Author Topic: Covid-19 recent End-of-lease experiences  (Read 496 times)

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Offline DrTravel

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Covid-19 recent End-of-lease experiences
« on: September 05, 2021, 05:30:18 PM »
I'm still a little way off, but given the Covid-19 used car premium and exceedingly low mileage, I'm pretty sure my 2019 leased car will be worth much more than its residual value. So buying the car instead of simply returning it would probably make sense. And if I did turn it in, there's the Covid-19 (and we got no chips) new car premium to deal with for the replacement 2022 car.

Now I'm sure many dealers are currently dealing with this issue. They need good quality used cars, so they would want my lease return. They want to keep me in their leasing family, so will try to sign me up again. However they need to somehow make leasing a new vehicle attractive to me, but given the fact the new cars are selling at a dealer premium to MSRP, how's that going to work?

Anyone have any recent end of lease experiences, or have their lease expiration date coming up soon?
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Offline irvinehomeowner

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Re: Covid-19 recent End-of-lease experiences
« Reply #1 on: September 05, 2021, 06:50:43 PM »
We have one coming up.  Checked lease payout and looks about the same as KBB value but not sure if KBB is up to date.

With used prices so high, would rather buy new or lease again.
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Offline DrTravel

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Re: Covid-19 recent End-of-lease experiences
« Reply #2 on: September 06, 2021, 08:20:43 AM »
My current KBB value is over 30% higher than the buyout. The Carmax offer to buy is over 25% higher than the buyout. When I get closer I’ll have to crunch the numbers and include the extra costs to purchase. Of course the dealer may let me trade it in for a new car lease which is a different set of numbers.

Please let me know how your negotiations went after you complete your transaction. Curious as to how current lease deals compared to what you got before. Money Factor probably got better but price vs MSRP definitely got worse.

On a side note, almost all of the new replacement vehicles I would consider for my current lease are shown as “in transit” on the dealers inventory. Timing an issue now.
« Last Edit: September 06, 2021, 08:36:51 AM by DrTravel »
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Offline UrvineLegend

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Re: Covid-19 recent End-of-lease experiences
« Reply #3 on: September 09, 2021, 02:22:47 PM »
I just went to AAA to pay sales tax last weekend after buying my car after lease ended.  After racking up only 65% of miles allowed, I didn't even bother to check the price and just bought the car. Actually the real reason was that the new model of the car I want to lease next is coming out next year.  I will just keep this car until next year. 

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