i get about 10k difference in private sale vs dealer. What is the best way to do the private sale?
That doesn’t sound right. Sources?
I would doubt that as Dealers are running about 6k. Why would someone pay $37k PVT when it’s not even that on Dealer lots?
The typical way of doing anything if you think you can get 10k; do the legwork.
Pay off the vehicle and wait for the title, fill out DMV transfer form, get it smogged (depending on your state), get your maintenance records/receipts lined up, take good pictures, wash/detail the car, write a good detailed description, post on either a paid platform like Autotrader/eBay or a free one like craigslist/offerup.
What is the negatives if I was to just extend the lease? I feel like it just gives me more options down the road.
Technically you are overpaying when you extend a lease compared to what the original monthly payment would have been if your original lease was the full extended period. All else equal, you are paying above market rates each month. However given the rise in interest rates/inflation, extending is not necessarily that bad of an idea right now, especially if you think deals will come more plentiful in a few months. Note that interest rates will only keep going up in the near term, though.
As in… actual options or just waiting on a wing and a prayer?
An actual option would be putting down a refundable deposit on a factory ordered vehicle, one that you would be comfortable financing if the lease programs aren’t very good at the time of delivery.
Based on what we’ve seen in the last ~3 years I don’t believe in waiting on a prayer.
Can you elaborate on the CA sales tax thing? My lease buyout given to me from Chase is $19k.
I’m debating on whether to buy my Mazda cx-5 out or sell to ALGO.
Thanks
Is this your first kid? You definitely don’t need an suv. A 5 series is more than enough.
Look at my HMF Payoff sheet
See that Sales Tax of 1684.62?
According to people here when they show up at DMV and register the car in their name, CA DMV charges them ANOTHER Sales Tax Amount of $1684.
So what is 1684 that Hyundai is collecting any why aren’t they giving it to CA DMV?
I don’t know California tax laws, but wouldn’t you owe tax on the residual balance if you purchase (i.e., buyout) the car? Your monthly taxes are only paying down the depreciation up to the residual balance.
So I would assume those taxes are the remaining monthly taxes for the buyout, and then the taxes given to the DMV are for the residual/purchase transaction.
When you buy your car, you pay taxes on the RV, Basically you are purchasing the car at RV and paying sales tax for it.
DMV show $0 paid toward sales tax and charges you again. IE: Hyundai never told them they collected it.
What? I have one 2.5 year old and can say with 100% certainty that I would not want to live the past 2.5 years without an SUV. Whether it’s hauling strollers and kid stuff or the hassle of getting a kid in and out of a sedan, there’s really no comparison. You need an SUV with infants and toddlers. Once they can get in and out on their own, buckle up, etc, you can go back to a sedan.
Adds convenience for sure but is no way required
There’s plenty of people who survive having multiple kids with just a hatch back!
It’s a preference, not a need.
A preference that helps significantly with first time parents…I never appreciated how much crap you “need” for a baby.
2020 GLC300 nicely optioned (amg night package, pano roof, convenience, msrp $49,250). I drive this one a lot, currently at 48k miles with six months left on a 36/45k lease. Buyout is $27,100. Cheapest used GLC300 with amg package I can find within 500 miles at a dealer is $36,900. However, I’m already $3,500 negative equity on the lease. If I keep it and turn it in I’ll have $4,000 in excess mileage plus $595 disposition fee. If I buy it now I can pay $29,600 and get a B2B warranty for $4,300 that goes to 3/2028 and 120k miles.
If I buy it now, pay it off in 48 months, and sell it for $12,000 at 115k miles in 4 years, I estimate my TCO over the entrie 78 months to be $552/mo including payments, tax, DAS, etc which doesn’t seem too bad for driving 18k miles a year.
Another option is to turn the lease in early (now, before warranty expires) and lease another Benz right now, which is the only way I can mitigate some of the negative equity caused by the mileage. I’ll still be on the hook for about $1,000 in mileage and then I’m paying probably $750/mo for the next 36 months to drive basically the same car I’m driving now, if I can even find a similar spec right now.
Third option is to wait for the new GLC to arrive, but I’ll probably be looking at $850/mo on the lease, and at least $3,000 to get out of my current one. That would mean about $8,000-$9,000 more over 3 years to drive the 2023 vs my 2020 which I definitely don’t think is worth it.
I had a 5 series when I had my first kid. And I had a massive uppababy stroller. You’ll be fine
I rather buyout my own lease than buy a car used by someone else
IDK why you’re so loyal to a company that is so punitive to your lifestyle. Mercedes leases are just not a good idea based on the miles you drive.
$12k sounds very optimistic and thus your TCO is likely to be much higher.