I have a 2017 Wrangler Sahara Unlimited and the lease ends in October. We don’t really need two cars for now since I won’t go back to the office until at least August. We also only put 26k miles on it. I called US Bank and got a buyout of $28k including sales tax, buyout option fee, etc. Vroom gave me a $37.5k offer (I haven’t checked the other dealers yet but will do if decide to sell now).
The question is - do I just take the profit and make it work with one car until August, so I wait to sell closer to the end of lease, or do I just go ahead and get a replacement now? The 4xe’s look nice but I don’t think I’ll get a decent deal (I pay $350/mo, it was $1.5k drive off, 50mo lease 10k mi/yr)
Also, my other lease is a 2018 ZR2 with a buyout of $32k and a Vroom offer of $38.5 that ends in Nov. I’m itching to see if I can replace that as well if I find a decent deal on it.
Valid question on the buyout. If you were to buyout the car, get the title then sell to Vroom, you’d pocket a nice $9K.
If Vroom calls Us bank to confirm third party dealership buyout, it could be more, more like market value, reducing your profit. You’ll be ahead buying out and selling if they gave Vroom a crazy number.
If you do not need another car right now, then sell it, pocket the profit and lease when one is needed again. If you do need a car, find another, be prepared to not pay cheap prices but remember you made $9K or whatever.
Also you did a 50 month lease or it’s typo?
Well it could be 36 months being that it’s a 2017 car, and it’s due in October of 2021.
Take the equity and run, don’t count on these prices being around. Its not just the equity you’re gaining, but you’re also saving any lease payments & insurance you’d pay in those months when you have no need for a car. Then if you’re not picky then just get anything thats leasing ok when August rolls around.
Take the money and run!!!
Make an apt @ dmv from now if they are backed up so when us bank finally sends the title you can get that part squared away.
Good Luck!!
Make sure you get the numbers for a 3rd party buyout. It could be more than your personal buyout.
Before making a decision, just remember that this chip shortage is not going to end any time soon. There are quite a few dealers selling at or above MSRP. If you were going to sell both cars and consolidate to one car, I would strongly suggest starting your new car search sooner rather than later.
I was only $2k positive on mine (due in December) and just sold it to CarMax (highest offer I could find). We have the $2k plus another $3k savings of the payments. Wife and I will be working from home until at least November, and we can survive on 1 car till then.
US Bank is (finally) sending me the title. It took them two weeks after they received the payment. They said they don’t do third party buyout, so I had to purchase the car and now I need to re-title and then get new quotes. Luckily it looks like things haven’t changed and prices are still crazy high.
Update. Sold it to Carvana for $37,531. They came out yesterday, took pictures, gave me the check, then later a tow truck came and took it. Close to $10k back so I’m happy with it. Now just wait and see if things improve. Also considering the 4xe custom order deals that folks are getting.
