I’m willing to bet he meant that the $370 was really with using the existing Tundra’s equity as the down. In which case, he could always pocket the equity and just pay the actual lease price on the Tundra, which might be $540 a month or something.
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Find out what your Toyota dealer will give you without any trade-in strings. Go online and see what CarMax, Carvana and Vroom will give you. CarMax paid $3k more than my dealer for my ‘19 Tacoma.
Hey fellow hackrs -
I have a “what would you do” situation…
I currently have a 2018 Grand Cherokee High Altitude 4x2 gas and just reached my maturity date this past August 1st. However, I’ve extended my lease 6 more months until I figure out what I want to do with the vehicle. US Bank has been easy to do this and I can turn in or purchase at any time within. I really want to lease the GC L but I’m waiting to see if they have any rebates upcoming, so I can sell my 2018 and lease the 2021 L. As I know the L doesn’t lease good right now, so I’ve been trolling the market to see if they incentivize the L’s. Seems there’s a lot of them sitting on lots right now in SoCal market as I check the inventory daily. I feel that is a good measure if they’re selling right? Lol.
My question is, is the used car market still hot right now? Should I purchase my existing GC and flip it with all the positive equity and wait on the L’s rebates? Who would give me the highest price? Car max? Will I regret it if I keep the 2018 any longer? Decisions, decisions…
Yes it is still hot.
Should you purchase it? Depends on the offers you get and the imputed value.
Who gives you the highest price? That literally can vary car to car, you can get online offers from at least 5 different car buying platforms (carmax, carvana, vroom, shift, givemethevin, algo, etc). Get those values and then compare against your payoff
Regret is a state of mind. Wish not, want not, turn your gaze to the horizon ahead, not the rearview. Make your informed decisions and live in peace and contentment knowing you made the best choice you had available. To someone, that 2018 Jeep Grand Cherokee is a dream car - they say the key to happiness is wanting what you already have. Do you want the life you lead? Do your material positions spark happiness in their current state?
Hi Leasehackrs!
I’m currently leasing a Mercedes GLC 300, and the lease is up in November. I can turn around and sell the car to Carvana/CarMax at a $9000 premium over the residual value. I’d like to get another GLC 300, but y’all know what the availability and pricing looks like.
Current lease payment is $499/month after tax and I’d like to keep monthly payment about the same.
What I can’t figure out is if it’s better to a) buy the car now and drive it for another year hoping that the availability normalizes by then, or b) put the $9000 “profit” into the down payment on the new lease, which will get me the ~$500/month monthly payment I’m looking for.
The Leasehackr score on a new lease is awful, but I figure this $9000 is “falling from the sky” and I do want a new car and don’t want to “own” a car.
What are your thoughts? It’s unlikely the situation improves by November, dealers within 100 miles of the Bay Area have no stock and I’m lucky if I’m quoted MSRP as the selling price. Half of them quote $3-5K over MSRP.
With 9k credit, I wonder if current lease market is actually ‘that’ terrible for those with expiring lease. $250 extra per month. To lease car in $50k range, you should break even at the least. Or use that $9k to buy a car at or over MSRP. Better than keeping a car that is going to devalue significantly once it is out of warranty and used car market cools off.
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Get a Tesla
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I would sell the car and get the 9k profit . Then I will try to lease something in $500/m range like Mazda CX5 or CX9 . Audi Q5 if available at low price or MDX/RDX. Don’t fall in love with GLC300 there are other good SUVs to drive also.
Getting another GLC is exactly what I was thinking too. Yeah it’s $9000 down, but it’s not really MY $9K and I love the car.
Didn’t like Model Y, felt like driving a laptop on wheels. Model X doesn’t fit in the garage 
The only other car I loved is the Audi eTron, but it leases horribly and is a non-starter.
Too late to not fall in love with Mercedes. With my sore back, Mercedes and eTron were the only ones where my back didn’t hurt after driving.
You are really telling him to go from a Mercedes to a Mazda or an Acura? I would get another Mercedes or switch to BMW. I went from an X5 to an X1 as a loaner and then an X3 as a loaner and could not stand it. Switching from a Mercedes to a Mazda or Acura? No way, I would rather spend more money and be happy with the car for 3 years or more.
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Someone mentioned in another thread Mercedes will not allow third party dealers to buy their vehicles after Aug 31. You will have to buy it out yourself and then sell it to Carvana/Carmax.
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Try extending the lease for 6 months . Mkt might get better in 6 month then get into a new GLC 300 or Buy the current one.
Not sure BMW allow to extend leases especially in today’s market conditions.
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I am just suggesting how to pocket in 9k in today’s market.
Yes I agree BMW X6, X5 are real good to drive then X1, X2 or even X3. I used to own 335i, X3 and X5 . X3 not a single issue but X5 lot of issues but fun to drive.
My ideal SUV is X6M but beyond my range .
Mercedes I own GL 550. Feel like driving a Tank.
Only think I like is AMG rest of Mercedes are no Fun to drive.
Macan GT or even Sport is another fun to Drive SUV.
If one wants nice Seats then Volvo XC90 is not bad. I never drove one but heard from few friends.
That is a horrible way of managing finances.
like you can definately find something in the same range just might not be the same trim or something.
if you really dont care for the 9k, just extend the lease, why bother with all the hassel of buying-selling-new lease.
enjoy the car you love.
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When you cash the check and it goes into your account, is it worth less than any other money in your account?
This whole notion of “it’s fake money that doesn’t really exist” is a great way to justify lighting money on fire.
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If you “need” to replace it , your replacement will be overpriced and your unexpected equity will mostly pay for it . If you can afford to wait , say because you have another car in your household, you should sell your GLC , pocket the equity and wait for market to normalize.
Btw, it’s “your $9k”, because the asset you have the right to purchase at a pre-agreed price has appreciated.
I create a new account for the fake money. Wouldn’t want it spoiling my real money.
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Will new car market cools off first or used car market?
As buyer in the same market as op, I don’t see myself paying anywhere close to what carvana would offer for a used luxury SUV near end of warranty.
If op hold onto the car and paid tax, what is the likelihood s/he’ll recuperate 9k + tax from future saving assuming lease market returns to normal (if ever)? Very likely 9k equity is gone the day lease hacker 10+ is back on the table.
Also, for many of us, the experience driving brand new fresh car vs older car is worth a few bucks.
It’s a long term car rental…take the money, rent a cheaper car…there are still some OK deals out there.
I used to lease German luxury cars…I then leased a Prius and realized that I’d rather save money than spend it on a car that I can’t really take advantage of…my average driving speed over the past 15 years is about 18 miles per hour…I could bike faster!
So now I lease Subarus, and just got a Bolt EUV (which is it’s own kind of disaster!).
Makes zero difference to my lifestyle, the cars are very comfortable and safe…and full of the latest technology.
But I am frugal.
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If the OP buys out
uses the car for a year,
market back to normal in 1 year
Scenario 1 -
Can sell the car for the buyout price (including tax) - saved $500/month for a year, = $6,000
Anything lower than buyout price up til $6000 is still cheaper than leasing a new car
Scenario 2 -
Puts 9k down, $500/month 36 month lease,
Still has 500/month payment for 2 more years.
No profit in bank
Scenario 3 -
Pockets 9k
Looks for a lower trim or different brand for same payment.
Still has same 500/month payment for 2 more years