Agreed. I’ve pulled off some great hacks, coming off my wife’s X2 that was something like $175 a month effective. But man… this current climate is just not fun.
While you do pay for the convenience, and I love a good hustle for a great lease hack same as everyone on here. For a short term play with little downside (aside from the extra $200-300 a month more over a year ago) to wait out this crappy market seems like an upside.
Looking at this from the XC40 standpoint. If I purchased a new $45k T5-Mom, would have to pay the sales tax in IL, dealer fees, registration, etc. and would come out to nearly $50k. Assuming kept it for 2 years (almost all my leases are 24 months cause I like to switch it up), and assuming that the market gets back to normal within then, looking at a trade in value of potentially $26-30k (kbb shows $30-32 at current market rate). So almost $20-24k to own the car for two years, not including maintenance (which I hear brakes are fairly common on these), tires, or insurance. Assuming insurance is roughly $100 a month for my wife, that’s an additional $2400 for the ownership. So $22.5-26.5k divided by 24 months comes out to around $930-1,100 a month effective.
Ooof. Yea… that CBV is looking enticing in that regard. At least to wait out a year and see if leases have gotten way better in Sept/Oct 2022 (lease on the bmw is up in october, so thinking about stuff now).
GEICO requires a minimum bodily injury limit of $300,000/$300,000 and a property damage limit of $100,000 or $250,000/$500,000 and a property damage limit of $100,000 on your auto policy to qualify for an umbrella policy. Homeowners/Renters Personal Liability coverage of $300,000 is also required.
This is also a concern if you have umbrella liability coverage, which has its own minimums before it would kick in on an auto-related claim.
Also, some insurers won’t sell you umbrella coverage if you don’t also have auto insurance with them. (This also complicates insurance shopping in general.)
The car is in port, which is good. So Volvo actually imported a new car, instead of using dealer’s inventory.
But delivery from port to dealer seems uncertain. Hopefully could get the car soon.
This part is a little out of our control, and can take up to 7-10 business days (not including weekends) to arrive, as the delivery truck will not leave the port until it is completely full.
