“Should I buy out my lease?” super-thread

Ask the Hackrs Buy/Finance
572

Hey all, here’s my situation (California resident)

Leased 2020 Volvo V60 R Design T5
Miles - 25,400
Lease End Purchase Price - $26,069 + $350 fee (ends in early May)
Current KBB values:
Trade in - $36,039
Private Party - $38,292

Have not extended my lease

Seems clear to buy this out and resell it.
Will have to finance the buyout, hunting for lowest rates, but also aware of the 10 day issue in California and how sketchy private party car sales can be.

Carmax offered about $32k which doesn’t seem ideal, other offers similar range. Considering all options.

Appreciate the help!

573

Kbb is a guestimate, its not a real number

1 Like
574

I know, which is why I posted this on this thread…

575

not replacing with another volvo?

scroll up to the first post in this thread, it has a link for car buying services. spend an hour plugging in the vin as if you own it and get purchase quotes.

t5? :eyes:

576

Its T5 yea

And yea I’ve been doing that and most offers are around 32-33k. Haven’t spoken to dealer yet

Not going with another Volvo unfortunately as they stopped making the wagons (other than all-road) and I’m not a fan of the sedans and SUVs all too expensive

1 Like
577

you may want to read this

some have used lightstream for a lien-less buyout. i had my released title in under 2 weeks.

1 Like
578

Thank you!

579

know if Volvo dealer will buy out the car, attempting to match carvana/vroom offer? just got carvana offer $3200 over my payoff. so where i was originally thinking to buy out my lease at a decent deal, with that much potential equity, new lease may be about the same payment now.

580

Volvo does not allow any kind of 2nd (Dealer) or 3rd (Carmax) party buyouts. Only Trade Ins (Dealer) or Personal purchases are allowed.

581

mustve blanked, but feel like i knew that. i guess might create less leverage if not having to compete with those other offers?

582

Less Paperwork. Just like most of the OEMS (But Chrysler), they didn’t have the staff to handle a 3rd Party Buyout and just banned them, and it even looks like Volvo didn’t want Dealer buyouts and added that extra wrinkle.

583

my initial excitement at the higher offer has been completely tamed now lol

584

Considering buying out my lease here. Payout is $27k and put $14k into it over 3 years (~400/mo/36mo’s). If I lease again, I lose out on the equity I paid into the car the 3 years. Although depreciation will bring the cars value down to about 30% or so after 5-6 years…it seems the better option to at the end of the day be able to sell it and recover vs just another lease.

Solid car. 330i BMW. The current lease market is making me think it doesn’t make sense to lease right now with these deals/rates for a new lease.

Thoughts?

585

330s are not ‘long lasting cars’ , if you have equity, get it now.
And yes, the current market isn’t good for leasing of a non EV. Except for maybe a Nissan.

1 Like
586

As in, buy it out and sell to collect the equity?

587

I expect to sell it once the lease market flips for good deals.

588

Or go to BMW and Sell it.
If the market Flips for Good Deals, then expect it to FLIP downward for your car. Don’t think that your car will stay high, it’s a seesaw, if one side goes up, the other goes down.

589

Chase sent me the lease buyout paperwork and it DOES NOT include sales tax…is this because I asked for the buyout before my lease extension ended?? This saves me almost $2,500 as sales tax in my area is 9.75%

590

You will have to pay tax when you register the car in your name. If you sell it to a dealer the buyout you received is accurate.

591

Buy it out and keep it til its 5th-6th year.

These are not complicated cars. You can always get an extended warranty through the sponsors on the bmw forums if you want to.