“Should I buy out my lease?” super-thread

Ask the Hackrs Buy/Finance
1207

Hi folks,

I have a 2021 Volvo XC60 T6 Momentum with lease ending around Christmas. I pay around ~$600/month with no MSDs, $0 drive off. I’ve so far driven it for ~23k miles, out of 30k. The car was rear ended at slow speed in the first year and repaired at Volvo approved body shop. The repair doesn’t show in Carfax and the car is in pristine condition, except for a small rash on one wheel. I like the car and can pay the end of lease buyout in cash (~33k pre tax).

I don’t want to pay significantly higher for a lease than what I’m paying right now. I’m yet to go out and hunt for options but even in late 2020 it was hard to get any deals (Seattle dealers are notorious for not negotiating). I am leaning towards the lazy option of just buying out the car in Dec but also worried about sinking money in a car that will go out of warranty in couple of years.

Any advice / lead to deals on similar sized SUVs would be appreciated. Thanks!

P.S. I don’t want a less powerful engine :slight_smile:

1208

Hi Everyone

Acura 2021 RDX Tech AWD

20,000 miles on it

Buyout from Acura Financial is 27,000. Lease it up next month

Not sure what to do. Finance charges are high if I finance it, and new lease of same car is much more money then what I pay now.

Was thinking maybe sell for profit on here and put money towards a new lease, which sounds stupid.

Also considering extending it a few months to save for a bigger down payment if I decide to keep it

Any advice?

Thanks

1209

You can extend it to see if programs get better. We’re finally starting to see discounts. With some Acura incentives, leases might look attractive again. I think there is just a small loyalty and conquest right now.

1 Like
1210

I have a 2023 Bolt EUV lease that is ending in a month. I got this vehicle one year ago as part of the Bolt recall / swap (from a 2020 Bolt).

Value from 3rd party sites:
Carvana: $24,7xx
Vroom: $24,0xx

My buyout price is $19,125. We only have about 7k miles on it; we drive less than 10k miles/year.

A few months ago this was an obvious “buy” decision. We like the car, and it seems that the indicators still say to buy it, but it’s also clear that the value is dropping quite fast. I’m a bit concerned about owning outdated EV tech, and with most car makers announcing the switch to the Tesla charging standard plus the fact that this will be old battery tech soon (even the Bolt is going to Ultium), this is going to lose value even faster.

So should I buy or not?

Also, if I buy, is it easier to buy via GM Financial or through a dealer?

1211
  • Buy through GM
  • If you like it, buy it, if you are considering equity and depreciating technology, it sounds like you don’t like it that much, so sell it.
1212

How do I pay the CA state sales tax that will be due if I buy through GMF?

1213

When you go to DMV they collect it then

1214

If I have to go to the DMV then how is buying through GM Financial the easier option (over buying through a dealer)?

1215

Dealers usually add fees for the service

1216

Hi folks,

I have a 2020 BMW 330i and 27k mileage on it. The buyout is about $24700, and the lease coming up in a month. It has had a couple of paint jobs on the doors because of vandalism (somebody keyed a bunch of cars, including mine, while parked).

Originally, I was planning on returning it and getting a new one. However, I have not found a good deal. So I am considering the option of buying out the car, and possibly selling it or trading it in a year or two. This way, the money I lose would be the depreciation, and possible maintenance costs for the 1-2 years. I have no idea how any of these factors may look like for a BMW 330.

So I guess my question is, financially, does this move make any sense, or should I just return the car. Appreciate any help from the folks who have more experience regarding this.

1217

What does the carfax say?

1218

There are no accidents or repairs on carfax report. The carfax says retail value ~31k. I filled out a quote form in Carvana and Carmax, and their offers were $20,000 and $26000 respectively.

1219

well that basically means it’s gonna be worthless in a couple of years. If you need it to drive, then keep it but don’t expect any cash from it

1220

Thanks. Do you think compared to a new lease of ~500/month vs keeping it for 2 years and then trading it in, am I gonna save any money if keep the car?

1221

Hoping someone might know, I spoke to MyCarAuction and they said they can buy out Volvo leases? They’re telling me I can just bring the car down and they’ll hand me a check basically. But I called a Volvo dealership to see if they’ll match the price and they said nobody is allowed to buy it out.

1222

I am probably going to be doing (I have the same car with lease ending this month). With the very high interest rates, doesn’t make sense to borrow money either on lease or loan on similar new cars/SUV.

1223

Is there a reason I don’t see many responses to people’s questions…? Are Hackrs messaging them directly with advice? I ask, because I would love to see what many people suggest (as I am in similar situations)?

1224

Have you scrolled the thread? Yours was the 1,199th post in it after all

Genuinely curious if there are a ton of questions that haven’t been answered before

2 Likes
1225

Willing to admit I didn’t across past hundreds of comments… I just see a number that did not have immediate responses. Not bashing anyone, just curious to know if I was missing content.

Always appreciative to all those who are active on the forums and respond!

1226

The first post is substantially informative, and I would be surprised if the first 100 ish replies didn’t cover all the bases when the thread was at its most active.

The gist of “what information do I need to make an informed decision and where can I find it?” hasn’t changed from there.

1 Like