more and more comments on threads here about it being the worst time in the history of times (that is, for leasing a car).
Is it so bad? Should we all take a long vacation?
or are there still good deals out there?
It’s not as terrible as you think. It’s all based on which car u wanna lease. We saw the car market become a seller’s early with the inflated used car market. Housing market too is kinda crazy. Things will start to change after the stimulus check culture spends all their money and society goes back to some sort of normalization (post Covid). I can see the next four months getting worse and then the tidal wave will subside. I say sell what u want to get rid of and make some cash and wait until after the storm. I sold three cars in the past three weeks (early lease Jetta and Honda Clarity plus a 2013 VW bug convertible) and of the three the lowest profit made was the VW. I thought $12.5 but sold for $15,995 by the first person who saw it. The Jetta was $5k and clarity $4.6k. Now I’m waiting the storm out. Still leasing two cars so no need to rush out and I’m still working from home until July/Aug. Firm reported part time sometime near end of summer. Im selling a bunch of stuff I don’t need from my gauge too. It’s like getting paid to do spring cleaning. We need to become a seller now and not a leaser/buyer.
I think it depends on your circumstances. I have $6K equity in a BMW I leased last year so want to take advantage of it. A broker here has found me what I think is a good deal on a Volvo, but i feel like I should wait a little given what everyone is saying about this current market…
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Well I own a 428ix that i bought new 6 years ago, so I feel that I’m gambling by holding on to it. Was looking to sell and lease a new bmw. But I’m looking for a specific build and allocations are pretty hard to find, especially at reasonable discounts. Just look at broker spreadsheets here.
Worth a shot if you haven’t already taken a look: Search New BMW Inventory Nationwide with Exact Specs
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Definitely dealers aren’t worried about moving cars if they know they won’t be getting new cars on the lot anytime soon, but I don’t think it is like TP where there will be run and a shortage. Consumer habits will just change where people will just keep their cars longer or be less inclined to lease. Most people I know are still working remotely and even if they are required to go into the office its not everyday. I think its just over blown currently.
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I planned to add another car when I get called back to work, but I can drive the weekend car until I’m able to find a deal. I think demand in general isn’t as elastic as my situation but if prices go up people will choose to repair vs. replace. Most people are too ingrained in expecting to get a discount on MSRP to shrug off the new reality.
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Take the long long long vacation, no need to pay inflated leasing numbers in this upside down market place. Eventually the entire market will give, it has to, at the trajectory the market is going it is truly unsustainable. Wait it out if you can and come back when the numbers are on your side.
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Look at your investments most likely you have made great gains this past year, so in the grand scheme of things are not horrible, maybe postpone that X5 or GLE for a year or few months. It’s bad for people who are trying to get by that need reliable transportation at this moment.
I have been working from home almost a year now and I had the option from beginning of March but last year had chosen to still go the office daily. Right about mid June I decided to just stop with the commuting and work from home. We are a two person household with 2 leases. The S/O commutes daily for work but we could sustain with just one car for now.
Her RX lease is up in 5 months and I plan to sell via Vroom this month. Looking to replace the Lexus with an X1 most likely but if I can’t find a deal we can wait since she’s already using my car daily lol.
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I like how we’ve moved from scrabbling around to find toilet paper and hand sanitizer to trying to find cars, houses, wood and gas. What a time to be alive eh?
I’m worried for whats next!
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