Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!





Howdy, Stranger!

It looks like you're new here. If you want to get involved, click one of these buttons!

Are you in the market for a new car and having a hard time finding affordable options? A reporter would like to speak with you; please reach out to [email protected] by 2/26 for more details.

End of Lease Options - Am i being ripped off ?

madhurbehlmadhurbehl Posts: 4
edited November 2020 in Mazda
Coming in towards the end of the 3 year lease on my 2017 MX-5 RF, Grand Turing, Manual, Soul Red. The car is in excellent condition, both mechanically, and exterior wise.

(1) At the time of the lease, the quoted market value selling price was $33,795.

(2) Over the 3 years, I have paid a total amount of $19,936 in monthly payments; not including the $2000 down payment.

I asked the dealership for the quote on purchasing the car at the end of the lease.
The purchase value being quoted to me is $19,530 !
This seems way to high..since i've already paid off about $20k of the market price, shouldnt the end of lease purchase option be around $13-14K ?

Am I being ripped off ?

For whats it worth, I have always done the servicing on time at the dealership; always used only premium fuel; and most importantly only driven 15,000 of the total 30,000 lease miles in 3 years.


Comments

  • MichaellMichaell ColoradoPosts: 174,857

    Coming in towards the end of the 3 year lease on my 2017 MX-5 RF, Grand Turing, Manual, Soul Red. The car is in excellent condition, both mechanically, and exterior wise.

    (1) At the time of the lease, the quoted market value selling price was $33,795.

    (2) Over the 3 years, I have paid a total amount of $19,936 in monthly payments; not including the $2000 down payment.

    I asked the dealership for the quote on purchasing the car at the end of the lease.
    The purchase value being quoted to me is $19,530 !
    This seems way to high..since i've already paid off about $20k of the market price, shouldnt the end of lease purchase option be around $13-14K ?

    Am I being ripped off ?

    For whats it worth, I have always done the servicing on time at the dealership; always used only premium fuel; and most importantly only driven 15,000 of the total 30,000 lease miles in 3 years.

    When you signed the lease contract, it should have stipulated exactly how much the residual value of the vehicle will be at lease end. How much you paid during the lease has no bearing on that number.

    Remember, the payments you made include both the depreciation and the rent charge (aka interest) on the money you borrowed.

    What is it you want to do? Buy the car out? If so, you'll be expected to pay the residual value on the contract.

    Sorry for the bad news.

    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

  • Got it. The amt I paid is depreciated value + interest.
    However, I'm looking at the lease agreement and it states that I have the option to purchase the vehicle at the end of the lease term for $18,587.25
    Whereas, the dealer is quoting that the market value price is $19,936.

    Is the agreement price binding or can they make up whatever market value they want ?
  • MichaellMichaell ColoradoPosts: 174,857

    Got it. The amt I paid is depreciated value + interest.
    However, I'm looking at the lease agreement and it states that I have the option to purchase the vehicle at the end of the lease term for $18,587.25
    Whereas, the dealer is quoting that the market value price is $19,936.

    Is the agreement price binding or can they make up whatever market value they want ?

    You have to pay sales tax on that amount.

    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

Sign In or Register to comment.