I believe it all starts with CA Form 262. Enough information is captured in there to hunt the seller and the buyer down if necessary.
Thank you!
My wife subaru forester 2020 lease is coming to an end with 32k mileage. We have decided to keep the car due to the new car prices. How do we extended warranty ? Do we contact the dealership?thank you
Look in Subaru specific forums. They’ll have recommendations
The chance that your local dealer has the best price? Sub 1%
First time BMW buy out of my unicorn 8 series lease up in February.
Anyone financed after a lease through BMW Financial? Assuming if I go outside, I’d have to apply for a “used” auto rate at some random bank?
Yes, just use whatever bank is offering the best terms, be it BMWFS or somewhere else.
Also many banks don’t differentiate between new and used but rather just tier their rates based on the model year of the car you’re financing.
Hi hackrs, first time lease end guidance requested - Honda Pilot 2019 Touring, 18K miles across 4 years (3yr+1yr ext). Lease ending mid Aug 2023. Residual $22171. I have not had much time to think about the next car but can consider another Pilot. Wanted to know if it’s better to combine the lease end and the new lease transaction so that the can transfer the equity or sell wherever I get the best value and get the new lease deal separately. Appreciate your help in advance.
Financially best to buyout and keep it.
If you want to sell, wholesale is around 34.5k so can get some equity selling to a Honda dealer or one that can buy them out.
To answer your question, generally you won’t get the highest trade offer from the same place that discounts the next vehicle so best to get offers using both methods and calculate what route is best after factoring tax advantage.
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Well the prospect of a new lease is moot unless you’ve found a good deal. But there aren’t any in this segment.
Your best options are to keep your current Pilot or trade it in and use the equity to finance a 2023 Pilot, Highlander, Palisade or Telluride.
Can use some opinions and help deciding.
Currently have a Chevy Traverse 8,000 miles lease ending in October. This is from the swap of collateral of the Chevy Bolt, so the residual is $20,500. Current value is ~$32,000.
Option A is to buy out the lease and drive it for 2 more years until its out of warranty, and then sell it. The question is what the cost of driving it for 2 more years will be @8k miles a year. Right now I have ~$11.5k of equity should I realize those gains asap and-
Option B sell it to 3rd party and buy a sedan. I dont really need the SUV I’m looking for a reliable car that has the lowest cost of ownership for the next 2 years. If I do go this route I was thinking Toyota Camry or Honda Accord. The question would be do I buy new or used?
Appreciate the help!
Gaining the 12k in equity would be a sizeable downportion on an accord or camry. A camry could be had for under sticker and would be a solid buy .
In NJ unless you buy an EV, you’re going to pay sales tax on the new sedan, and iirc unless you have documentation the sales tax was paid you’ll have to pay that on buyout.
This is where @max_g will remind us how used car values are inflated and rarely make sense.
The lowest TCO is probably the Traverse, unless you trade it for an EV that is eligible for Charge Up NJ when it reopens.
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So in your opinion I should sell and buy a new camry? Not used.
Correct that I need to pay sales tax when buying a non EV. For buying out the lease I would owe tax on the buyout price if I kept it. If I sold to a GM dealer there wouldnt be any sales tax owed.
Based on a residual of 61%-62% for a Traverse it should be worth $24k after 3 years and 30,000 miles so TCO for another 2 years would be $8k. Is that better than TCO of a new Toyota Camry driven for 2 years 10k a year?
Used market has too many variables for me to recommend. A new camry would be my suggestion or accord if tou want some more tech features as it was just updated for 2023.
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Etron 2019 premium lease coming up in a couple of months. End of lease buyout is $38k, can end up owning the vehicle for a little less than $60k. Is this worth it…assuming the etron 2019 will be worth much less in the coming years…
Other option for that same amount of money is to get the latest model 3 long range…or negotiate a hackr deal on an eqe possibly…
Will have to look into financing the $38k as well…
Thanks!
Option B and brand new.
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I am planning to buy out my lease on a 2020 Hyundai Ioniq SE due 7/31. The residual is ~15,940 and I will not be paying any taxes as NJ state has no tax on EV. For 36/12k miles I have paid 11,052 (minus 4250 NJ Clean energy rebate). I have only driven 22k miles.
I think with the net cost on the vehicle @23k, it seems to make sense to buy out the lease.
Appreciate if anyone has any feedback on this buy out. TIA.
You should run the numbers against a lease buyout of something like a brand new Ioniq 5 including NJCU rebate.
My lease is up next month. I already made my last payment. Carmax offered me 29k and vroom 29200 (cant sell it to them). Mazda dealerships only offered me 25k (buyout is 25500). I finally found a mazda dealership that after some back and forth offered me 27250, so I would net 1750.
My current lease is quiet good (2021). Basically 1st month and title DAS and a payment of roughly 360 tax inc for a 40k 3-row SUV.
I cant seem to find anything remotely close to that even for the smaller SUVs.
Should I take the equity and continue to shop another lease with the equity on hand, or should I just buyout my lease (est. Payments of 550). Unless there is a 3 row SUV that leases really well. I tried the pathfinder with no luck.