Folks, Need some advice here.
My 2018 Audi Q5 lease is ending soon with low mileage (< 20,000). I am deciding whether to buy out the Qudi or lease a new 2022 Honda CR-V SE. The prices are similar. I like the Q5 but also like the new tech options that come with newer cars. Any ideas?
the Audi is expensive to fix when something goes wrong and out of warranty. I would go with the new Honda.
You are trading down in car for the same price. If you compare your residual on your Q5s lease with the current selling price of a used Q5, I’ll bet the selling price of a used Q5 is much higher than your residual and higher than the Honda is selling for.
If it is, you can buy your Q5 and keep it OR turn around and sell it yourself, buy the Honda and pocket the difference.
Thanks for the reply Warropr. Yes, that’s a major consideration too.
Thanks Mustangman! That’s what I was thinking too. It retails for about a few thousands more from Edmunds. If I buy my car from the dealer, it is about $32K cash after taxes and fees, etc. I saw one sold by private party for about $35K now for similar mileage, good condition. You think it makes sense to buy it from the dealer and sell it myself?
mustangman makes a good point. with the crazy prices of used cars you could probably sell it and make your money back that you already pad on your lease.
Selling yourself usually gets you the best price but in this crazy market, you might even get strong money on a trade in on the Honda.
I would even talk to the Honda dealer before you end the lease to see what kind of offer they’d give you on the Q5 if you turn it in to them. And yes, you often can do that. Can’t hurt to ask.
And while you’re at it, get an offer from Carmax.
Texases, have you dealt with Carmax? I just did a quote with them for $35K. Are they reliable?
Thanks,
I have found this. I hope you won’t have a problem if you decide to go the buyout route. just thought I would pass it on.
I sold a vehicle to Carmax and the process was painless .
But I am having trouble with paying 32000.00 to buy the lease out , paying what might be necessary to change the title and insurance . I certainly would not enter into another leased vehicle.
Thanks Warrior for the article. I feel your pain Volvo. Hopefully you can turn around and sell it for a profit soon!
I have sold a couple of cars to CarMax, bought a couple, too. Very striaghtforward with no BS.
You misunderstood my post . You are the one with the 32000.00 buy out not me.
What is the buy out price?
OP said about 32000.00 .
If you like the Q5, buy it and keep it for a while. Edmunds estimates maintenance and repairs at about $10,000 each over the next 5 years. I suspect you are maintaining it as part of the lease already. I find the average estimates high for two reasons. First, they price as if you have all the work done by the dealer. Second, the repair costs are high because a lot of people don’t maintain their car properly, driving up those estimates. I have a 2017 Accord and haven’t had a single repair. You could have similar success unless you have had repairs already in the Q5. I’m pretty sure you’ll like the Q5 more than the Honda. The question is whether it’s worth the extra you will pay for M&R.
I assume your lease was $500/mo?
Cavell - my payment was $545/mo with no down.
Jtsanders - the car has warranty till the end of the year. So I have time to think about what to do with it. I’ll maintain it but as you know everything is expensive with “luxury” European cars. So I I don’t plan to keep it for more than a year. I’ll just wait till the market to cook down a bit.
Barky - The payoff is about $30K. The market price should be at least $35K.
It is really a crazy market now. By the way, I changed my mind about the CR-V SE. I am now more into the RAV4 Prime now for the hybrid and EV features. I went to a dealer to check out a Rav4 Prime SE. The MSRP is $42K. When I got there, the sales just said that you have to pay above the MSRP for all cars now. For this car, you need to pay $7500 more. The sales person that it will likely be like this till the end of the year. So it would be close to $50K for the Prime. I said thank you and walked out.
Almost $20000.00 plus insurance and registration and nothing to show for it but a stack of receipts . Spock says that does not make sense. Add in the low amount of driving makes it sound even worse.