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Purchasing at the End of Your Lease

716 messages,  Last post on Nov 30, 2009 at 8:03 AM

You are in the Smart Shopper Forum. Your Hosts are kirstie_h & tidester

What is this discussion about? Car Leasing


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#642 of 716
Re: Need help [itslisa] by dtownfb
Jun 12, 2009 (8:18 am)
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Replying to: itslisa (Jun 11, 2009 7:04 pm)

Sounds like you had a rough year. hang in there!
 
let's make this as easy as possible for you. It should come down to looking at the numbers: the residual value vs. what the car is truly worth.
 
The residual value is simple. This is the value of the car as stated in the lease contract. This is what is due to the leasing company at the end of the contract if you choose to keep the car. There is likely some additional fees as well. The actual value of the car is what you need to determine. There are some great car salesman who can help determine the value of your vehicle on the "Real World Trade-In Values" forum: http://townhall-talk.edmunds.com/WebX/.ee9c851?displayRecent
 
Provide the information at the bottom of the page.
 
If the "real world" value is less than the residual, walk away and buy another car. If the "Real world" value is greater than the residual and you like the car, then buy it.
#643 of 716
Re: Need help [dtownfb] by sebring95
Jun 12, 2009 (8:48 am)
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Replying to: dtownfb (Jun 12, 2009 8:18 am)

I agree for the most part, but will add that the buy-out vs street value is not the only considerationg. There's certainly some value to keeping the car you have compared to buying something else. You know the history, the care, maintenance etc. and that's worth something. I paid a about $1,000 more for my Tundra for the lease buyout than I probably could have paid for another one. I would have had to spend time shopping/test driving, inspecting, and negotiating to buy a vehicle with questionable problems/history.
 
Since you're not overly enthusiastic about car shopping anyway, there's probably quite a bit of value in buying out the lease. That should be a pretty straight forward transaction.
#644 of 716
Re: Need help [sebring95] by dtownfb
Jun 12, 2009 (9:15 am)
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Replying to: sebring95 (Jun 12, 2009 8:48 am)

Good points!
#645 of 716
Re: Need help [sebring95] by kirstie_h HOST
Jun 12, 2009 (10:58 am)
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Replying to: sebring95 (Jun 12, 2009 8:48 am)

Also, keep in mind that this vehicle has ultra-low miles on it. It's still practically new!
 
Lisa, do you NEED this car? I know that you mentioned in email that it's not the only vehicle you owned. If you don't, you might just want to turn it in and walk away.
#646 of 716
Re: Need help [kirstie_h] by grandtotal
Jun 12, 2009 (11:10 am)
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Replying to: kirstie_h (Jun 12, 2009 10:58 am)

Nobody NEEDS a Beetle Convertible, it doesn't mean it's not nice to have for sunny days.
#647 of 716
Re: Need help [grandtotal] by kirstie_h HOST
Jun 12, 2009 (11:22 am)
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Replying to: grandtotal (Jun 12, 2009 11:10 am)

Oh, by all means... if she wants it and can afford it, that's a different story. She didn't mention whether she enjoys the vehicle or not. You just never know whether the person asking is aware that it's a fairly easy option.
 
The buyout price of $16K seems fairly reasonable (though I'd wait for a pro's take on the RWTIV) - it lists in my area for $17K as a certified pre-owned, and this is about as close as a private-party vehicle gets to that condition on its own.
#648 of 716
Re: Need help [kirstie_h] by dtownfb
Jun 12, 2009 (7:44 pm)
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Replying to: kirstie_h (Jun 12, 2009 11:22 am)

volvomax came through with an auction value for her. It looks like the buyout price is a good price for this car.
 
If she is happy with the car and it suits her need, I would tell her to buy it.
#649 of 716
Re: Need help [kirstie_h] by itslisa
Jun 12, 2009 (9:53 pm)
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Replying to: kirstie_h (Jun 12, 2009 10:58 am)

Yes, my bug convert. is my only car. Up to my divorce there was a 5 series BMW and the Volvo x-ctry wgn. Neither are my cars. I know that a VW bug is NOT historically known for being free of problems. I talked with many owners b-4 leasing it. So far I have not had huge probelms. With very low miles, not sure if it will become a 'pain in the bumpus'. I just want to make the best (financial) decision and I am having difficulty.....
#650 of 716
Re: Need help [itslisa] by grandtotal
Jun 13, 2009 (3:52 am)
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Replying to: itslisa (Jun 12, 2009 9:53 pm)

The best financial decision is to walk away from the Beetle and buy a Corolla. You'll get 7 or 8 years of trouble free service from it and it will still be worth something when you decide to sell it.
#651 of 716
Re: Need help [grandtotal] by kyfdx HOST
Jun 13, 2009 (10:42 am)
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Replying to: grandtotal (Jun 13, 2009 3:52 am)

Sounds boring, though... She just got divorced.. now, she has to give up her fun car, too?
 
If you like the Beetle, it certainly has low miles, and the price seems decent.. It's not like you are stuck with it for life, if you decide to buy it.. If it turns out to be problematic, you can always dump it and buy that Corolla..
 
(See? I got a cheap car last year to save money... now, I'm bored.. )

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