2002 SL500 lease for CL Class
Thread Starter
Super Member
Joined: Feb 2003
Posts: 653
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From: Brooklyn
2002 SL500 lease for CL Class
is there a way for me to trade in my 2002 SL500 for a 2003 CL 500/55. if there is a way what is the cheapest way. its a 39 month lease started in may 2002 with about 20,000Miles.
my dealer told me that i can give in my SL500, but i have to pay $10,000 to break the lease.
my dealer told me that i can give in my SL500, but i have to pay $10,000 to break the lease.
Member
Joined: Oct 2002
Posts: 77
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From: Vancouver, BC
2002 S430
ouch.. that is pretty expensive. I think ususally when you want to end the lease. You pay the difference between the appraised price and the market value (which is usually what they can sell for). So I guess since the new SL's are out, the difference is quite a lot. However I have a friend who traded his CLK 430 for a 2003 SL500 and the dealership gave him 9K for his CLK.
MBWorld Fanatic!
Joined: Dec 2002
Posts: 1,351
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From: Palm Beach Gardens, FL
Porcelain Bus
What determines how much you'll pay is the total of all payments remaining plus the residual value minus the residual value or market value whichever is higher. If MB gave you a lease with a high residual like they usually do, that helps but this usually is offset by the extremely high money factor or interest rate they charge. Moral is shop around lease rates because it's possible to get high residual and low money factor which makes it much more economical to get out early.
Rule of thumb is you get killed terminating more than a few months early. Sorry.
Rule of thumb is you get killed terminating more than a few months early. Sorry.
Thread Starter
Super Member
Joined: Feb 2003
Posts: 653
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From: Brooklyn
Originally posted by ajayz
Just curious, why did you lease the 2002 SL500 in May? I can't remember but weren't we already expecting the new SL to come out soon then?
Just curious, why did you lease the 2002 SL500 in May? I can't remember but weren't we already expecting the new SL to come out soon then?
