I have a 2003 Jeep Grand Cherokee ltd. about 59600 miles. Appears the trade-in value is between $8200 and $8500. Car is in very good condition and there’s no pay out left. I own it outright.
I’m ready to unload the Jeep for a smaller car and I like german cars. I see my area Volkswagen dealer here in Maine has an offer for a Volkswagen CC to lease ? $309/month with $3299 due at signing. (The CC is, I believe, the only VW with AWD).
My question is ? Can I apply the trade-in value of my Jeep Grand Cherokee as 100% of my down payment for a lease? Or, would I still have to put cash down? Also, if this is possible, if it outrageous to hope to get the monthly lease payments down to about $200 if I applied the entire trade in value of the Jeep to the down payment?
Thanks!
you own your vehicle outright and you’re considering a LEASE? Will this be a vehicle you can write off on your taxes every year? Do NOT become a “monthly payment-only” person, find out how much to get one of those puppies out the door.
You can get a Touareg or Tiguan with 4motion.
Also, good luck getting even half what your vehicle is worth because of the stuff Chrysler is going through
All I can say is that dealers love to mess up a simple purchas with traid-in leases, special discounts all dependent on some other part of the total deal. Anything they can to confuse the consumer so they don’t see the real price.
Compare the final price or take each part totally seperately.
I have one neighbor who loves doing deals. He has negotiated deals for several of my neighbors.
Always remember everything the dealer offers or says is final is subject to change the have to sell cars, yuo don’t have to buy one from them. You are in charge so don’t let them get in control.
In the end you have to make the final decision.
I would really really tell any friend of mine that unless they are a profit making business, there is no way at all they should consider leasing a car. It is the most expensive way of having transportation.Why would your vehicle be worth that much in trade? Have you told the Dealer you are going to bring a trade into the deal? If this was not a lease but a sale the Dealer would be making all kind of noise. But since most people have figured out there are not very many circumstances where a lease is a good idea they may work with you…na can’t see it happening.
Has the price of SUV’s recovered this much so quickly?
You can get about $1500-$2000 more if you sell it yourself. Do whatever it takes so that the buyer can register it and drive. If that means getting an inspection sticker, do it. You control the costs that way. Then use the money as a down payment on a car that you can afford. Just be aware that you aren’t saving money. The money you expend on a new car is a lot more than the extra you spend on gas with the Jeep. You might consider a 2 or 3 year old car that has a lot of depreciation taken already. You could get a 2007 Subaru Impreza 2.5i Sport sedan for about $15,000 on a dealer’s lot. You get better mileage (22 MPG vs, 16 MPG combined) and don’t have huge monthly payments if it’s a $5000 loan.
The OP in assuming that the $8200-$8500 amount he came up with is what the dealer will offer him. I did some checking and the $8000-$8500 figure only applies to a vehicle in “Excellent” condtion. In a dealer’s eyes no trade in is in “Excellent” condition, ever. I’m envisioning the dealer offering he/she around $7000 or so, give or take.
IMHO. When you have paid off vehicle that is in “very good” condition, with low mileage, there’s little reason to get a new car, especially a lease, and spend another couple hundered bucks a month and then have to look for yet another car in a year or two.
I am a strong believer in personal liberty. But, I do tend to also think OP needs to take a serious look at depreciation vs. gas costs. Less than 10,000 miles a year may not involve that much for gas, that is, when compared to the actual amount of depreciation for a new car.
Sit down and figure it out, dollar wise.
Of course, if you really want a different car, which is common, that is a different matter.
More money stays in your pocket if you sell the Jeep yourself
AND
When you show up at a dealer with cash and NO trade in ( no additional expense for the dealer to prep and hold in inventory ) …
Well, money talks and you can make you BEST deal then.
Buy, don’t lease ( another known expense for the dealer to contend with when the lease is over ) , for the best long term bang for your buck.
Excuse Me. This Doesn’t Really Answer Your Questions, But . . .
. . . have you considered keeping and driving the Jeep? You say, “I’m ready to unload the Jeep for a smaller car and I like german cars.”
Six or seven years old and 60,000 miles isn’t all that bad. Does the jeep run well and has it been well maintained?
At some point in one’s life it is usually desirable to break the loan/lease payment cycle and just cash-out on purchases. You could be right at that point, right now.
Even if that Jeep doesn’t get the world’s greatest fuel economy, it is probably the most economical transportation option for you. I would recommend driving it and making payments into your own account until you have saved enough to be out from under payments for good. You can break that debt cycle.
New car fever can be a powerful influence and you don’t really tell your motivation for wanting to “unload” your Jeep, so if this advice is not appropriate, I should just mind my own business.
CSA
Great idea ; '‘cheaper to keep ‘er’’.
Hence my retention of my 79 chevy pickup and 92 Explorer.
Buying or leasing a car and trading in a car are two transactions. You are buying or leasing a car from the dealer and he is purchasing a car from you. He wants to get as much of your money as possible, and you want to sell him your car at the best possible price. I think you will lose. The dealer will muddy this situation and give you a little as possible for your Grand Cherokee and will pick your pocket for all he can get.
If you are determined to lease the VW CC (whatever that is), sell your Jeep outright or find a lot that sells vehciles on consignment. When you have disposed of the Jeep, then talk to the dealer.
As I said in my previous post, he’d be lucky to have an offer of $4000 for it.
Exactly! I Live In The Salt Belt, So I Can Drive My Vehicles Only Until They Dissolve.
CSA