I've seen this site reference for good valuation expectations on trades, how realistic do you think it is?
Black Book Weekly Values Lite
Hit or miss. Just like all of the book values. It'll be extremely conservative on some vehicles, while overly optimistic on others.
I'm currently leasing a loaded Explorer Sport. How close to the residual have they been when the lease is up assuming you are within mileage (31,500 in my case) and in good shape? I still have awhile until the lease is up but am already thinking about keeping it assuming it's worth the residual.
It depends on the market. I imagine the 2020's will be out by the time your lease is up, killing the value on ours. We have a 2018 Platinum that the lease will be up in 2.5 years, and I expect the same.
I'm curious of the details around a lease residual as well if you could help/clarify. My wife has a 2017 Audi A3 that the lease is up on in 17 months. Car will have less than 30K miles on it at the end of the lease. Our son will be getting his permit around then and we were thinking maybe we'd purchase the car for him when the lease ended since we'd know the car was taken care of and he'd have a nice reliable AWD car for the 21K residual that is left at the lease end. I was in for an oil change at the dealership and they were trying to talk me into a newer model and said they'd give us 22K for the car, which we obviously declined. Seems like if that's what it's worth to them now, we will be waaaay upside down in seventeen months if we wanted to buy the car outright after the lease. Is it the norm for a car to be worth way less than the residual when the lease is up, are the residual values negotiable if you want to buy the car after the lease? Salesman said we'd probably be better of turning the wife's car in at the end if the lease then buying a car off their used lot than refinancing our car after the lease is up because of how upsidedown the value vs residual of the car would be?!?!? Only Audi dealership in INDY.
They can give you the $22k now, but then you're still responsible for all of the payments, less the $1,000.