I found a lease deal for a 2007 vovlo xc70. 12k miles a year for 3 years. $2000 down, $418 a month. Buyout the car at the end for $17,500. The car is not loaded, but it does have the climate package. Any thoughts? It seems like a very cheap buyout at the end. Am i missing something?
2006-11-15 08:18:17 · 4 answers · asked by chuckmorris_1 2 in Cars & Transportation ➔ Car Makes ➔ Volvo
thanks for that answer, I guess I should have added some more info. The MSRP is around 36,000. The total cost of the lease is just over 17K and the buyout at that point is 17.5K. I could finance the buyout and it's almost like I paid off half the car without financing. The other thing is if I look at 2004 xc70(3 years old) the are running about $23000.
2006-11-15 08:54:20 · update #1
Volvo's last so why take the hit , if a 3yr. old is currently 20 plus k. i would most certainly start shopping for a lease turn in that went over the annual mileage [but had all services and verifiable proof of this and passed a complete independent inspection]. these are still good cars but will run more like17-20k. lets face it a 3yr old car with only 36k on the clock is a rare thing in the u.s.but a 3yr old Volvo with less than 90k on the clock will still go another plus 200k if kept properly serviced.
2006-11-15 13:26:47 · answer #1 · answered by hobbabob 6 · 0⤊ 0⤋
OK, the estimated total price of the car would be just shy of $35000. You will essentially rent the car for three years and then still owe $17,500 on a three year old car. If you finance that amount, the price goes up accordingly. If you decide you don't want to keep the car, you paid about $15K and have no trade-in value because you never owned the car. Then there are all the little costs associated with turning in a leased vehicle such as damage and undue wear and mileage over and above the original agreement.
I know that buying a car is the single worst investment you can make but leasing one seems even less logical because of the unpredictability of all the factors involved.
2006-11-15 08:37:05 · answer #2 · answered by Arthur O 5 · 1⤊ 0⤋
I wouldn't recommend you the xc70 in the first place...It's an old model already and it'll probably be redesigned within an couple of years, besides, resale value is terrible...that's probably the reason they're offering you a "nice" deal
2006-11-17 12:57:50 · answer #3 · answered by almost_an_adult17 2 · 0⤊ 0⤋
listen...leasing is ALWAYS a ripoff...always. just buy a slightly used volvo...they last longer than hondas and anything out there.
2006-11-15 15:03:27 · answer #4 · answered by Anonymous · 0⤊ 0⤋