Vroom Lease Buyout Quote

[sethsquire]

I decided, for $hits and giggles, to get quotes from Carvana and Vroom to buy my G70. For reference, I have a little less than a year left on the lease and the buyout is somehow $34.4k.

Carvana offered like $33k, which was lame. Vroom, however, offered $37.7! That means if I felt so inclined, I could sell the car to the right now and they'd cut me a nice check. For better or worse, though, I'm not going to sell it right now, as the cars I might be interested in replacing it with (new Golf R, CT4-V Blackwing, M3, something family-friendly with a manual) are either not out yet or, in the case of the M3, still subject to dealer gouging.

Still, it's interesting to know!

 

[matpal]

Engine and trim level?

 

[sethsquire]

Engine and trim level?

2019 3.3 AWD Prestige, 12k miles

 

[BadTrainDriver]

I decided, for $hits and giggles, to get quotes from Carvana and Vroom to buy my G70. For reference, I have a little less than a year left on the lease and the buyout is somehow $34.4k.

Carvana offered like $33k, which was lame. Vroom, however, offered $37.7! That means if I felt so inclined, I could sell the car to the right now and they'd cut me a nice check. For better or worse, though, I'm not going to sell it right now, as the cars I might be interested in replacing it with (new Golf R, CT4-V Blackwing, M3, something family-friendly with a manual) are either not out yet or, in the case of the M3, still subject to dealer gouging.

Still, it's interesting to know!

Keep in mind, if you buy your car after the lease expires, you have to pay sales tax on the buy out price of $34.4k. Once you figure the taxes you'd pay into the equation, I doubt you'd make anything, and most likely would lose money.

 

[petraman]

If he got the quote from Genesis Finance, it would include sales tax.

 

[Beefer]

Keep in mind, if you buy your car after the lease expires, you have to pay sales tax on the buy out price of $34.4k. Once you figure the taxes you'd pay into the equation, I doubt you'd make anything, and most likely would lose money.

Incorrect. Different States vary...so you cannot apply blanket statements.

In VA…if you buy it out from the same dealer you leased…no tax. Tax on the full amount is paid up front. But with that loophole...if you go to a different dealer to buy it out...you will be screwed and you pay tax on the buyout amount. So be smart.

 

[Beefer]

I have a 2019 3.3TT AWD Sport with 10k miles. Lease ends in Nov. Residual is $28k

Vroom = $35,770
Carvana = $36,376

 

[jfarabaugh]

used cars values are up like crazy.... made 4k on my 2020 trade in. but so are new car prices so it is a wash.

 

[Beefer]

We bought my daughter a 2016 Hyundai Tucson...May of last year. Prices were at their lowest...so I scored a "covid deal". The same car is 37% more expensive now...so I really did good.

I don't really drive anywhere. So I am thinking of offloading my car now and reap the awesome cash I will pocket. Then hold off on buying for several months...knowing I have my wife's/daughter's car if I need to get out.

 

[tarhoosier]

What car is a Tuscan? Google says it is (was) a british sports car.

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[Beefer]

Hyundai Tucson

 

[mikemu30]

I decided, for $hits and giggles, to get quotes from Carvana and Vroom to buy my G70. For reference, I have a little less than a year left on the lease and the buyout is somehow $34.4k.

Carvana offered like $33k, which was lame. Vroom, however, offered $37.7! That means if I felt so inclined, I could sell the car to the right now and they'd cut me a nice check. For better or worse, though, I'm not going to sell it right now, as the cars I might be interested in replacing it with (new Golf R, CT4-V Blackwing, M3, something family-friendly with a manual) are either not out yet or, in the case of the M3, still subject to dealer gouging.

Still, it's interesting to know!

You shopping for an M3? If so, what are you finding? My son in law is looking for one as well with not much luck. He's currently leasing an M4 and will probably buy it out for the moment.

 

[woofmang]

I decided, for $hits and giggles, to get quotes from Carvana and Vroom to buy my G70. For reference, I have a little less than a year left on the lease and the buyout is somehow $34.4k.

Carvana offered like $33k, which was lame. Vroom, however, offered $37.7! That means if I felt so inclined, I could sell the car to the right now and they'd cut me a nice check. For better or worse, though, I'm not going to sell it right now, as the cars I might be interested in replacing it with (new Golf R, CT4-V Blackwing, M3, something family-friendly with a manual) are either not out yet or, in the case of the M3, still subject to dealer gouging.

Still, it's interesting to know!

IMO, just skip the Golf R - it'll be a let-down from the G70 (I traded my 2018 Golf R in on my 2019 G70, even though I was a little underwater on the Golf loan; the G70 is just such a better car).

 

[sethsquire]

Keep in mind, if you buy your car after the lease expires, you have to pay sales tax on the buy out price of $34.4k. Once you figure the taxes you'd pay into the equation, I doubt you'd make anything, and most likely would lose money.

It definitely includes tax, and I still don't fully understand the buyout amount. The residual is like 26k with a 300 fee, and I have about 11 payments left on the car (so a little more than 5k). Even including the taxes, I feel like there's a couple thousand in there that's not accounted for.

 

[sethsquire]

You shopping for an M3? If so, what are you finding? My son in law is looking for one as well with not much luck. He's currently leasing an M4 and will probably buy it out for the moment.

I'm not actively shopping for an M3 this moment, but my understanding is that supply is tight right now and allocations are thin because it's new and popular, as well as the general squeeze on new cars. I've looked at their forums and some people are getting some discounts, but a lot of people are sucking it up and paying sticker (or higher) to be the early adopters.

 

[sethsquire]

IMO, just skip the Golf R - it'll be a let-down from the G70 (I traded my 2018 Golf R in on my 2019 G70, even though I was a little underwater on the Golf loan; the G70 is just such a better car).

That's surprising, I drove a GTI recently and it was pretty fun, tossable and noticeably lighter than the G70. I figured the R would just be ratcheting that up a notch. What didn't you like about it?

 

[sethsquire]

I have a 2019 3.3TT AWD Sport with 10k miles. Lease ends in Nov. Residual is $28k

Vroom = $35,770
Carvana = $36,376

That's surprising that your Vroom was so much lower than mine and the carvana was so much higher... makes no sense to me at all. You have a higher trim and lower mileage.

 

[Beefer]

That's surprising that your Vroom was so much lower than mine and the carvana was so much higher... makes no sense to me at all. You have a higher trim and lower mileage.

Probably depends on State, location, transportation fees, etc

 

[Beefer]

I have a 2019 3.3TT AWD Sport with 10k miles. Lease ends in Nov. Residual is $28k

Vroom = $35,770
Carvana = $36,376

CarMax = $37,400
Local Genesis Dealer = hinted at close to $41,000

 

[Bill in Alexandria]

Great information. Thanks for sharing ! ! !