Hello fellow hackrs!
I have a 2019 Audi suv that has 1 month left on my lease. I just want to turn in my vehicle as I no longer need one since I am working from home. All the dealers in my area want me to purchase a new car to take my vehicle. I live in NV and we have some of the shadiest dealers in the car business it seems. The car is in great condition has few miles and I just want to make a little money on the car. I have been getting low balled from 1 dealer to the next, what should I do?
If you’re just turning it in, you’re not going to get any equity that may be there.
VW or Audi dealers (try kbb instant offer) as well as AutoNation or a dealer group that has an Audi/VW store in the network. Car Shop or Echo Park are both owned by large dealer groups that can buy out most leases.
@Samaudibh might be able to help if you can drive it to him in CA.
Is it better to tell Audi i want to buyout the lease then sell the car after that?
Im just trying to make some cash after taking care of the car, not trying to gouge anyone
Before you consider that, go online to Carvana, Carmax, Vroom as see what they think the value is.
If all 3 are under your RV, then just turn it in and walk away.
The market is starting to cool off, hence cars aren’t worth as much anymore.
Yes, that seems to be the best way to capture equity in your car. After you own it, you could sell it anyone including a private buyer and make a profit. Assuming, as forbs suggested, the market value is above the residual.
Is it better for me to buy the vehicle from Audi then sell it or to just sell it before lease end to a dealer? Or does it matter?
If you are not in CA you will pay sales tax and have to wait for the car to become registered in your state. Your best bet to avoid that eventuality is to sell it to an audi dealer. You will have a buyout fee, as well as a fee that is assessed depending on the class of your vehicle, A3/A4/A5 will have a different fee than an RS5.
Similar topic, not trying to steal the thread (work from home as well, tx resident)
In my scenario, I have a hyundai lease and looking at bmw. Because hyundai only allows hyundai/genesis dealership for sell, would the best case be to go to a hyundai dealer to sell my hyundai lease the same day when I start bmw lease and get bmw vehicle?
Well if the BMW dealer has a Hyundai dealer in its autogroup, which can process the buyout for them, then you could theoretically make it one transaction, think autonation or penske, etc. But honestly, separate them out to net out the best outcome for you, and you can rent a cheap car on turo for like 50 a day if you need to make up for that shortfall (make sure you have everything figured out before you do that though!).
They don’t unfortunately (Sewell dealership). I just want to make sure my insurance doesn’t go wierd and knock off my continued insurance benefits if I am without a insured vehicle or something. I can uber from the hyundai dealership to bmw dealership.
Yea my registration is up as well so Im not getting a new vehicle so not registering the plates again. Im gonna try carmax maybe i can get a few thousand to pay off some bills
You cannot do that.
Audi will block the transaction, You have an Audi financial lease correct?
You must sell it to an Audi dealer, or buyout and pay taxes, or suffer from an inflated market value buyout not the one you see in your online portal.
Trying to simplify things for you.
Find your payoff in your Audi portal
Go to autonation.com and submit car details
Compare your autonation offer to your payoff. Cash in equity if there is any.
I personally went the Audi dealer route but it looks like you tried that.
Edit: which suv do you have and what are your lease details? You may not have equity but most 2019’s should.
I am in the same reverse boat - I have an X5 BMW coming to lease end and don’t plan on buying another BMW, but am also comparing selling it vs. trading it in for something else, and am north DFW so Sewell here too. It’s a complete numbers game and BMWFS has the lease locked. Purchase, pay tax, wait for the title to settle, sell OR trade to an in-network dealer? And the market is shifting.
Yeah- for people like us (current lease, wanting to lease a different manufacturer vehicle where dealership does not sell that manufacturer)
Yes - I will likely end up using equityhackr once I find a replacement vehicle. I have a Jeep 4xe on order so the BMW swap is something for the 16 yo…so it needs to be NOT a BMW or anything close. Maybe a skateboard at this point.
Audi also charges additional lease buyout fee, around $1300 if you choose to sell the lease.
Nothing to add here, other than to say it blows my mind that I have about 10-11k in equity in a piddly 2019 Mazda6. Lease runs out December 1. But I never drive and have no idea what I’d get instead. Market is nuts.