The fact that your SO didn’t want to deal with carmax is irrelevant to the actual deal. It may be why you chose to go the route you did, but it doesn’t change how much your vehicle was worth. You paid for convenience and that’s fine if it was worth the cost to you.
I also don’t know why you keep talking about the original deal. You didn’t sign the original deal, you signed this deal.
The only deal that matters is the one that was actually executed. If anything, it sounds to me like you brought in the trade and got taken to the cleaners with it.
Greetings! I leased a loaded rx350 with advice from this forum back in 2019. I’m closing in on my end of lease and wanted to check here about my options and where I should be looking for my next lease/finance:
Should I wait till end of my lease to see what my dealer is offering since I know for sure the RX350 is going to be worth more than the $30k RV (at least I think)
Can online dealers like vroom or Carvana buy my car outright prior to lease ending or do I have to wait till then?
Given the current shortage of vehicles in general, is it better to hang on the RX350 and just buy it outright?
I personally wanted to venture into something a little more sporty and stylish like a Range Rover Velar or a Macan S, but the lease offers on the websites look terrible compared to what I got on the RX. Any specific models to look for decent deals? For example I had got 12% off MSRP when I got the RX, what’s the ballpark these days for luxury SUV models?
Thanks and happy to answer anything I missed out in my post. Cheers!
When does your lease end? In any case, trying to forecast used car values is a crapshoot. Dealers are still buying but prices seem to have stabilized over the last few weeks. Who knows where the next few weeks/months will go.
Many have stopped buying lease vehicles. Search LH for latest
That’s entirely up to you and what your requirements are
MSRP. Some makes will go a few points below but you’ll need to search hard. LR and Porsche? Marked up prices, marked up MF, with dealer adds, or all of the above (not kidding). Tough market and everyone looking for the same thing GLWT
Hey Everyone, I have 7 months left on my 2018 A6 3.0T Sport and am weighing my options to buy-out the lease. For reference, my payoff amount is $30,449. Vroom has quoted me $35,385 and Carvana a little over $32,000. If I buy-out the lease and sell it myself, I could probably get a bit more.
My question is whether I should (1) buy-out the lease, take the money, and start shopping around for a new deal, or (2) leverage the trade-in to get into another competitive lease offer (thanks to this forum my monthly on the A6 was $550, with very little out of pocket). Would dealers find this car attractive given the payoff amount and current used market (everything that I’m seeing within 200 miles of me for this A6 is ~$40k). Ideally, I’d like to get into another Audi at that same price point and with very little down.
Really just looking for some guidance on how to best navigate this situation. Thanks!
You do have option 3, which is to have an Audi or VW dealer buy out your lease. Saves you on the sales tax liability of buying it out yourself, even if you get slightly less.
Ultimately, you’re going to run into the same issues as everyone else… there is very little leasing well in the current market.
Appreciate the input. Should’ve mentioned that I’m shopping it around to some Audi/VW dealers as well. Perfect world, I can use this as leverage to find a competitive lease offer, but to your point cars aren’t leasing well at the moment. Would dealers find something like this attractive given the used market? Reading through this thread it’s pretty clear I’m not the only one out there with positive equity.
It’s important to differentiate the two transactions here. There’s your current car and any equity it may have and then there’s the hypothetical new car.
Your current car may or may not have equity. A quick check of offers from carvana/carmax/etc vs the buyout will give you an inclination there (even if you’d have to purchase to capture it all). If there’s equity, it’ll be attractive to dealers. Dealers are buying cars left and right. It just matters if the value makes sense to you.
There aren’t much in the way of good lease offerings out there for something new. Your current equity doesn’t change that. Think of it as a wad of cash in your hand. Going to a dealer with a wad of cash won’t make the lease offers better, it’ll just pay for some of the lease. Look at maximizing your value on a new lease, then look at any equity, and see if the net benefit justifies moving. Don’t overpay on a new lease just because the carrot of the equity on the old lease in dangling in front of you.
I’ve got a big carrot in the form of the potential lease equity in my e-tron dangling in front of me right now, but there are so few options for replacement vehicles that I can’t justify jumping to anything. With 7 months to go, it’s a little different though.
Yah, probably somewhere in the same neighborhood on mine. The probably is finding a reasonable replacement candidate… and I keep coming up empty handed.
I have a 2020 X3 M with 6900 miles, in great shape (a few wheel scuffs). I like it, but my payoff is $61,058 and I see similar cars listed in my area for $70k+. Am I missing something? Why do I appear to have so much equity in the car?
Non-competition, $78200 sticker, $4200 DAS (covered all up front fees), 36/10, $675/mo pre-tax, MF was something like 0.00183 (I think), no MSDs, 11% discount. LH score at the time was something like 9 or 9.5. Lease was 5/31/20.
What you see ‘listed’ is not what they will pay you to buy it.
Go to Carvana.com and Carmax.com put in your Vin and get an idea of what they will pay for it.
Yep, I get that - it’s what I would have to pay to buy the car from them. So if I pay them the $61k, I could turn it around and sell it for $70k+ (theoretically). I’m trying to figure out if my payout is low because I made a bad deal, or if it’s just that cars are holding outrageously high resale value (when this would ordinarily be falling like a rock).
I did check Carvana last month. They offered me $50k or something ludicrous. Is that typical of a buy-back offer, to be that low? Or was it just my case?
What you may find with buyers like Carvana, Vroom, Shift or even Carmax is that a high-end specialty vehicle is not really what their target market is looking for. A $78k X3M is not exactly a high-volume, high margin, high demand vehicle that is easily turned around needs a very specific buyer which is why their offered prices are pretty low.
Traditionally luxury vehicles have had a bad RV which is part of your buyout price.
Plus tax & fees.
This is the reason & seems like you’ve been living under a rock to not know what’s been going on in the car industry (sorry had to make a joke as you brought up the rock part )
Yep, haven’t been following closely since I got the car.
Question about the taxes and fees on top of the payoff amount - I paid taxes and fees when I purchased (that DAS money was the delivery, plates, etc). Do I have to pay taxes on the payoff because the lease pays taxes on a monthly basis, and this is more of a traditional sale? I guess that makes sense, hadn’t considered it.
GLWT
needs a very specific buyer which is why their offered prices are pretty low.