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2018 Q5 end of lease question

guyf972guyf972 Posts: 8
edited May 2020 in Audi
Hi,

I have a 2018 Q5 Premium Plus with 25K miles on a 30K lease that ends 9/30/2020. I don't think I'll put on more than 1K until lease end. The car is in excellent condition and I like it a lot. I'm evaluating whether I should 1/buy the lease 2/extend 3/return and buy/lease a new car. My residual is $31.4K and I'm in the SF Bay Area.

What is the smartest financial decision or decision factors?

Thanks,

Guy

Answers

  • MichaellMichaell ColoradoPosts: 171,791
    guyf972 said:

    Hi,

    I have a 2018 Q5 Premium Plus with 25K miles on a 30K lease that ends 9/30/2020. I don't think I'll put on more than 1K until lease end. The car is in excellent condition and I like it a lot. I'm evaluating whether I should 1/buy the lease 2/extend 3/return and buy/lease a new car. My residual is $31.4K and I'm in the SF Bay Area.

    What is the smartest financial decision or decision factors?

    Thanks,

    Guy

    Find out what vehicles similar to yours are selling for on the open market. My guess is that its less than the $31K buyout, which means you should not buy yours.

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • I have a similar question. My 2018 Premium Plus is in excellent condition. I'm the only driver and usual occupant so aside from the driver seat, the interior looks brand new. It has less than 13,000 miles on it. Exterior looks great, no accidents, nothing. I get it serviced regularly at Audi. We'd planned to put a lot of miles on my 10,000 Mile Yr/3 Yr lease by taking several road trips. Because of COVID-19, haven't and won't be going anywhere. I just reviewed my lease which has mistakes on it. Audi didn't include the $1350 Rebate when calculating the Total Due even though it's on the Vehicle Sales Contract. They charged $1099 for Audicare which I'd negotiated to be included in the deal (the Finance Person said they had to put it in the Contract as it was a taxable item). Also, why would they list the Gross Capitalized Cost at $49,823 when the agreed upon value of the vehicle is stated as $45,048 before the $1350 rebate? They said the Buy Back/Residual is 62% of Original Sticker Price of $50,625 or $31,387. I initially negotiated to buy the car which is all I've ever done but my husband encouraged me to lease it as I'd never had an SUV. I was up against a January 1st deadline to take advantage of end of year Incentives/Loyalty Program, etc. While I felt I'd done a good job negotiating Sales price, I didn't understand the lease and let deadline supersede due diligence. Kelley Blue Book and Carmax price it at $28,836 and $29,400. Should I go back to Audi and try to negotiate a much lower buy out price? If I'd bought the car to begin with, I'd only owe $23,400 now so there's no way I'm paying an additional $8,000 over that. I love the car and know it's in fabulous condition. But having previously owned 2 Audis, this most recent experience has left a bad taste. Advice would be appreciated. Apologies for long entry.
  • MichaellMichaell ColoradoPosts: 171,791

    I have a similar question. My 2018 Premium Plus is in excellent condition. I'm the only driver and usual occupant so aside from the driver seat, the interior looks brand new. It has less than 13,000 miles on it. Exterior looks great, no accidents, nothing. I get it serviced regularly at Audi. We'd planned to put a lot of miles on my 10,000 Mile Yr/3 Yr lease by taking several road trips. Because of COVID-19, haven't and won't be going anywhere. I just reviewed my lease which has mistakes on it. Audi didn't include the $1350 Rebate when calculating the Total Due even though it's on the Vehicle Sales Contract. They charged $1099 for Audicare which I'd negotiated to be included in the deal (the Finance Person said they had to put it in the Contract as it was a taxable item). Also, why would they list the Gross Capitalized Cost at $49,823 when the agreed upon value of the vehicle is stated as $45,048 before the $1350 rebate? They said the Buy Back/Residual is 62% of Original Sticker Price of $50,625 or $31,387. I initially negotiated to buy the car which is all I've ever done but my husband encouraged me to lease it as I'd never had an SUV. I was up against a January 1st deadline to take advantage of end of year Incentives/Loyalty Program, etc. While I felt I'd done a good job negotiating Sales price, I didn't understand the lease and let deadline supersede due diligence. Kelley Blue Book and Carmax price it at $28,836 and $29,400. Should I go back to Audi and try to negotiate a much lower buy out price? If I'd bought the car to begin with, I'd only owe $23,400 now so there's no way I'm paying an additional $8,000 over that. I love the car and know it's in fabulous condition. But having previously owned 2 Audis, this most recent experience has left a bad taste. Advice would be appreciated. Apologies for long entry.

    Most leases are not structured to provide equity at the end of the term.

    If the market value is several thousand less than the buyout amount, I'd just turn it in and shop for a new car.

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

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