I am returning my lease in a month. Seeking your advice on my options if I need a car for the short-term (1 year).
My lease of the 2018 Chevy Volt is due in 4 weeks. I have taken exceptional care of the car. It is under the contracted mileage of 36K. No dings or scratches. Residual value is $16,500.
I will need a car for another year (waiting for some of the new EVs to come out).
- I can try to sell the Volt to Carmax or other 3rd party if they’ll pay more than the buyout, and buy a cheap $5k car to last me another year.
- I can return the Volt back to Chevy, and buy a cheap $5k car to last me another year.
- Or I can finance the residual value of the Volt, and sell it next year. I’d like to keep the Volt because I’ve babied it, and I know there wouldn’t be any mechanical issues.
My questions for the hackrs are:
- Will Chevy negotiate on the $16,500 due at return, or is this something I have to take up with GM finance?
- Which options would you hackrs take in this situation?
Many thanks in advance.