Buy the car at the end of the lease?
- Thread starter Dave P.
- Start date
My wifes 2018 Elantra GT lease ends 1-1-22.
The buy out is $9300 and it will have about 18K miles on it by then. Grocery getter low miles.
Right now the same car in my area with more miles on it is selling for give or take $15K.
We plan on buying the car.
The buy out is $9300 and it will have about 18K miles on it by then. Grocery getter low miles.
Right now the same car in my area with more miles on it is selling for give or take $15K.
We plan on buying the car.
The residual is set at lease signing. Usually when it's too high at lease turn in, the dealers can sometimes get it from the manufacturer and sell it cheaper than the residual price. But the dealers are basically paying market value. In this case where market value is higher, there's not going to be a lower buyout number.
She shouldn't be calling anybody until she reads the contract and knows exactly who needs a check and for how much so she can buy it out.
If she can't pony up the $15k she should check with banks and credit unions for financing. They should have experience in these things and not be out to swindle her out of an in-demand car.
If she can't pony up the $15k she should check with banks and credit unions for financing. They should have experience in these things and not be out to swindle her out of an in-demand car.
wow @ arco's wife's crosstrek with 90k miles and 5 years old for 18k+
no wonder my jeep is upto 27500 with 40500 miles and 3 years old.
(paid 28.5k for it)
PS He must not have driven it much his engines dont seem to go past 40k miles.
Edit I take that back my car is upto $28200@carmax
The total key to buying a car right now for a good deal.. buy something that normally sells close to msrp.
avoid trucks that usually sell for 10k off.. (or jeep cherokees)
go honda or even subaru. etc.
if you are a costco member you could try getting their deal price.
no wonder my jeep is upto 27500 with 40500 miles and 3 years old.
(paid 28.5k for it)
PS He must not have driven it much his engines dont seem to go past 40k miles.
Edit I take that back my car is upto $28200@carmax
The total key to buying a car right now for a good deal.. buy something that normally sells close to msrp.
avoid trucks that usually sell for 10k off.. (or jeep cherokees)
go honda or even subaru. etc.
if you are a costco member you could try getting their deal price.
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That was my deal. They paid off Lexus Leasing and I got the rest.
Putnam Lexus matched their offer, no questions asked.
She likes the car, .no reason to sell bc there is nothing to buy at a reasonable cost.
Plus that carmax prisce is a Wholesale cost. She could sell it at private sale retail and make another 2-3 grand!
For my lease 2019 Jetta, VW actually refunded me my lease termination fee and then cut a check for some extra money - all this and my tires were worn down to the limit and the rear bumper cover was damaged from backing in to a concrete light stanchion. Also the fact that the residual was a couple grand below Galves Black Book
may have been the reason.
may have been the reason.
True I didnt drive it much rather than a test drive after servicing it. But I maintained it. It Loved the Supertech 75W90 gear oil in the rear diff. It was a very reliable carand it drove like new. One of the top 3 out of 70 or more.wow @ arco's wife's crosstrek with 90k miles and 5 years old for 18k+
no wonder my jeep is upto 27500 with 40500 miles and 3 years old.
(paid 28.5k for it)
PS He must not have driven it much his engines dont seem to go past 40k miles.
As far as the ridiculous over pricing. It's still on the lot a month later. So I would say that is not a transaction price.
-Ken
You’re an optimist. Most people won’t touch a lease car and all the paperwork it involves. Carmax offers a very very generous pricing at the moment
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Carmax is easy and you don't have to buy the vehicle first, which incurs tax burden, etc.
But yeah, a good RAV4 would sell in 1 day.
This is how I bought my Jeep. I took care of it from day 1 knowing that I would purchase it. When the lease was up I purchased it at a preset price that was much less than it would have been at a dealer.
Lots of great comments already.... I'll emphasize what others have said - leave the dealer out of everything at this point. It's not their car and they really have little to no say in this scenario.
2nd comment is to think twice about buying the car for the buyout amount with the intention of then selling it privately, selling to Carmax, etc and so on. If she sells it, she probably then has to a buy a different car and she'll be in the same position as any other used-car shoppers currently, paying higher than normal prices. I think you said she likes it though so if she buys it, she'd probably just keep it.
2nd comment is to think twice about buying the car for the buyout amount with the intention of then selling it privately, selling to Carmax, etc and so on. If she sells it, she probably then has to a buy a different car and she'll be in the same position as any other used-car shoppers currently, paying higher than normal prices. I think you said she likes it though so if she buys it, she'd probably just keep it.
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Sounds like a fantastic time to be coming to the end of a lease...used car market is through the roof and you’re sitting there with an enormous bargain. I’d buy it, and then sell it for a profit (if you really don’t want to keep the vehicle). Sounds like a no brained opportunity. Then go out and lease something else if that’s the way you want to go.
In my case, I did not have to buy the car to sell to Carmax. The tax burdon and new registration would have eaten up the profit.
I guess I would buy the lease out with cash. Then I have Title in hand. Sometimes it takes too long to get a title in hand though, I will admit.
Still if carmax are reselling it its a "wholesale" price offer.
Some people cant casually leave 2-3 grand on the table.
