It seems like there are too many choices, until you start discarding the options that clearly don’t make a ton of sense from your personal viewpoint. 
You probably want a warranty on the turbo engine
Take out the smallest loan amount allowed by a CU that also sells Rt 66 warranties (only take the exclusionary one).
I have a Nissan Rogue SV 2020 (old model) 36 month that seems to have no major mechanical issues, had some minor steering issue a year ago where it groaned when you turned the wheel, fixed under warranty. It did have an accident fixed with insurance and I was a little surprised at the amount of monetary damage to the front end area but according to the repair people nothing structural with the frame or electrical, the accident itself was at low speed. No existing damage at this time but the accident is on record since it was an insurance repair. Car rides ok and I don’t mind it but not what I would have bought if it was not late 2020 and there were no cars (would have gotten leather and a sunroof and some of the autopilot features).
Buyout is around $15.5K. I did price it through Vroom (incl accident) and got a buyout of $17 or so. Not yet actively checking the others just starting to think. Have no plans to sell it to Vroom, the $1000 or so is not worth the hassle, simply checking value.
Mileage is in the low 20s so way under.
Due to circumstances changes, I really do not need another car at the moment but would use it occasionally, especially during summer and winter vacations. If it were 2018, I would return it and wait until I actively need another car because I know I could replace it with a sub $200 a month Honda Accord LX lease when I actually needed a new car, in about a year. Are those days back?
I see prices coming down but they are not where they were, causally looking it seems Accord LXs are in the high 3s. Plus I hate owning new cars although I like leasing them and with interest rates up, I do not see leasing going back to sub $200 in a year even if cars are starting to sell at close to invoice. What say you, those with a crystal ball?
While I like leasing and returning and have never bought a car off lease, once I own a car I will drive it until it is dead or close to it (replaced a 2004 in 2018 and still have a 2006) although I wonder about owning a gas car in 10 years.
Leaning towards buying it because the cost to buy similar new has gone up so much
Currently lease a 2020 228i xDrive that was a service car, had 2,500 miles on it when we leased it through BMW
Lease was $4,500 down and $360/mo for 3 years.
Car only has 12.5k miles on it now, we never thought it would even be a consideration to buyout but the only new lease offers they have given us thus far are very high and don’t seem worth it.
Does need new front brake pads, but seems if we turned it in BMW would charge us for those anyway.
Have until the end of July to make up our mind.
Residual is 24,860 and the buyout with taxes/fees good until end of June right now is showing 26,540.
Without any other decent lease options we found, buyout seems like the only option but would still appreciate some other thoughts.
They don’t charge for brakes unless it’s lit up on the dashboard that it’s low.
I would talk to a local dealer and get it CPO’d to get more warranty or call another BMW dealer to get a cheap extended warranty.
Hi All - I’m sure these questions have been asked and answered before, so I hope it’s ok to ask again.
I have a 2020 Kia Stinger GT2 AWD lease due the end of the month. Local Jeep dealer is saying they can do a trade-in or buyout because they have a sister Kia dealership in town (where I actually leased my Kia).
Is this a thing? I know Kia doesn’t allow for 3rd party buyouts at the moment so the Jeep dealer can do it themselves.
Also, is there any reason why I should provide the payoff amount before the dealer gives me an offer? They actually tried to call Kia to get it without my knowledge and thankfully could not do so.
I’ve always approached this as - I know my payoff amount. It has no bearing on the dealer’s offer. If I accept the offer, then I’ll provide the payoff so they can continue their work.
My feeling is they will have too much “power” if they have what I owe before giving an offer. Too easy to mess with the numbers.
Edit - I’ll add that EquityHackr gave me an initial offer of $33,000 which provides me about $5,000 in positive equity. Trade in calculators range between $33 to $38,000. I’m thinking of sticking with the $33,000 as my floor. Is that reasonable?
Thoughts?
Kia allows it, it’s just takes 90 days to get title and most shops don’t like that.
Before he gives you an offer? NO! NO! NO! ok.
You talk about trade in after you get a price / MF / down / Rebates…then talk about trade in.
Have you considered buying it out?
Trade in Calculators? Or Online buyers of vehicles such as Carvana, Vroom, Carmax, etc…it’s “almost” always better to separate the two transactions and if someone is offering $38,000, take it, and use the extra $5,000 over your floor price however you see fit.
Unfortunately the brakes did show up as low on the last oil changes and they brought it up. So think they would charge us if we turned it in. They quoted it at like $900 just for front pads, if we buyout would just get it done at some other shop cheaper I assume.
Looking around it seems it might be worth more than the buyout though, even if we could find a semi decent lease deal down the line it may make sense to purchase it for now.
