Hey guys, my dad leased an 04 cl500 for 3 years and his lease is coming to an end in a few months and I was thinking of buying it. Is there any way to figure out the residual value of his car (what I'm going to have to pay to buy it)? Its a 3 year lease and I believe his payments were $800 a month. I know it may vary but I'm just trying to figure out a ballpark figure. Thanks a lot.

 

Sorry I made a mistake, his monthlys are only $600 a month. Thanks

 

$600 for a CL500!! How much did he put down?

 

To answer your question, you have to ask him what his buyout figure is. That is agreed on with MB Financial at the beginning of the lease. Sometimes they will make deals if they really don't want to car back.

 

Given the huge drop in prices for used CLs, it seems extremely unlikely that the residual on your Dad's car reflects current pricing. In short, your Dad was lucky to lease it and be able to walk away after 3 years.