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Help!! My Lease is Up: Turn In or Buy Out?

6K views 42 replies 18 participants last post by  praiseV8 
#1 · (Edited)
Hey all,

I have a 2016 Challenger R/T Plus (6MT) and my last lease payment is later this month.

I love the car and have made many great memories in it, but the times they are a changin'. My wife and I are moving half-way across the country to a new city where the rent costs more and having two cars is unnecessary. I could still afford to pay for the car, but the logistics of towing the car 1,100 miles, along with a very limited parking situation at our new place (only one assigned parking spot included, the rest is street parking) complicates things. We also have other competing goals, like saving money to buy a house and starting a family, making me second guess just pulling the trigger and buying out the car.

That being said, this car holds serious sentimental value to me/us. This is the car we drove away from the church in on our wedding day. We've also taken several memorable road trips in it, including a 3 week coast-to-coast trip from south Florida to Northern California.

Then there are the numbers:

Lease Buyout Price: $22,054
Carmax Trade-In Appraisal: $23,000
Carvana Trade-In Appraisal: $26,165
KBB Private Party Estimate: $28,558

If I buy the car out - I'd be getting a KILLER deal on a one-owner Challenger (and I'd know the complete service history).
If I turn in the car - I'd be able to put that extra $400-$500 a month that I would be spending on payments and insurance towards paying down credit cards and a down payment on a house.

You've heard my spiel - if you were in my shoes, what would YOU do??
 
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#2 ·
I think only you know what to do. But it is obviously a difficult choice. When I read your predicament, my first thought was of how somewhere down the road people regret letting something go that was so enjoyed and full of memories only to regret it later. Practicality aside, it would be nice if you could have your cake and eat it too.
 
#5 ·
When I read your predicament, my first thought was of how somewhere down the road people regret letting something go that was so enjoyed and full of memories only to regret it later. Practicality aside, it would be nice if you could have your cake and eat it too.
Exactly this. I can't tell you how many older folk have come up to me to tell me stories of these badass cars they've owned when they were my age, only to talk about how much they regretted letting them go. Told myself I would never make that choice, but now I see why so many people do - life is full of tough decisions.

Yes, I've had 4 or 5 car in retrospect I wish I had kept; but, the reality is in the overall scheme of my 73 years not keeping them didn't cause me any true regrets. When you guys are settled in a few years, get another one.
Interesting counter-point to the quote above. I feel like I definitely would wind up buying another one down the road (probably used), but by that same logic I feel like I'd be passing up on a pretty sweet deal now.

An obvious question to me is can you sell the other vehicle; or, is there a reason you must keep it (making the wife happy, etc.)
Great question actually. Wife has a 2018 Mini Cooper Clubman S All4 that we picked up late last year. Fantastic and fun little car, but new car depreciation hit hard and we'd be responsible for a decent chunk of negative equity if we did try to get rid of it.
 
#4 ·
An obvious question to me is can you sell the other vehicle; or, is there a reason you must keep it (making the wife happy, etc.) That said, you're obviously a young couple. If you're wanting to buy a home relatively soon as well as start a family, AND you have only 1 assigned parking space, to this old goat it is a no brainer - turn it in. Yes, I've had 4 or 5 car in retrospect I wish I had kept; but, the reality is in the overall scheme of my 73 years not keeping them didn't cause me any true regrets. When you guys are settled in a few years, get another one.
 
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#7 ·
The cars I purchased new over the years included:
1967 Dodge Coronet 440 2 dr cpe
1969 Dodge Charger
1972 Dodge Charger
1975 Dodge Charger
1978 Dodge Magnum

Yes, back in those day I had a young family (children born in 1970 & 1973. We purchased our first home in 1971. To get a new car required a trade-in or a good down payment. BTW, back then car loans were generally 2 years - 3 tops. It really is a matter of responsible economics for young folks. Would those cars now be worth a lot. Maybe. But, in all honesty I never would have been able to afford proper storage and they would have deteriorated. Sure, I wish I still had them in excellent condition; but, I fear their condition would not be any better than fair - at best. Anyway, a lot of guys my age wish we still had those cars; but, we all understand why we don't.
 
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#8 ·
You mention starting a family. I think you'd soon find how far down the list a car, any car, will fall once you have a child. That said, if the house and starting a family are just something on the horizon, you'd be putting both off longer if you buy the car. You make it sound like you don't need 2 cars?

A Guy
 
#18 ·
You make it sound like you don't need 2 cars?
You're right. We'd both be working from home, at least to start.

What city? To me some cities make the decision more obvious. For example, if I was moving from Tampa to San Francisco I know there is no way I could afford to keep it because of the HUGE disparity in cost of living. If you don't need it and you don't have the cash to buy it it isn't worth taking out a loan for. Plus you can buy an SRT392 or Hellcat next time!
Tampa to Austin, so no where near San-Fran levels of insanity. The part of town we're moving to is just minutes from downtown and has great walkability, dedicated bike lanes, as well as a commuter rail station a few blocks away.. no real shortage of transportation options.

