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Anyone Considering Leasing a Maverick?

Darnon

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Could you please clarify the CarMax comment. How does it actually work?
The buyout at the end of a lease is predetermined in the contract so if you have less miles on it than you paid for you essentially overpaid and don't get any refund when you turn it in. Unless some third party like CarMax, Carvana, Vroom, Shift, etc. value it higher than your buyout price because of the low mileage then you let them buy it. However with the car shortage new-ish vehicles are commanding a premium and the manufacturers/lease companies didn't like losing vehicles that would return to their dealers and others getting to profit for it. So almost all disallow third party buyouts or charge them market price. Instead you now would need to buy out yourself, pay the taxes, secure financing, wait for the title to process, and then finally you can sell it to those third parties. Unless you replace it with a vehicle from the company you sold it to you lose the taxes if you live in a state that credits trade-ins which makes it less profitable.
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vabchusa

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Leasing is only good if you are a low mileage driver. If you go over leased miles it will cost you both arms and legs. Some leases get over $1 per mile extra. I drive about 25000 a year so buying is the only viable option.
 

PriusHater

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I’d prefer a PHEV so leasing is an option. So is turning around and selling the Maverick for a profit if the market for it sizzling hot whenever I finally get mine. Probably will just purchase and keep it though.
 

buyacar

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Not worth leasing at this moment. The sale price is already fairly low, not big monthly payment difference between lease and finance.
 

huunvubu

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Here are some of the points for leasing:
  1. New model.
  2. Less monthly payment.
  3. We are in the middle of transition to EVs (5 years+/-), therefore the resale value is uncertain. Plugin Maverick likely even next year.
Your thoughts, especially about the 3rd point?
#1 - I am not worried that the Maverick is a new model. I am getting the XLT Hybrid version and seeing all those videos on Ford's Hybrid tech going back to 2005 actually has me feeling pretty positive about it's reliability going forward.

#2 - I pay fully in cash so no payments at all

#3 - I keep my vehicles from cradle to grave and have averaged 11.7 years over my last three. My 1998 Ford Ranger XLT Super Cab I had for 16+ years.
 

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BARTMAVERICK

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The lease on my '19 Honda Civic ends in January. The buy out is $12,742 at lease end. KBB says my trade in value as of Sept 1 was $20,250. I hope it's that much when the Maverick arrives. Civic has less then 4,000 miles as of today. I don't drive much!!!!
 

ralatalo

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even a much broader brush in guessing age, more importantly nothing to do with the fact that transition to EV is inevitable and much faster than you think.
Like death and taxes.... but it won't be 5 years, won't be 10 years... think 20+.
Consider the the first modern hybrid was 2017 to 2000, and that was 20 years ago.
( https://www.energy.gov/articles/history-electric-car ) There is really no reason why every vehicle couldn't be a hybrid ... yet they all aren't.
There are still lots and lots of reasons why current electric cars don't make sense to a lot of people now and some of those may still exist in 20 years.

Also consider there are groups working on synthetic fuels. If someone comes up with some economic process to create synthetic hydrocarbon which can replace gasoline then your electric cars may never take over. Why would they if we could make a carbon neutral fuel to use in out internal combustion engines?
 

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Could you please clarify the CarMax comment. How does it actually work?
At the end of your lease, you will get an inspection done by the leaseholder who will give you a quote for how much it would cost you to return the car if anything. Once you have this, take the car to CarMax and ask them how much you would owe (or receive) if they were to buy out the lease.

CarMax (or you if you wanted to keep the car) only have to pay the leaseholder the residual amount that was agreed upon years earlier when you bought the car but cars often hold their value more than the leaseholder estimates because no one can perfectly predict the future. If you have minor damage to the car, CarMax will use its own in-house folks to repair so they charge you about half what the leaseholder would for the same damage. Similarly, for over mileage, it'll cost you a lot less when letting CarMax buy out the lease than you would have to pay the leaseholder.

