-Unsure if this is the right section please relocate me if this is incorrect-
Hey all - I am about a year into my lease and enjoying it quite a bit. I noticed the price of vehicles has gone up quite a bit due to lack of supply and checked out Carvana just for grins.
Turns out I can make a small profit on the sale. Is there ever a world where this wouldn’t be a good move? A car isn’t a necessity for me right now and I can wait out this Covid situation without transportation then lease/buy again when the time is right.
Apparently Carvana has upped its Used Car offers, I just received an email saying that the “Summer sales for used vehicles is heating up”. Just 2-3 weeks ago I was receiving only low 14k offers for my Lightly used 2019 Corolla Hatchback SE with only 4k miles (leased in May 2019) and now I just received an offer for 17,345.00. I owe 19, 509.28 still as I did the delay payments due to Covid-19.
I’m Highly considering selling to Carvana, Anyone have any input on what to look for?
Thanks, and good luck to you all! Research, Research, Research!
The “loan amount” is most likely the current buy out price. He certainly doesn’t have $34000 worth of remaining payments on a ~$250/mo lease. Unless you’re talking about your numbers on the cx-5, in which case, didn’t you provide them the loan balance information?
@trustme, do be sure to verify that the buy out price doesn’t include your MSDs being applied
Loan amount is remaining payments I thought? For mine ie $330/month 20 months remaining is $6600 loan amount. Chase buyout is $21,700
I am trying to fully understand this as my wife is over her miles and I would love to get out early as a break even of $2k loss. Still cheaper than dealer return
No worries. Now, to make things slightly trickier, one always needs to confirm that the number you’re giving them is the “3rd party buy out” and not necessarily your buy out amount. Some companies include sales tax in the buy out amount which isn’t applicable to a 3rd party buy out.
Agreed. the mile overage will roughly cost us $3k at lease turn in. So Im patiently waiting. Put no $ down and payment is low so not overly concerned. Dont want another Mazda so just weighing my options and watching the market for selling early