My Wife wanted the new 2022 NX so we extended to 6 more months in June. The new NX is not anywhere close to arriving and when it does the lease will probably be $800+ per month. Checked with Car Max and we have $8K of equity into the old NX, so it’s a no brainer to buy it out and get a few more years out of it until leasing makes sense again. Hate to own a vechicle again but it make no sense to lease a new NX. Have to roll with what the market gives you.
Once Leasing makes sense again, you can kiss that Equity goodbye
Not so sad that you have now captured $8k in equity.
For sure but signing a sky high lease right now locks you in for 2-3 years. Basically get to drive this car for 2 years for free assuming no major items outside the warranty window. This car shortage is going to last at least another 12-18 months.
I’m confused - how is this buyout equivalent to driving it for free for 2 years?
I guess not exactly free, but when we leased it we thought there would be zero or negative equity. Now the hope is it depreciates slower or at the same rate for the next 18-24 months and we can sell it for the buyout price of $24K. This would give us 18-24 months of “free” payments.
Are you in tax free state?
No, but I already had to pay for registration this year with the lease extension.
It’s costing you the $8k in equity that you have now to drive it for the next 2 years. Still not a bad deal.
$8000 equity from Carmax over a 36 month term makes an $800 payment sub $600.
The problem is, if you can sell it for a good price in two years, that means that new lease in 2 years will still be high. This is a big generalization of course. You’ll probably still do alright in the end but take into account the sales tax you paid to drive it for now vs the $800 payments using the equity you had and it’ll probably be a similar outcome.
This assumes the 8k in equity will be wiped. It might be slashed in half, might not. Might even go up.
When I bought my lease out last January I thought for sure my 4k equity would be wiped by now. Its in fact tripled.
$8k equity plus $2,4k sales tax plus dmv and other CA fees it will end up at $11k.
So effective payment for any new small premium SUV will be $500/m. Great deal IMO.
My family member sold leased NX300 to Carmax for $7800 of equity. They leased Aspec trim RDX for $620/m with efective payment $403/m. Do not remember monthly lease payment like this for RDX without loyalty.
Gee, I guess everyone is forgetting he needs a car to drive
Im in a similar position, about to buy my BMW tomorrow, i just hope i wont be upside down in a year when i try to move on
BMWs were never worth their RV in normal times. You’re essentially taking a bet on this insanity lasting long enough to make your buyout + TTL worth it.
true. paying 415/mo for a 50k 3 series now,
unfortunately there are no good options at the moment. at least i’ll be able to keep my manual.
In that case you aren’t really in that sphere anyway. The big commercial operations don’t want niche cars.
Your best bet was and is an enthusiast via private party or BAT.
You’ve already extended the lease right?
How does paying sales tax and reg on a buyout increase the equity amount???