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End of Lease - Money Back or Good Deal

akwolfeakwolfe Member Posts: 4
edited October 2017 in Jeep
I am currently debating getting another Jeep at the end of my lease coming up in February. I am posting here to see what the possibility is on getting a good deal on another Jeep, or ending the lease and walking away to another manufacturer. I should clarify that I would be looking to lease again and not buy.

I have a 2015 Jeep Grand Cherokee Overland 4x4 that was purchased for the following amount:
Purchase Price: 46605.00
RV: 52%
Mileage: 12k/yr
Term: 36
Current State: Exceptional

I currently only have ~18k miles on the Jeep as I dont drive very often. Looking at the used 2015 Overlands with comparable mileage I see them around ~$35k purchase price. This purchase price would be around $10k more than the residual value which seems like a huge gap!

I have never owned or completed a lease with Jeep before, so I am wondering with this large of a current sale price and the residual value of the car, what do you think would happen under the following circumstances?

-Return the lease and go with a different manufacturer (would I get a few thousand dollars back in my pocket due to my vehicles great condition and mileage?)
-Remain with Jeep and get a new lease (would I get a great deal on a new lease?)

The reason I ask is when I turned in my 2012 VW Jetta GLI lease at low mileage they wrote me a reasonable check when I handed over the car, which I pocketed and did not go with another VW vehicle.

Thoughts?

Comments

  • kyfdxkyfdx Moderator Posts: 187,525
    akwolfe said:

    I am currently debating getting another Jeep at the end of my lease coming up in February. I am posting here to see what the possibility is on getting a good deal on another Jeep, or ending the lease and walking away to another manufacturer. I should clarify that I would be looking to lease again and not buy.

    I have a 2015 Jeep Grand Cherokee Overland 4x4 that was purchased for the following amount:
    Purchase Price: 46605.00
    RV: 52%
    Mileage: 12k/yr
    Term: 36
    Current State: Exceptional

    I currently only have ~18k miles on the Jeep as I dont drive very often. Looking at the used 2015 Overlands with comparable mileage I see them around ~$35k purchase price. This purchase price would be around $10k more than the residual value which seems like a huge gap!

    I have never owned or completed a lease with Jeep before, so I am wondering with this large of a current sale price and the residual value of the car, what do you think would happen under the following circumstances?

    -Return the lease and go with a different manufacturer (would I get a few thousand dollars back in my pocket due to my vehicles great condition and mileage?)
    -Remain with Jeep and get a new lease (would I get a great deal on a new lease?)

    The reason I ask is when I turned in my 2012 VW Jetta GLI lease at low mileage they wrote me a reasonable check when I handed over the car, which I pocketed and did not go with another VW vehicle.

    Thoughts?

    It's possible that you have positive equity in your current vehicle, but looking at retail asking prices now, and extrapolating that to your residual price in February is a big leap. You can always trade your car in on any new lease, or even sell it outright to a place like Carmax. If you truly have positive equity, you can reap the rewards, and then lease any vehicle you want.

    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

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