2020 Leaf SV with 12,000 miles, buyout is $20,000. Better to buy it or return and buy/lease a new EV with the many incentives (buying in NJ with 0% sales tax, but wouldn’t get the charge up since I’m likely not staying for 2 years). Do qualify for $7500 fed rebate.
a leaf for 20k? bleh That’s pretty much the selling price for one
So which one is better, buy-out or new lease?
One more thing: I’ve been doing my homework, but what is a fair monthly payment for leasing an Equinox?
Also, are there any mileage or damage waivers available for me? When I renewed my lease, I don’t think I was given additional miles.
Any information is appreciated!
I have a 2020 Volvo V60 T5 R-Design with a 36 month 10k mi/yr lease expiring on August 1, 2023. I am currently at 34,600 miles as of the writing of this post, with mileage increasing about 400 miles per week.
I like the V60 and would consider buying it but I am not sure it’s worth $29k, even though I have kept the car in excellent condition and put on new tires at 30k miles. If I were to purchase it, I would consider buying a Volvo extended warranty, which would run approx. $4k.
Here are the details:
-Residual value = $29,257.25
-Payoff quote = $32,433.19 (as of 6/25/23)
-Leasing company - Volvo Financial
-Lease not extended (yet)
-KBB trade in value of $34,800 (seems high; not sure if this matters if Volvo does not allow buy out)
-Located in FL
I would consider another Volvo to avoid the turn-in fee (and possibly over mileage charges), but really prefer their plug in hybrids, which are leasing more expensively than I would like. Their full electric models are interesting but have lower range than I would like. I have also looked at Tesla (whatever) and would like to drop by a semi-local Polestar dealer to check out the 2.
Is buying and keeping the V60 a terrible idea?
Have you checked what any of the buying services would actually buy it for (if you owned it since they can’t buy it third-party)?
Most of the other Volvo models I wouldn’t even have you bother. From what I’ve seen recently the wagons hold their value better but not sure compared to your RV on this one.
Depending on that, not crazy to buy it out. The current V60 deals are not great and I too enjoyed driving the Recharge PHEVs but spend a few minutes on Swedespeed reading about all the problems before paying $200/mo more. The recent V60 Recharge Polestar deliveries that don’t remote start and whose heat don’t work in Pure mode made me weepy.
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Super helpful, @jeisensc! Thank you!
I just checked about five buying services (the more well-known ones) and they generally offered between the residual value and the current payoff quote, except for one insulting lowball. Maybe the Volvo wagons hold their value a bit better than other models but they’re not exactly popular in South Florida (despite their stunningly good looks). Thanks also for the insight regarding the current model recharge issues. I would love a Polestar version of my car but that may also be a terrible idea, in addition to being offensively expensive.
It seems that buying and keeping may not be as good an idea as I once thought. I may try to extend the lease for a few months to see whether any deals materialize in August or beyond.
Nobody knows what tomorrow will bring, but with Costco / Loyalty / A-Plan it’s likely as good as it’s going to get, especially if you want another wagon.
Your car is under warranty for another year, so I’d run the numbers to buy it out, but also keep in mind a CPO Volvo has a 5 yr unlimited mile warranty (and A Plan applies if you have it) so that’s another option to consider.
And just to say that I bought a 22 Outback XT when my XC60 lease ended, and it wasn’t a year before I sold it at a loss to lease another Volvo. Think twice before you consider a downgrade.
Sadly, I did not purchase a Costco membership before May 1 and I work for a small business that is not part of A-Plan. I may just bite the bullet and spring for a 2023 Polestar 2, which is currently getting some incentives.
These market conditions are PAINFUL.
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Doesn’t help you for a year but I’d join VCOA to be eligible for A Plan next year. If you end up buying the V60 and driving it until the end warranty is up you would be eligible. And for the same reason get yourself a Costco membership in case it’s not Volvo but GM or Audi next time.
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It’s all relative. Compare the depreciation and interest you’d pay over the next 3 years to the total payment of a new lease.
I’ve been talking to dealers, and a few have told me that I would be best off treating my current leased car as a trade in, and using it as equity toward a new lease.
Is that a wise idea for me? It’s over 10,000 miles on the lease, and with a buyout of $17,000, I’m not sure how that would work for me.
Any help is appreciated, with this, and my other message!
You are a bit Vague…
- What Car make / model / year
- What pricing did you get to think you have equity (Though 17k probably means you do)
- What kind of car do you want?
Why don’t you read the first post in this topic?
I believe Kintaro has already posted more specific details above although it has been a few days.
Looking for advice on buyout of a 2020 Mercedes GLB-350 4matic, lease expires mid-September.
Buyout quote from MBFS: $25,217
Residual value per lease: $27,414
Disposition fee: $595
MIleage: 24K miles (of 30K miles lease)
Monthly payments: $471/mo (MSDs of $5,500)
State: NY
Highest 3rd party offer is from Carvana at $32,850. Have not approached dealer yet.
Eventually looking to get a true mid-size SUV (GLE, X5, GV80, etc) but likely not until late this year or early next.
These are not true mid-size SUVs in the way that, say, a Honda Pilot is. Or even have a semi practical third row like a QX60 or MDX.
If you don’t need to keep the GLB, just sell it to the highest bidder.
Did you get a quote from CarMax??
I got the best offer from them on a Jeep GC
Carmax didn’t give an estimate online, would need to do an in-store appraisal - but sounds like it may be worth it
Hello,
I have a 2022 BMW M340 that I leased back in September 2021. I have 14 months left on the lease and based on what I’m seeing I expect to have a decent amount of equity in the car. By buyout/residual on the price is $34k.
I’ll come in at or just under my 36k mileage allowance, and I am seeing 2020 models with 40k+ miles with similar specs still going for $50k pre-owned. KBB trade value is $53k… If it depreciates another 20% in a year and it’s worth $43k as a trade, how can I best utilize that $9k in equity?
I think that I want to stick with another BMW as my next lease, so what are my options? DO I need to actually buy the car for $34k and then trade in for $43k, or can I use some of that equity toward the downpayment on a new lease?
Thanks,
Quinn