend the BMW lease and order a 4xe asap and once that comes in, return the BMW
Market won’t be back to “normal” until probably some time in 2023, at the earliest.
A few things I forgot to mention:
We have lots of cash sitting in MSDs. $5500 on the Volvo and I think $2450 on the BMW. I wouldn’t mind getting some of that cash right now.
I realize that we can’t sell the Volvo directly to a 3rd party. We’d have to buy first, pay the tax, and then sell…so it would cut into the equity for sure.
Is that a Jeep? I don’t think that’s for us, but thanks 
For once you’re lucky tax wise to live in ca, if you do it within 10 days, no sales tax.
One of the cars could be an EV. What state/county/city/utilities rebates do you qualify for in addition to the federal $7,500?
Don’t knock it til ya try it.
My parents had sticks up their butt too until they drove mine.
So if we buy the car through Volvo Financial and then sell to Shift within 10 days, you are saying we wouldn’t owe tax? I guess I assumed tax would be included in the purchase price of the vehicle when we finance it.
I believe $1500 from CA State in addition to $7500 Federal. LA County has a rebate on installation of a charger, but I don’t think on the vehicle itself.
I had thought about RAV-4 Prime, but seems impossible to get…and also high MSRP with lots of dealer mark ups. Over $50K for a Toyota?
Paging @Jeff_BeachCitiesAuto about RAV4 Prime or @Teris about Kia Niro PHEV/EV pricing in California
Kia Niro EV is pretty nice, especially considering $7500 tax incentive plus, in California, the $2k CA CVRP and $750 CAR. There is an $11k Kia to dealer incentive, too, but there are not many in stock even through the brokers here.
In my experience you can get BMW to extend more than 2 months without ordering a new car as long as you ask nicely and have a somewhat valid reason. They’ve been surprisingly nice to me when I’ve asked …
very interested to hear more about this strategy, sound a super money saving one !!!
I know of this 10-day rule, but how can it be done in actuality? You need the title in hand in order to sell to the likes of Carvana, Vroom, etc. I suppose the steps would be like:
(1) Pay buyout price to leasing company or bank;
(2) Wait for leasing company or bank to sign the original title (in their name) to you:
(3) Take the original title to DMV to register under your name:
(4) I believe that DMV would collect the sales tax in Step 3. How to get around that?
(5) Assuming one could get away with paying sales tax in Step 4, wait to receive new title (in your name) from DMV;
(6) Bring the new title to sell to Carvana, etc.
In addition to the hurdle in Step 4 above, I just cannot think of a scenario where the above process can be completed within 10 days. Please share your experience if anyone has successfully achieved that.
Step 7 fill out form and wait a few weeks for a check. And there is a thread here for that. Titled CA 10 Day or something.
5a. Date of Mailing I believe is start of 10 day