06-08-2022, 02:38 PM
So my car was getting off the lease in March and I needed it for another couple of months. Volvo would not extend the lease for those two months, so I bought the car for the residual value and then after two months started exploring selling it through one of the internet dealers.
The offers ranged widely. Surprisingly, Carvana and Vroom, who I thought would have the best offers, were lowest - $2K below what I paid.
KBB experience was interesting - they quoted a value within the KBB range for a car in fair condition and connected me to a local dealer. As I was sure that the condition was better than fair, I went to the dealer to have him evaluate the car. He claimed that the value is actually 1K less (in line with what Carvana offered), but that he would be willing to pay what KBB quoted. When I got up to leave, he offered an additional 2K, 1K more than what I paid. I left anyway, as I had better offer quotes. I just found it funny that Volvo could have had the car back plus two months of lease payments if they had been willing to extend it, rather than bidding for it.
CarMax was about 1.5K over what I paid.
CarGurus was the best offer, almost $4K over what I paid. The process was relatively painless, the transporter came on the day I picked, did a cursory check of the condition of the car, and I was left with the check in my hand. Now I will have to figure out whether I have to report this as a capital gain on my tax return (i.e., whether having leased it before purchase changes the equation).
The offers ranged widely. Surprisingly, Carvana and Vroom, who I thought would have the best offers, were lowest - $2K below what I paid.
KBB experience was interesting - they quoted a value within the KBB range for a car in fair condition and connected me to a local dealer. As I was sure that the condition was better than fair, I went to the dealer to have him evaluate the car. He claimed that the value is actually 1K less (in line with what Carvana offered), but that he would be willing to pay what KBB quoted. When I got up to leave, he offered an additional 2K, 1K more than what I paid. I left anyway, as I had better offer quotes. I just found it funny that Volvo could have had the car back plus two months of lease payments if they had been willing to extend it, rather than bidding for it.
CarMax was about 1.5K over what I paid.
CarGurus was the best offer, almost $4K over what I paid. The process was relatively painless, the transporter came on the day I picked, did a cursory check of the condition of the car, and I was left with the check in my hand. Now I will have to figure out whether I have to report this as a capital gain on my tax return (i.e., whether having leased it before purchase changes the equation).