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Snarkoleptic

Snarkoleptic's Journal
Snarkoleptic's Journal
February 12, 2022

The car dealer really wants Mrs. Snark's leased vehicle back.

Boring stuff, but a quick heads up...

Mrs. Snark is a public official in our town, an acquisitions editor for a book company, and also does accounting work for another village.
She works hard and contends with lots of difficult folks, so she rewards herself by leasing a car and swapping it out every few years.
I drive cars into the ground and am currently wearing-down a 2015 Ford. Prior car was a 2000 Pontiac w/ 175K miles.

I looked up the trade-in value on her car, as the lease is up in a few months and was shocked to see it's worth nearly as much as the sticker price was 2 1/2 years ago.
So the vehicle is worth around $7,000 more than the residual value shown on the lease contract. Rather than surrender this windfall to the dealer, she's decided to buy the car.
Part of the calculus is that new cars are quite pricey and in short supply right now, so swapping into a new one would piss away the $7K in equity, as well as subject her to bubble-type prices on a narrow selection of new cars.

First world problems...right?
Well anyhow, if any DUers read this and become aware they're sitting on a unexpected windfall, I'll consider this a win.

Profile Information

Gender: Male
Hometown: Chicago
Home country: USA
Current location: Chicago
Member since: Fri May 4, 2007, 12:12 PM
Number of posts: 5,997
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