In need of Lease End advice

[LeersMav]

Hello New England - Maine.
I'm looking to hear from those of you that have bought a vehicle at the end of a lease or flipped a lease vehicle.

I currently have a 2020 Jeep Gladiator and my lease ends October.

My plan is to order a Maverick when it opens up in August. I have a great vehicle now so I am absolutely able to wait.

I can buy my Jeep at the end of the lease for $28k. I have contacted a few dealership and I'm being offered $36-38k trade in. Obviously I'm looking to sell it privately for more.

The lease is with Christler Capital. I believe I have to buy it + pay tax. Anyway out of the tax if I'm flipping the vehicle. One dealership said I would get it back as a tax credit. I cannot find a Maine tax law on this. It only may happen for excise tax.

What advice do you all have you me?

Hey GBP,
Even though I am in CA and not Maine/NE area, I went to CarMax trading in my Sonata PHEV last year 3 months before the lease was up with Hyundai. Same time, I had the Prius V (wagon) appraised for $11,800.

Fast forward to today: CarMax quoted $15,300 and Driveway.com quoted $18,300

After getting my Maverick, I gave the Prius V to my daughter since the price of gas in CA made filling up a IS250 twice as much as the Prius. (Go figure why I get even more today with MORE miles than last year.)

Just wanted to share.

I know you will most likely need to buyout the lease while waiting for the Maverick, but I feel it will be well worth the wait. Then have the Jeep reappraised at CarMax or Driveway.com ..... both online.

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[dalola]

That's why I leased. At the start gas was 2.50/gallon in 2019. I wanted to be able to ditch this truck if the value tanked or fuel was $5+

Also because jeep thought the vehicle would not depreciate much, so the monthly payments were a lot lower = greater amount going into savings & staying in saving ect...

It's a 2020, and your residual is $28K? What was MSRP & mileage? Sounds like a pretty good hit to me.

 

[RatherBeDrivingaManual]

You will need to pay sales tax on both the Jeep and Maverick. You will still be up a few grand.

I think you're right. I did some math, seems like trading in saves me $300 maybe $350//380

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