Strangely enough, despite being a much larger and more dense city, my insurance premiums are slated to go down pretty significantly once we move.

Turn the car in. Pay down those credit card balances. That is some of the most expensive money you can borrow short of borrowing money from Fat Tony who has an office inside a local pool parlor.
This comment made me laugh out loud, and you're absolutely not wrong.

Good luck with your choice and let us know what you have decided was best for you and your wife.
I have scheduled my pre-inspection this Wednesday and will be going to the dealer on Saturday to talk numbers. If I don't buy out the car, maybe I can at least walk away with a check for some positive equity to ease the grieving process that will surely ensue.

Thank you all for the advice, truly. Trust me when I say none of it goes over my head.

We'll see if emotion or logic wins this one out, I'll be sure to update this post once the decision has been made.
 
#9 ·
Lots of good reasoning here.
Car or house, I'd rather sleep in a house the Challenger is no a comfortable car to sleep in although I have in mine once while on a road trip.
You can always buy another Challenger they aren't rare at all.
The responsible thing would be buy a house with a 2 car garage and then fill the garage when the time presents itself to fill it with another Challenger. Your wife needs a house to call home more than she needs a Challenger. The next Challenger you get will be more bad to the bone than the one you have now.
Good luck with your choice and let us know what you have decided was best for you and your wife.
 
#12 ·
The only debt I have is my car loan, so if I were in the same situation, I would keep the car.

But since you have credit cards to pay off, I'd sell the car now before it depreciates any further, then buy another Challenger down the road once you've got your house/family situation better sorted out.


I was saving up to buy a house, but I'm playing den mother to 3 students (2 are going to UTI) so whatever I was putting into savings is now going into food and the electricity bill.

Thankfully, all their courses are short, so it's my hope that they all land decent jobs once they're done.
 
#13 ·
What city? To me some cities make the decision more obvious. For example, if I was moving from Tampa to San Francisco I know there is no way I could afford to keep it because of the HUGE disparity in cost of living. If you don't need it and you don't have the cash to buy it it isn't worth taking out a loan for. Plus you can buy an SRT392 or Hellcat next time!
 
#14 ·
Life is short. It's important to be practical/reasonable, but also important to enjoy life now. Maybe there are other things you can cut from your budget to save money and keep the car. Or maybe just sell the car and make a plan to get another one in the next 3-5 years.
 
#15 ·
Let it go, put the money to better use. These things are a dime a dozen at this point. Get you're home and family going. You can come back to a Challenger or whatever down the road when finances allow.


I only regret selling one car, my first, a '55 Chevy 2dr post that I spent the year prior to getting my license building into a badass, big block eating, small block. No way I'll ever get it back, but life has been generally good and I have no other regrets. They're just cars.
 
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#16 ·
Easy. Don’t have any kids like me and my wife and you can get all the nice things you’ll ever want and have a house, the car AND vacations. There’s enough crib midgets running around anyways.

But nobody here can tell you what to do with it. If you need to save for a future then save for a future.


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#19 ·
What a coincidence. This is the same exact situation that I'm in. I was debating on buying my 16 Challenger Shaker RT Plus (6 Speed) after the lease ends in 3 months but same here me and my fiancee are looking to buy a house within the next year. My payoff is very similar to yours. Hell I was even thinking about buying it out then trying to sell it to make a few extra bucks but dont want to deal with the headache of finding a buyer and I'd probably not want to give it up at that point haha.However, I already decided that I will be turning it in. I already leased a new Ram 1500 5.7L for much less than Im paying for the Challenger and got rid of my 2nd car. Once I get my home with a nice garage and finances are straight I will then consider getting myself a wide body scat pack and keep it nice and clean in the garage. I love my chally, my car turns heads everywhere I go and its really my first V8 Manual Transmission vehicle, however sometimes I wish it was just a bit faster as well. So my opinion to you is get the house first. Once all the finances play out then get yourself another challenger maybe even a Scat Pack where you can keep it nice, clean and safe in the garage.
 
#20 ·
This is what I did!! Now she hangs out in my garage while i drive my work van and she’s free of dings and dents and miles.


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#32 ·
AltAr....... I'm actually a giant Altar Boy. LOL!!! No really. (I thought it was spelled that way......)
 
#36 ·
As soon as I read "paying down credit cards" it's pretty obvious. Dump the car and start getting serious about handling your finances better. You guys are married less than three years, you're in debt, and you're talking family and house!! Start crunching your $#'s a little bit better......................the Mailman
 
#40 ·
Name your 1st born R.T. ;)

A Guy
 
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