Leased Vehicle Residual - in the money
Coming up on our first lease maturity date in mid January 2021. The vehicle a 2018 BMW X1, M Performance, AWD, leather seats, heated seats steering wheel, sunroof, etc.
The buyout listed in the lease is $28,750 plus $1k fee to BMW and HST. Permitted to drive up to 48k km but we have only driven 30k km (blame myself for not being at the dealership when the lease was negotiated).
Comparable cars on Autotrader are selling for $32k to $35k from dealers, so believe we have somewhere in the $2200 to $5200 in "excess value" compared to the residual value.
Not terribly interested in this as a LT vehicle but could see us owning for another 6 to 12 months if really needed. It fits the bill but is a bit small for two tall adults and two kids under two that tends to haul lots of stuff on the weekend.
Just wanted to put this out there for those that have may have gone through a similar experience. Thinking of listing the car "for sale" on Kijiji and would make the transfer on the day I turn the car in so HST is paid only once. Not sure if it's worth the brain damage for potentially $2k, or less if transfer fees have to be paid.
FWIW, for the next car we're split on getting either an Outback (cheap lease takeover for $420/mo taxes in w/ less than 3yrs remaining), Volvo XC90 (another lease takeover at around $800/mo with 2.5yrs remaining) or something else (VW Atlas, Telluride/Palisade, or maybe 4-door full size pick-up).
The buyout listed in the lease is $28,750 plus $1k fee to BMW and HST. Permitted to drive up to 48k km but we have only driven 30k km (blame myself for not being at the dealership when the lease was negotiated).
Comparable cars on Autotrader are selling for $32k to $35k from dealers, so believe we have somewhere in the $2200 to $5200 in "excess value" compared to the residual value.
Not terribly interested in this as a LT vehicle but could see us owning for another 6 to 12 months if really needed. It fits the bill but is a bit small for two tall adults and two kids under two that tends to haul lots of stuff on the weekend.
Just wanted to put this out there for those that have may have gone through a similar experience. Thinking of listing the car "for sale" on Kijiji and would make the transfer on the day I turn the car in so HST is paid only once. Not sure if it's worth the brain damage for potentially $2k, or less if transfer fees have to be paid.
FWIW, for the next car we're split on getting either an Outback (cheap lease takeover for $420/mo taxes in w/ less than 3yrs remaining), Volvo XC90 (another lease takeover at around $800/mo with 2.5yrs remaining) or something else (VW Atlas, Telluride/Palisade, or maybe 4-door full size pick-up).
