I leased a 2004 Ford Mustang and it is time to give it back to the leasing company or I could buy it from them. The online Kelly Blue Book estimator said it is worth $11,650 if I try to sell it to a private party and it estimates a Trade-in Value of $10,075. The payoff with the leasing company is about $9,800.
I know those numbers are just estimates, but I'm asking what I can reasonably expect to get for the car if I try to sell it privately here in Dallas, Texas. If I can sell it for $11,650 in a few weeks I would like to do that. If I would only get $10,075 it's not worth the effort to me and I would rather just give it back to them.
2006-11-08 04:03:10 · 11 answers · asked by blue_prince_of_dallas 2 in Cars & Transportation ➔ Buying & Selling
Cowboy Bill:
What makes you think the lease has given me misery?
Yes, I'm miserable that I spent much less per month that if I had bought the car. I just hate having that extra money in my account. Maybe if I take my money to the dealer the salesman will take it off my hands and I will be much less "miserable".
Bill, are you are car salesman? Is that why you want me to BUY a car? If I wanted to BUY that Mustang I can do it today. Instead I'd rather rent another new car because I'd rather have a new car for less money than and old car for more money.
Leasing is the best of both worlds. If I want to buy at the end of the lease I can buy it. If I want to get something new I can get something new and I don't have to haggle with buyers or take a loss on trade-in.
2006-11-08 05:56:20 · update #1
We would need a little more info about your car as Ford made several models of the Mustang. There are the GT's the Mach's the Conv. etc. As well as many options that will change the value of your car. That being said remember that the "residual" value of any lease is what the bank thinks the car will be worth when you turn it back in. In my opinion $9800 seems like an average price but nothing to consider a good "investment". The market has slowed on these cars and keep in mind that it isn't going to gain value as it sits in your yard for sale but rather lose value. Not to mention you will have to keep it insured untill it sells. If you love your car keep it. If you are trying to make a little money on the side try a cheaper car that is good on gas they are selling for above book value right now. Hope this helps.
2006-11-08 04:22:13 · answer #1 · answered by sforist 2 · 0⤊ 0⤋
It all depends...I leased a 2000 ford explorer sport trac and when the lease was up in 2003, I turned it back in......I was 15,000 miles over the limit, so they charged me $3,000 for that overage. I could have bought the truck, but instead I had Ford roll in the $3000 into the loan for a new car...ugh...big mistake! Now 3 years later, I am still upside down.... If I had it to do over again, I would have purchased the truck and it would have been paid for....live and learn.....buy it and drive it until the wheels fall off.....
2006-11-09 12:55:03 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If your LEASE payments are current you have nothing to lose by turning it in, But before you turn it in! If you are thinking about another vehicle, you still have trade-in power with your present vehicle. Even though the lease is ending, until you turn it in it is still YOURS! Once you turn it in then all you have is the fact you completed your lease.
As for selling! Very few people that would be interested in your MUSTANG will have or have access to $11,000. It's not worth the hassle this late in the process.
2006-11-08 04:26:36 · answer #3 · answered by Papa-Yogi 3 · 0⤊ 0⤋
You should just try to sell it privately because if you give it back to the dealer won't get a good deal. !Remember that unlike property, cars lose depreciate in value no matter if the condition of the car is great!
2006-11-08 04:15:31 · answer #4 · answered by KIMMY 1 · 0⤊ 0⤋
motor vehicle toughness is immediately proportional to upkeep historic past. era Any motor vehicle has the flexibility to grow to be a lemon via distinctive characteristic of previous proprietors prefer to apply decrease high quality (as inexpensive as i will get) factors and repair. an entire inspection via a qualified mechanic is often warranted until eventually now you purchase a motor vehicle. He/she will spot products you do no longer understand to look for and could in all probability come across some secrets and techniques with reference to the motor vehicle that the broker is attempting to conceal. Why threat this while one hundred dollar inspection ought to shop you 1000's in restoration costs or a minimum of a few coronary heart wrenching "why did no longer i understand approximately this" retrospective theory.
2016-10-15 12:55:16 · answer #5 · answered by ? 4 · 0⤊ 0⤋
I'd check autotrader.com or cars.com and see what a comparable car is selling for in your area. If you have a chance to pick up $500 why not try? Autotrader would cost you $40.
2006-11-08 05:07:09 · answer #6 · answered by Papa John 6 · 0⤊ 0⤋
Hasn't this lease given you enough misery? Give it back, save your money and BUY another car.
2006-11-08 05:35:39 · answer #7 · answered by Anonymous · 0⤊ 0⤋
used mustangs are a dime a dozen right now and not worth anywhere close to book value. i would turn the car back in.
2006-11-08 13:24:35 · answer #8 · answered by HITMAN 3 · 0⤊ 0⤋
really that would be your choice but either way its not going to hurt you credit wise so what ever seems to be easier to do right now would be what i would i would so ,good luck with what ever you decide to do.
2006-11-08 04:08:46 · answer #9 · answered by dodge man 7 · 0⤊ 0⤋
i think it would be better if you gaved it back.
2006-11-08 04:11:30 · answer #10 · answered by lil shay 2 · 0⤊ 0⤋