IDK if taking the depreciation risk is a great choice though
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Hi,
New to this forum and seeking advice around whether to buy out the lease on my 2020 Tiguan SE AWD that expires in a few months. Summary of current lease:
Miles: 24,100
Current payment: $469
Residual: $15,164 + $1,577 (tax), also still a few payments owing
I’ve gotten a handful of trade in offers from local VW dealerships, with most ranging from $18K-$19.5K, so a bit of equity, but not as much as I was thinking. Is this worth purchasing at lease end and waiting on market to settle? I’ve also had my eye on an Audi Q3. There are a handful of 2022 models in our area. I got a quote for a new lease:
2022 Q3 S Line Premium
MSRP: $41,745 (less 6% affinity discount + and additional $1250 rebate)
They would give me $21K for my trade. 36/10, .00351MF (although Edmunds quotes .00307), 59% residual. $1081 pay on delivery. $549/month
I’m open to financing the Audi, as I hate to dump my equity into a lease–not sure what kind of rates I can get at AFS or elsewhere (excellent credit).
Any advice would be appreciated!
Do you need a backseat? Because the Q3 doesn’t have much of one.
Not really, the dog is the only one who rides back there:)
This was the deal I got on my 2019 M550 that has 11K miles driven. I managed to get a 4 month extension to my lease that runs out in 10 days and I have NO idea what to do. I don’t want to spend more than what I’m paying monthly currently ($787) and obviously no lease on an equivalent car is comparable to this price.
My payoff quote is $44, xxx and I’m sure I could sell it to Autonation for more. They quoted me $51,500 back in Sep when buyout was $47,xxx.
Should I sell and use the capital to try to lease new? Buy this car outright? Finance a used car around the 38k mark? Whatever keeps my monthly around the figure I’m currently paying. Need HELP. Thank you
Year, Make, Model, and Trim: 2019 BMW M550xi
MSRP: $77,835
Selling price: $70,285
Discount: 7,550
Rebate: 4,250
Monthly Payment: $787.83 inc tax
Drive-Off Amount: $2950
Months:36
Annual Mileage:10k
MF:0.000168
Residual:60
I would get ALL the 3rd party quotes tomorrow to see where equity actually sits. Used car values have dropped across the board since September
Even at 0% interest, a 5 year loan for the balance is about where your current payment sits.
With 10 days left:
- what have you test driven
- what will/won’t you accept
- how do your answers to those compare to what offers you are seeing today in the Marketplace?
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i’m pretty sure this car is not worth payoff.
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I have a 2020 530i X drive, and I certainly don’t think your car is worth that much.
I have similar buyout and I was seeing online offers around $32k (and it was a few months ago)
Probably not worth pay off but if you want to keep your low-mileage, fun car, might be worth the premium
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I reached out to AutoNation and they quoted me $80,525, so a little bit of equity compared to my payoff right now. With used car values trending down who knows where I’ll be come December.
I think that’s a typo? 80k?
Autonation is also notorious for shooting you a number and declining to pay out when you get to the dealership.
You’ll get a line about how the numbers for generated by their corporate office and are not accurate
Not a typo. MSRP was about $120k and it’s only 2 years old with 20k miles. It’s not that crazy, only a bit higher than current payoff amount.
Whoops my bad. I quoted the wrong person
Meant for @cohenb06 regarding his 530i
I have a friend who has a X5M and he plans on buying his out also. No other car he’s likes on the market that’s worth leasing now
Thank you so much for the info and taking the time. I’m going to go and get those quotes now. I do believe however that AUTONATION is the only 3rd party that can buy a BMW lease due to them owning BMW Dealerships.
As far as test driving etc. I honestly don’t care too much what I get right now, I’m looking at it as a stop gap for some months until the market calms down and/or my finances change. Honestly feeling that getting an autoloan on a 2016 something or other maybe the best best for now.
530’s are a lot cheaper than M550’s though.
Correct, but pretend you own it if you want to see where the market is at. Any BMW dealer should also be able to buy it.
Autonation is only one of many ‘dealership groups’ that can,
- Autonation
- Driveway (Litha)
- South Shore
to name a few, but Autonation is one of them, not the only one.
My 2020 QX60 lease is coming to an end in 3 months. The total miles on the car so far is super low (~12k miles) due to covid and wfh situation. Lease contract is10k miles per annum and term is 39 months.
Now im in a dilemma whether to buyout the lease and sell the car to carvana/carmax or negotiate a good price on the next lease with infiniti/nissan.
Any suggestions hackers?
Give us some numbers? Monthly? Buyout? MSRP?
Extend your lease. Hopefully numbers get better in the next 3 to 6 months. Or use a broker here.