Looking for end of lease advice.

AV717

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I leased a 2018 JLU Sport S with Alpine. I put the money I saved, from the lower lease payment, into a high interest savings account. I like my current Jeep but would do really like the hydro blue. My lease is up this April. I only have used 23k miles of the 45k in my lease. My buy out is $29245. Which from shopping used seems to be a good price. Apparently, COVID has caused a used car shortage. I was leaning towards buying but my Jeep had the steering issue fixed 2x and I’m not sure it has been fixed completely. I’m looking for input from people who have leased before. Thank you in advance for your insight! I am slightly obsessed with Jeeps so I enjoy this forum!!





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aldo98229

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Welcome to the forum.

My guess is whatever equity you have on your vehicle would probably cover the tax and license on the new one, that’s it. Which means, from a financial standpoint you would be starting from zero for all intents and purposes.

On the other hand, Hydro Blue is definitely a nice color. Also, you’d have 3 years of factory warranty, which would cost you between $1,500 and $2,500 to add to your existing vehicle.

I wish I could say that a newer vehicle means the initial bugs got ironed out. But, unfortunately, that’s not the case with FCA. So that is neither here nor there.

I used to swap Wranglers as soon as the factory warranty ended. But I want to hold onto this one for awhile. Now that I work from home I don’t drive nearly as much, and Wranglers have become too expensive to keep doing that.

Good luck.
 

Stuckinthesand

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Really up to you whether you want to start over or not as the previous poster explained. I also leased mine but it was because this was my first jeep and I wanted to make sure it is what I wanted. Needless to say I already decided to buy my lease out and I still have 2 years left on it. Wranglers aren’t getting any cheaper and even with the Bronco coming out I doubt that will affect the resale value of the wrangler.
 

Uhdinator

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Dealers will trade a lease. If the buy out is 29K and the used retail is higher you get some $ towards the new Jeep. If the buy out is higher than the used retail they can still do it but add the difference to the new vehicle cost.
 

SleepEatJeepRepeat

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I leased a 2018 JLU Sport S with Alpine. I put the money I saved, from the lower lease payment, into a high interest savings account. I like my current Jeep but would do really like the hydro blue. My lease is up this April. I only have used 23k miles of the 45k in my lease. My buy out is $29245. Which from shopping used seems to be a good price. Apparently, COVID has caused a used car shortage. I was leaning towards buying but my Jeep had the steering issue fixed 2x and I’m not sure it has been fixed completely. I’m looking for input from people who have leased before. Thank you in advance for your insight! I am slightly obsessed with Jeeps so I enjoy this forum!!
Have you lookend into if you have equity in the lease, if you can sell it for 34-37k you can put that money and the money you saved, down on a new jeep and buy this time instead of lease.. or you can add the equity cash to the savings yous mentioned.
 

SleepEatJeepRepeat

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When i lease, before i turn it in, i always take it down to carmax, for a quote, check carvana, vroom car trading apps.. and have the dealer i am buying a new car from quote me.. one time i pocketed 4k of my wife's old mdx.
 

DWS44

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When i lease, before i turn it in, i always take it down to carmax, for a quote, check carvana, vroom car trading apps.. and have the dealer i am buying a new car from quote me.. one time i pocketed 4k of my wife's old mdx.
This is great advice...I've also done this and done very well going the Carmax route a couple times! As popular as Jeeps are, you might get a strong offer for it. They do all the paperwork for you, payoff your lease buyout, and you walk out with a check for the difference.
 
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AV717

AV717

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Thanks everyone! I am going to buy my jeep when the lease is done.
 

TXRubicon

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Don’t forget that you’ll pay sales tax in most states if you buy out your lease. You are not the owner of your Jeep so for all intents and purposes you are buying the Jeep from the leasing company like any other used car. Make sure you check what your sales tax liability adds to the overall purchase price.
 

SleepEatJeepRepeat

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This is great advice...I've also done this and done very well going the Carmax route a couple times! As popular as Jeeps are, you might get a strong offer for it. They do all the paperwork for you, payoff your lease buyout, and you walk out with a check for the difference.
i just called for the demand payoff on my lease just to get the number , I am in Cali and no additional sales tax was applied, it does say different states may require it.. I thrill he has a good point that it’s certainly worth the 15 minutes to call and get a demand payoff
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