Should i even get a new car?

Ask the Hackrs
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3

Extend lease or buy BMW out…federal tax credit for Hyundai all non domestic going away as soon as Biden signs bill shortly.

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4

GM has exceeded allotment, so credit is winding down, I think it’s $3750 now.

5

Gm exceeded their allotment a while ago. Its long since wound down.

The bolt may qualify under the new credit though.

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6

Heh. Time flies!

7

great advice, but what about the battery recall ? the dealer said they are not even taking orders for 2023 model because of that !

8

Is the Carmax offer a lot higher than AN?

9

The Carmax offer is $1K lower and they can’t buy BMW leases.

10

Did your friend say why? Is it because HE has range worry? I have two Leafs with 160 and 230 miles ranges. Don’t see issues commuting and re-charging overnight. Even using municipal free charging to do that which are 10 min walk from home.

Used EVgo network few times - also a good option.

As for BMW… on one side I’m not sure I want to risk trying to buy and sell with current turbulence in market.

11

Doesn’t make any sense. You have your Palisade for any time you need to exceed the range of a BEV, which probably won’t happen very often.

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12

If you want a kia or hyundai ev, and you want the $7500 tax credit, you have about 48 hours most likely to get it.

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13

Or at least sign a purchase agreement?

14

Binding PO…below has updates by OEM.

https://electrek.co/2022/08/10/if-you-want-an-ev-buy-this-week-rivian-fisker-ev-tax-credits/

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15

Firstly, I would like to thank this community for the advice and insight to my previous post.

Now that i have decided electric vehicle is not for me right now. I have another Question.

Background - I have 2 cars. a 2021 hyundai palisade, that i purchased last yr at msrp that i plan to keep as my long term family car (atleast 5 years).

The car in question is Bmw X3, leased, ending Nov 2022, so 1 payments left. Monthly is $550. Residual is 29k. This car is share bw me and wife, mostly commuting to the office (15 - 25 miles total daily, and 3-5 times a week), as 2 car seats wont fit properly. The car has barely 15k miles in 3 years.

So i am pretty confident that i will not drive more than 3-5k miles a year.

Now my question is - do i buy my current lease or get a new lease ? Please help me make the right decision.

Current lease is 550 a month, 29k residual, plus may be 3-4k in taxes. I will probably finance it. And approx 2-4% APR for may be 3-5 years. I will end up paying anywhere around $35k in total. I am expecting monthly payment to be 400-500. also if i sell it, car max and carvana will give me around $36k.

On the other hand, my wife suggested that I lease a new car.and simply turn in the keys for this one. even if i get into a similar deal as my bmw ( and i will try to get a cheaper, non luxury car through a broker), i will end up paying 350-550 a month and total over 3 years will be around 20k.

I am so confused right now. The car market is tight and will be so for the next 1-2 years. my gut says buy the bmw and keep it for another 2-3 years atleast, may be longer. but the idea of getting into another lease seems significantly cheaper.

  • which way should i go ? buy out or new lease ?

  • do people who buy out their leased cars (specially luxury ones like bmw) tend to keep it for many many years or sell it later ?

  • is there a point of going through the hassle of buying out and selling to carvana etc ? the whole process will take 1-2 months between me getting tags and title and carvana value may or may not change in that time. and I am not sure how much profit will i make. besides i will need a car anyways to drive around.

Thanks for bearing through my incoherent rambling.

16

I hate to be the guy who picks out one phrase from a thoughtful post, but would it help your decision if you could find two car seats that fit better?

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17

No, not really. I am pretty happy with my palisade if i want to haul kids around. this car is mostly for me or wife to commute to work. i have enjoyed a luxury car like bmw, now i am ok with something cheaper (not smaller though because i am 6 feet tall)

18

If car seats won’t fit in the X3, then why contemplating buying it out?

Have you started researching other cars/SUVs that might meet your needs; vis-a-vis car seats and budget?

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19

I may be mistaken, but I don’t think OP is saying fitting 2 car seats is a requirement for the X3 replacement.

20

I wasn’t sure, but I also didn’t see any other reason for mentioning it.

I took a shot thinking that perhaps a simpler solution may solve the root cause of the indecision over a much larger spending decision. :slight_smile:

21

Did you check other options that can buy it out directly like Autonation or @DNA_Auto_Wholesale1, who is local? Typically Carvana is not paying the highest price today and you can avoid the time it takes plus the sales tax.

If you can take upwards of $6K in equity out and really just need something to get from point A to B, I would take the cash and look for something cheaper to lease.

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22

I recently had the genius idea to swap out the big booster seat in our V60 with the smaller one in our XC90

3 months of children struggling to put their own seatbelts on cured in 20 seconds. I patted myself in the back for this great thinking as opposed to kicking myself for not thinking of it 3 months ago. :+1:t3:

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