Hi LeaseHackr Community, I have a potentially dumb question regarding my mother’s lease.
She is currently leasing a 2019 Lincoln MKC @ 36/10k. The lease will expire at the end of July but she’s on pace to be 2k miles over. She lives in PA and they want $20k to buy out the lease despite her paying $450 a month for the car.
Given the ridiculous buyout price, it would not be wise to buy out the lease and use it to trade in towards a new lease right? She absolutely wants a new car and is open to most options as long as it has AWD. I know it’s a bit early to ask this but she is a planner so she has been asking me what to do.
Any help would be appreciated, thank you.
You’re saying the current buyout for her to purchase it is $20k? Is that before or after taxes? Including fees?
Who is giving that number?
What kind of offers have you got on the vehicle from carvana/carmax/etc?
She was quoted 20k by the dealership in her lease agreement. I don’t think she has negotiated with the dealership.
I didnt even think about Carvana/Carmax… Does Lincoln allow lease buyouts to places like this?
I’m glad I took the time to ask
They want $20k and you get the car? That sounds like a pretty sweet deal.
No, but if you can buy it for $20k and sell it for more, it’ll help you decide if it’s worth buying
She paid $450 for 36 months = $16,200.
Her buyout is $20,000.
$36,000 for a 2019 Lincoln is a pretty solid deal.
Buying it out should yield a similar or lower monthly payment and she could possibly get an extended warranty.
There’s very few AWD lease deals in the $450/month range with $0 DAS in the current market. Unless she’s willing to climb into a Wrangler
On what planet is a $20k buyout ridiculous for a three year old luxury car?
Thanks everyone. This is pretty cool she has options, I didn’t think we would be in this position.
She said she prefers a truck as her next vehicle hahah I think she would love a Wrangler as well
Hope she doesn’t have back problems…lol…the wrangler is a bit of rough ride compared to a Lincoln
If she wants a Wrangler dig into the never ending 4xe post. She can get a $50-60k 4xe wrangler custom ordered in the $4-500/month range.
Residual values are contractual. $20k doesn’t seem ridiculous to me. Compare that against the fair market value of the car if you think it’s a scam. If she could go buy a similarly equipped used car of the same model and similar mileage on the used market for less, then let your lease run out and go buy the used car. Or you could just buy your own used car haha.
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