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End of Lease - options?

alexball12alexball12 Member Posts: 4
edited February 2020 in Jeep
I have a lease on a 2017 Jeep Grand Cherokee Limited that’s coming to an end in September. It’s a 36,000 mile lease and as of right now, I only have 20k miles on it.

So the SUV has a fixed purchase price (per the lease) which is based on an estimated value of having around 36k miles. So obviously the SUV is worth more than the value in the lease agreement. I like the car, but would love to move to an EV (Audi e-tron has my eyes).

What should my game plan be here? Should I buy it outright at the purchase price then try to trade it in at the (slightly higher) fair market value? Does the dealership have an incentive to try to get me to keep it with them so they can resell it at a higher value?

Comments

  • MichaellMichaell ColoradoModerator Posts: 212,114

    I have a lease on a 2017 Jeep Grand Cherokee Limited that’s coming to an end in September. It’s a 36,000 mile lease and as of right now, I only have 20k miles on it.

    So the SUV has a fixed purchase price (per the lease) which is based on an estimated value of having around 36k miles. So obviously the SUV is worth more than the value in the lease agreement. I like the car, but would love to move to an EV (Audi e-tron has my eyes).

    What should my game plan be here? Should I buy it outright at the purchase price then try to trade it in at the (slightly higher) fair market value? Does the dealership have an incentive to try to get me to keep it with them so they can resell it at a higher value?

    Check with CarMax,Carvana and Vroom to see what they think the value is. I don't think there is as much equity as you think.

    However, if you do have positive equity you can sell it to any of those places and keep the excess amount.

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