Regardless, you now have two options. Return the car to the leaseholder (and possibly pay for the privilege due to damage or over mileage) or let CarMax buy it out. CarMax takes care of all the paperwork so it's just as easy to go that route, but now you have a choice.

The biggest value of leasing to me is that it gives you a three-way option at the end of the lease and depending upon the effective interest rate for the lease may not even cost you much to gain this "option".
 

lmaccherone

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The lease on my '19 Honda Civic ends in January. The buy out is $12,742 at lease end. KBB says my trade in value as of Sept 1 was $20,250. I hope it's that much when the Maverick arrives. Civic has less then 4,000 miles as of today. I don't drive much!!!!
Keep in mind, used car values are much higher than normal right now due to COVID and the ensuing chip shortage. You cannot expect that much of a delta in the future. That said, I think the Maverick is intentionally underpriced out of the gate to drive interest and it will go up a lot more in value.

I know it was @pointillistic and not you that asked about my CarMax trick but in this case, if you no longer wanted a Civic, you could probably get a check from CarMax for $8K-$9K at lease end if you let them buy out the lease. Pre-COVID I got a $900 check for my Honda CRV by letting them buy out the lease. I used that to buy a new car.
 

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Ford's leasing option is only 10,500 annual miles? There's just too many Cons of Leasing a vehicle and having more monthly payments at the end of a 3 yr term. Freedom to customize your vehicle is a Pro to purchasing vs leasing.
 
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ccmjr77

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nope
 

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I am leasing because I don’t put miles on my cars. 7500 a year is what I do combined on both cars right now. Also, really hoping by the end of the 3 years there is an ST version.
 

Darnon

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Ford's leasing option is only 10,500 annual miles? There's just too many Cons of Leasing a vehicle and having more monthly payments at the end of a 3 yr term. Freedom to customize your vehicle is a Pro to purchasing vs leasing.
No, you can always buy more miles up front to 18,000/yr or more. It's cheaper than paying for the overage at the end but you're straying a bit out of warranty by that point which is considered one of the primary benefits of leasing.
 

lmaccherone

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Ford's leasing option is only 10,500 annual miles? There's just too many Cons of Leasing a vehicle and having more monthly payments at the end of a 3 yr term. Freedom to customize your vehicle is a Pro to purchasing vs leasing.
Agree, a huge downside to leasing is that you have to either remove your after-market stuff or give up their value. That said, I got full credit for my Honda dealer-installed options when I leased so I bet you can include in your lease any of the Ford-dealer installed upgrades. Can anyone confirm this?

Regardless, CarMax and their ilk give you credit for them if they are generally desirable.
 
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BARTMAVERICK

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Keep in mind, used car values are much higher than normal right now due to COVID and the ensuing chip shortage. You cannot expect that much of a delta in the future. That said, I think the Maverick is intentionally underpriced out of the gate to drive interest and it will go up a lot more in value.

I know it was @pointillistic and not you that asked about my CarMax trick but in this case, if you no longer wanted a Civic, you could probably get a check from CarMax for $8K-$9K at lease end if you let them buy out the lease. Pre-COVID I got a $900 check for my Honda CRV by letting them buy out the lease. I used that to buy a new car.
GM Financial Ends End-Of-Lease Purchases With Non-GM Dealers (gmauthority.com)
I read that some car companies will not allow other car companies dealers buy out leases when trading in a vehicle of another brand. Only the lessee or a dealership of the same brand can. I asked my Ford dealer when I ordered the Maverick if they would be interested in buying out my lease on the Honda when the Mav arrives and they said they could only do that if I was trading in a Ford or Lincoln model. I wonder if this applies with CarMax and other such third party buyers? I know years ago when I leased a '11 Cadillac CTS they gladly bought out the lease on my 2008 Ridgeline with no problem. I guess with used car prices so high car companies want to keep their used car inventory of their models for themselves.
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