Not sure how much it costs to have CPO’d and what extra warranty that would give us but will ask the dealer.
Thanks
Oh they do? I was told before that they stopped doing it. That’s good to know!
I have. And in fact, I may still do so.
Just calculators that I take with a grain of salt. I live in Alaska. We do not have any caravana, carmax, etc type of places. Most real offer was from EquityHackr.
Ah, that’s right I forgot you were in the Last Frontier!
Would a ferry run down to Seattle be worth it? Genuinely asking as I have no idea if the logistics would be worth it.
I think there are all sorts of reasons why cars get discontinued, e.g. the volume just isn’t enough for the OEM, but the desirable ones will still retain their core following. I think the Stinger is one of them.
I advised a family member looking for a car-like driving experience with some extra storage to buy a 2019 VW Alltrack in early 2020 vs the usual crossovers they were looking at. I still think it was the right decision. It’s a relatively rare car and will always have a cult following when it eventually becomes time to sell.
Honestly? It would have been a few months ago. Lost my job, had to take a large pay cut. Now I’m just at the point of finding a short-term lease to help while I get my life back on track. The Jeep 4xe seems to be “the ticket” since it’s relatively affordable and only 24 months.
Still ok income and all, but, definitely not what I planned on doing car-wise.
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I’m just about to hit 30 months of ownership on my 2020 Kia Niro Ev Ex, and was wondering what you guys think about our situation. We’re currently paying $170 a month with free work charging, but we are eager to move into a 3 row suv or minivan that accommodates our large family.
Buyout- 19,850
Gowise has currently offered 23,500, but I feel like they might drop the offer lower like Algo. Algo was at 24,000 but dropped to 22,000 after hearing we’re located in CA. I have some Kia dealerships that have emailed trade in quotes at 22k, but I’m wondering if we could get them to go slightly higher.
I’m currently thinking 2k equity almost isn’t worth it compared to walking away from the car in December, and potentially entering a slightly better market. But 3,000 or so is where I start to wonder if we should cash out the equity now.
With the lack of lease deals in the segment currently, we’re probably looking at financing. If I’m being honest, our budget probably maxes out at 40k OTD after the equity, and even that may be something we hesitate to do. In the end I may end up buying used. Should we kick the van down the road with our cheap payment, or should we try to get 2,500 or 3k if possible? Thanks for any input you all might have!
Check with @Jeff_BeachCitiesAuto about the Odyssey that just came in and if they can work within your budget
Yea, seeing the ‘24 carnival at MSRP, and the odyssey he posted have been very nice to see. I’m supposed to hit 30 months of ownership at the end of the month with my CA rebates, but it seems like they rarely find out or enforce that sort of thing. I think if Gowise is legit with the 3.5k of equity, I’ll have a hard time turning it down.
Hackrs,
I have a 2021 Volvo XC60 T5 with the 36mo/10K lease ending in October 2023. The car has only driven 8600 miles so far, and is in a very good condition (barring a scratch and a small crack in the rear bumper). We had one incident in a parking garage during the lease that had caused damage to the exterior of a rear door. However, all the repairs (& part replacements) were performed at a bodyshop recommended by our Volvo dealer, and it now looks like new.
For what its worth, we had also purchased the Volvo excess wear & use lease-end protection plan at the time of signing the lease - that covers upto $7,500 of excess wear charges if the car is turned back to the dealer.
We also have $6500 MSD with Volvo paid at the time of signing the lease. (Not sure if this affects the decision, but sharing just in case.)
I understand from other posts on the forum that I have two options:
- Buy out the car, and then either use it or sell it to a third party.
- Return the car to the Volvo dealer
For option 1:
We are in a position to write a personal check for the payoff amount, so don’t need financing if we chose this route.
(a) If we buy the car and try to sell it, are we likely to get equity in the current market?
(b) Would the accident affect the selling price in this scenario (even though all repairs have been properly done)?
(c) Would you recommend buying and keeping the car? I read in a few other posts that Volvos are not good for owning long term. Does that apply to the 2021 XC60?
(d) If considering this option, how do I best get a sense of the resale value of the car?
For option 2:
(a) If going this route, would my best bet be getting a new Volvo lease? It seems like Volvo offers incentives for Volvo customers who are nearing lease end? We are keen to have an SUV of at least the size of XC60 (and have been very happy with the XC60).
(b) Is there a way to get equity on the car when returning to the dealer?
(c) What prep work would you recommend to avoid issues at the time of lease end? (e.g., pre-inspection, chosing the next car, negotiating new lease with the dealer) When would be a good time to start these given that our lease ends in mid-October.
Sorry for the long post and rookie questions. And thank you very much for your expert advice!
J