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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsThe car dealer really wants Mrs. Snark's leased vehicle back.
Boring stuff, but a quick heads up...
Mrs. Snark is a public official in our town, an acquisitions editor for a book company, and also does accounting work for another village.
She works hard and contends with lots of difficult folks, so she rewards herself by leasing a car and swapping it out every few years.
I drive cars into the ground and am currently wearing-down a 2015 Ford. Prior car was a 2000 Pontiac w/ 175K miles.
I looked up the trade-in value on her car, as the lease is up in a few months and was shocked to see it's worth nearly as much as the sticker price was 2 1/2 years ago.
So the vehicle is worth around $7,000 more than the residual value shown on the lease contract. Rather than surrender this windfall to the dealer, she's decided to buy the car.
Part of the calculus is that new cars are quite pricey and in short supply right now, so swapping into a new one would piss away the $7K in equity, as well as subject her to bubble-type prices on a narrow selection of new cars.
First world problems...right?
Well anyhow, if any DUers read this and become aware they're sitting on a unexpected windfall, I'll consider this a win.
brooklynite
(93,873 posts)Second car we kept for 17 years. Our third car is a little more than a year old.
The first car had a building fall on it.
Snarkoleptic
(5,995 posts)Bummer thing is some of them financed upscale vehicles after hitting a few good paychecks, assuming pay would always run strong.
When things slowed down, we would watch the repo truck drive up and down the parking aisles until they found one, then drag it off.
That was a rough reality check for a few of them. I did plenty of ill-advised things when I was their age, so I could relate.
brooklynite
(93,873 posts)Response to brooklynite (Reply #1)
Thtwudbeme This message was self-deleted by its author.
BigmanPigman
(51,432 posts)but only has 24,000 miles on it. I thought it would fetch a nice profit but then I read that cars with low mileage are not a good deal like you would think they are.
Snarkoleptic
(5,995 posts)You can prolly get a rough idea of the vehicle's value here- www.nadaguides.com
They do ask for a zip code, but just pick one nearby.
BigmanPigman
(51,432 posts)mitch96
(13,821 posts)They will buy your car and you don't have to pay all the bullshit "fees" the dealer will charge you to do a buy back. I did this with my Prius and they offered me 2k over my buy back price..and no fees. I used the extra cash as a down payment towards the new car.
This was three years ago so I don't know if they will do the 7k but if she is still wanting a new car.... A thought..
m
Snarkoleptic
(5,995 posts)Mrs. Snark did sell her (owned) Maxima to Carmax, when our child needed $6,500 worth of hearing aids.
I think I'll try the Carvana online valuation tool for an 2nd estimate.
mitch96
(13,821 posts)They did an eval on the internet, shot me a price and it was good for 7 days. The dealer "needed" 1500 in "fees and services" just to turn it back to Toyota. Carvana just did the eval, we agreed on a price and it was done. Too simple... It was strange b/c when I turned in the car it was more like dealing with office people than car people if you catch my drift. No "high pressure-car buying vibe". $Check, keys exchange, some paperwork, done. Took at the most ½ hour... YMMV
m
flying rabbit
(4,612 posts)ret5hd
(20,435 posts)and the other is old enough to smoke and buy liquor.
Both run perfectly, both over 200k miles.
Snarkoleptic
(5,995 posts)I've been known to visit the boneyard to buy used parts. Must be my inner Scotsman.
On the Pontiac, the power window switch failed about 60-miles from home in the winter.
It would roll down, but not up. Like a goober, I got it around half way down before I quit playing with it.
Picked up a new-used one at the boneyard, broke off most of the clips, so ended up securing it with hot glue.
Mr.Bill
(24,104 posts)you may also have to pay sales tax on the buyout on the leased car, so figure that into the equation.
kimbutgar
(20,882 posts)And I have had multiple letters and emails asking if I want to sell it!
WTF am I gonna buy if I sell my car?
SKKY
(11,772 posts)...I'm driving this thing until the wheels fall off.