03-18-2022, 10:05 PM | #1 |
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Getting the best value out of my lease trade-in (buy out)
Hello all,
I currently drive a 2018 340i M Performance Edition, for which I extended the lease twice (4 months total) because of the unending delays with the M3 order. The tires (20" RFT, mind you) are worn out and a meteorite smashed my windshield, which I didn't get fixed since I was getting rid of the car *soon*, or so I thought (I knew I wouldn't get all my money back for fixing it anyways). My current dealer offered $3800 positive equity when they appraised my car back in September 2021. They were confident they could give me the same amount a few months later (the value goes down but so does the residual) when the M3 would arrive. Another BMW dealer offered 2800$. I understand that the used car market is even hotter than it was a few months ago, and I'd like to take advantage of it. What are my options to have a dealer buy out my lease? I want to avoid purchasing the car myself because I'd have to pay a $999 admin fee and taxes. Can a non-BMW reseller buy it out? I'm ready to shop around. It's my first time doing this. Any tips are welcome! N.B.: I can't trade it in to save on taxes because the M3 will be leased under a business. Last edited by Aeromotive; 03-18-2022 at 10:12 PM.. |
03-19-2022, 11:39 AM | #2 |
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03-19-2022, 10:44 PM | #3 | |
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I'll call BMWFS next week to ask if the $999 admin fee still applies after the lease has ended. My guess is it would. One other question : do you know how they calculate the buyout value after the lease has ended and I made 2-3 extra monthly payments? Do they just substract the payments from the residual value at lease end? I'm asking because I checked the prices for used similar models and I think it'd be worth buying it out and selling it myself after all... Thanks again. |
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03-20-2022, 07:53 AM | #4 |
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As of 10/1/21 BMW no longer allows 3rd party buyouts. Perhaps BMW dealers are still allowed. That I don't know but since they know your options are limited I doubt they will give you top dollar.
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03-20-2022, 10:31 AM | #5 | |
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03-20-2022, 12:36 PM | #6 | ||
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Now I need to find out if the hassle of buying it and paying both taxes is worth it for the extra gains at the end. |
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03-21-2022, 07:00 PM | #7 |
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I had a 2020 S5. BMW offered me $56000 for it. Audi offered me $50000 for it. I posted it on kijiji and a Honda dealership bought it the next day for $77000.
Maybe try posting it online and see if any used car dealerships make offers. You may get far more that way like what happened to me. |
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03-21-2022, 10:27 PM | #8 | |
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