Hi LH community,
It was your help that got me the below deal 3 years back- thank you. So I need your opinion on whether to buy or lease and my first preference is to get a lease deal under $500 for the same car or a Lexus/Audi/BMW/Merc. I have a feeling that will be a tough, unless I find a finance deal through a credit union.
I’m sharing all the numbers and apologies for a few that may not be required for this discussion- hopefully it helps someone searching later.
Car- Volvo XC60 T5 Inscription AWD / 2019 loaner car, got it with 7000 miles on.
MSRP-54620/Agreed value of vehicle- 43550
Lease Gross Capitalized Cost- 47200
Cash paid at drive off - $3000/ Adjusted capital cost - 44204
Current miles- 26000 ( Miles allowed on my lease-12000/year, so 43000 miles upto Jan 2023, most probably will close at 30000 miles).
Monthly lease amount - $459 ($439+$20 wear & tear add on), inclusive of taxes. IL state. Chicago
Volvo buy out - $28597
Carvana/Car Max quote - appx $32000
I have reached out to a few dealers and may use a a broker, I have only checked for the same car. The sales tax where I reside is 7.25% and talking to Citizen Credit First ( thanks to Hershey’s APR sheet) to check on a 4 % interest rate.
Factors I’m thinking about
- no maintenance issues, so buy out and use the same car for another 2 years and then buy/lease.
- Used car market prices may drop substantially for luxury cars in the next 2 years.
- Car will be out of warranty along with the lease ending, so added costs. Maintenance costs.
- If new lease or buy, newer car and tech, so no issues for the lease term.
Thank you.