Currently leasing a 2019 Range Rover Velar P340 R-Dynamic SE - has approximately 19,500 miles on it (we purchased 36K). The lease expires in March 2022. Payoff today is $47,500. Car is in excellent condition — no damage. The most likely scenario for us is to trade in the lease at the end of the term.
My research tells me that I could sell the car today anywhere between $55,000 (trade) to $65,000 (private party).
My question is should we look to sell the vehicle and keep the difference given the vehicle market for a seller is as good as it gets right now — or should we just hang on to it until next year?
If we were to sell, we would either be looking at
*Another Range Rover Sport/Velar
*Audi SQ8/S8
*Genesis GV80
*Mercedes GLE
*Lincoln Aviator
*Porsche Cayenne Coupe
We don’t dislike the Velar we have…just trying to take advantage of the opportunity. Thoughts appreciated.
The issue is now like the housing market. Sure you can sell your house, but there’s no where to move as all the other houses are now up 100k as well. Get some firm offers in writing from Carvana, ALGO, Carmax and go from there. That new car you are looking to lease could be 50-200+ a month more than what you are currently paying.
Those above… have seen those above go for over $1k/month with typical DAS. MSRP and fully marked up MF. Dealers are not desperate to sell and there aren’t many options in lots. Cash out and wait 4-6 mths, if you can
If you want to take advantage of the housing market, you need to downsize or move to a less expensive area…then you can pocket some change.
Same thing with the car leases…I did it when I totaled my Q5 a few years ago (at fault)…went from paying $560 to $390 by going to a Ford Edge, which was a terrific car.
Even with my insurance premiums soaring for a few years, I ended up spending less after my crash.
