After several months of reading/posting here regarding what to do with my 2019 Volvo XC60 at end of lease, I finally got rid of it today. Posting here in case my experience might help someone else.
About 3 months ago, I started to test out the usual car buying sites (Shift, Vroom, Carvana, Carmax, etc.) to see if I had any equity in my Volvo. The RV was $31,560, and lease was coming up the end of May. I was shocked at the numbers – $43,300 from Shift, for example. I was not prepared to sell at the time, as I had no new vehicle lined up.
I had a reservation for a new vehicle, but it took a really long time for it to come in. I finally got it last weekend, so I immediately bought out my lease from Volvo. There are only a few places that will buy Volvos with a released title, so my options were limited if I didn’t want to go through the hassle of getting a clean title at DMV. I accepted an offer from Driveway for $41,034, and sent them the paperwork. Driveway had the best offer of any site that I checked. They had assured me the released title was fine, and that I was in the queue. I waited to hear back for days, and nothing. I called them to see if we could speed up the process, and they were able to set an appointment for me. However, the day of the appointment, they cancelled on me because Volvo’s name was still on the title.
Driveway said that they would still honor their offer once I got the clean title from DMV. I did not want the hassle of going to DMV, paying $3k in tax, waiting for the title, and then trying to get the tax back. With Carvana laying people off…I got nervous and just wanted to get my money and be done with the whole process.
So I opted to work with Trade in Solutions in West Los Angeles. They had no issue with the title. They do appraisals in person, and claim they will beat any written offer (e.g. Carmax) as long as an in person appraisal was done. The amount they offered me was $39,500. While significantly less than Driveway, it was fast (Driveway is not) and easy. The whole thing took about a half hour.
While I know I could have made more money if I had gotten a clean title, I am happy with the $7500 and no hassle. Trade in Solutions was really nice to work with – really nice offices, and they got things done quickly.