As the market price for my leased Mazda CX-5 2020 Touring with preferred package is currently higher, would it be a wise decision to buy out my car from the lease and resell it? The lease is ending in 2 months with only 11k miles driven and the car is in excellent condition with a residual value of $17200.
Also, what important factors should I take into consideration and be aware of when buying out a leased car from the dealer? Your advice would be appreciated. Thank you.
Thanks for your message. I am very new to this and that’s the other question I have. I live in NY and not sure about taxes and fees. appreciate your help.
You can ask the dealership to buy it and use the money toward a new lease or financed car, or you can sell it to carvana or carmax, whichever offers more, and they will take care of the lease buy out. I’m not sure if one of the dealers here like DNA Auto would do the same, buy it from you and take care of the lease purchase option. You should check different options among those for the best price but as @max_g said, do not buy it and pay taxes on it to then sell it.
Lease payoff amount is 19,730.XX , + 10.25 sales tax in my state CA , are there any other Mandatory fees I need to pay apart from sales tax
title transfer 15 $
Vehicle License Fee (VLF) – 0.65% of purchase price/value of vehicle
Dealer I leased with has a number of 22,640.XX out of the door including dealer fees of 500
Questions :
is the dealer fees negotiable ?
Dealer is not ready to give me a break up
Any help would be greatly appreciated
I already paid the registration for the this year
Do I have to pay registration. again ?
Hey everyone, brand new to the site so sorry if I am posting the wrong way.
I have an 2020 Alfa Romeo Giulia TI that has one more payment of 425 due before the lease ends. My Residual value is 27k. I recently heard it may be an option to sell to a dealer. I just checked Carmax and apparently they do not have Alfa’s posted. Carvana lowballed a quote of 24k. Is my best bet to just email local dealer and see if they will offer more? I am located in NYC btw. Supposed to turn in the car June 15th. I have not extended the lease. The bank is Chrysler Capital.
Wife’s 2019 A4 lease expires next month (inc 6 mos extension). The RV to buy it is $17k. Mileage is only 4k and it’s in mint condition. Mycarauction.com and Carvana have offered $26k. Wife loves the car and would get new A4 if we sold this one. Thinking of 2 options: 1. Buy car and keep it (add ext warranty for approx $3k?) or 2. Buy then sell to mycarauction etc. (they claim that they can get the title within 10 days to avoid double sales tax) and figure my $9k from the sale effectively reduces the new monthly lease payment by ~$250 (9,000/36 mos = $250). If I’m thinking of it correctly, assuming I can find a white 2023 A4, option 2 seems like the best bet. We’d get a new car, no need for ext warranty, etc.
If I read this correctly, your wife’s 2019 A3 only has 4,000 miles on the odometer?!? At usage of 100miles/month I would buy the car and disregard the warranty.
When my partner only accumulated 2,000miles/year on her car we went down to 1 car in our household and used Uber/Lyft to supplement. The cost to own a car we didn’t use with maintenance/insurance/payment was significantly more.
Feel free to make the decision that’s best for your household. We recently acquired a second car after sharing 1 (+ motorcycles) for the last 2 years.
