Yes. CPO is pretty much an extended warranty. The CPO itself isn’t worth it, but the interest savings is. Dealer pretty much buys car from AFS and CPO’s the car and sells the car back to you for the same price plus the CPO fee.
Honda / Acura CPO is absolutely worth it. 12/12,000 warranty and longer powertrain warranty, roadside assistance, trip interpution and more.
My thoughts.
Do I just asked the dealer to CPO my car? And I buy it back for the same residual? Or they probably have the ability to raise the price since they would then own the car when I get it CPO-ed?
That’s sounds like a great benefit. Also seeing a 1.49% rate for 36 months on the RDX CPO
My first ever lease is ending, its a 2021 BMW 3 xdrive. Offers from online sites have been anywhere from 25k-27.5k.
Mileage is under 20k (allowed 30k)
Not sure if should buy it or if i should return it and lease another (thinking of getting an electric car, i4/i5 or another brand), got the following offer from the dealership i got the car from
New here, so I am not 100% clear on all the jargon…
I have a 2022 Dodge Ram 1500 longhorn. Just completed the second year of a four-year lease. I’m right at my mileage amount. I pay $600 per month.
Paid 14k on lease. Owe 14k on lease.
Buyout price is 40K.
Lease is thru Ally.
I have enough money saved up that I can pay off the entire amount of the lease early and keep the truck for 2 years and then turn it back in. Or I could also just go ahead and buy it out right. The money part is not an issue, I don’t need to do any financing right now. So I’m trying to figure out what the best option is.
I understand that if I buy it outright and then I’m in an accident the value will depreciate much more than it would if I had just kept it for the final two years of the lease.
If I just pay off the lease portion and don’t buy it out right and keep it for the final two years am I saving any money on interest in doing that?
Does it make more sense to buy it out right and in 2 years turn around and sell it.
Ultimately I want to eliminate the monthly payment and take that money and just invest it each month. I really like the truck but I want to do what is smartest financially long-term.
No.
99% no.
Just invest the money you have saved up. Don’t blow that on a truck.
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No
Start by getting actual purchase quotes for what it’s worth now, see how above-or-under water it might be
What state are you in? That helps to understand the tax situation (e.g. did you pay full tax upfront? Is there a sales tax benefit to trading it in).
Leased in WV but registerwd in Ohio where they make you pay the full tax price on the purchase price not the lease price.
So Audi has a different payoff for third parties? I am at the end of my Q8 lease with super low miles and want to capture the equity.
Audi won’t let you sell to a 3rd party, gotta be a Audi or a Audi affiliated dealer.
Which state are you in?
I’m in NJ.
Check with Autonation, Lithia and Group 1. Their Audi stores should be able to buy it.
What’s your estimate for the equity, ie what’s it worth and what’s the RV?
My RV is $39K. Trade in Value is $48-52k.
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A theoretical value like KBB or an actual bid?
Get some bids if you haven’t already
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2021 X5
California
Payoff: 46,800
Offers: 45,500 - 48,000
Extended 1 month. I moved for work and drive a lot less now than I did in the first two years of the lease (6k/yr now vs 12k/yr). I’m happy with the car, and would plan to keep it another 18-24 mos.
New lease will be around $1400/mo with tax (marketplace deal), delivery time would be ~6 weeks for the order.
If you like it buy it
That sounds terrible for an X5