lease extension
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Member
Joined: Nov 2002
Posts: 143
Likes: 1
From: Philadelphia, PA, USA
lease extension
i just drove my dad's 98 e320, i took a look at the odometer and hes at 70,000 miles. i asked him when hes getting rid of it since its a leased vehicle, and he said he just extended it again for 6 months!
i think this is the third time he extended it...
correct me if im wrong, but isn't a lease paying for the deprecation of the vehicle (plus the loan fee or something..)
im pretty sure his e320 is not depreciating much anymore, i told him to just buy it instead, it makes much more sense, right?
how much would a 98 e320 with 70k miles be worth really, and does it make sense to keep extending rather than buying it out, or getting a new one ?
i think this is the third time he extended it...
correct me if im wrong, but isn't a lease paying for the deprecation of the vehicle (plus the loan fee or something..)
im pretty sure his e320 is not depreciating much anymore, i told him to just buy it instead, it makes much more sense, right?
how much would a 98 e320 with 70k miles be worth really, and does it make sense to keep extending rather than buying it out, or getting a new one ?
Super Member
Joined: Nov 2001
Posts: 669
Likes: 1
From: North Bay Area, California
2001 E320
Lease extension
In my opinion, if I was happy with the car and wanted to keep it, I would pay it off. I wouldn't want to keep paying the interest (lease money factor) but would only want the car if the lease payoff is in line for the current value of the car. Try www.kbb.com and www.nada.com for used values.
Your dad may have reasons to keep extending the lease, such as a reasonable monthly payment, maybe not wanting to take the cash to payoff the balance or maybe it's a business lease so his company makes the payment...
Your dad may have reasons to keep extending the lease, such as a reasonable monthly payment, maybe not wanting to take the cash to payoff the balance or maybe it's a business lease so his company makes the payment...
Newbie
Joined: Sep 2002
Posts: 19
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From: So Cal
'00 E430, '70 280SL, '94 LS400, '04 LS430, '03 Audi A4 Avant 3.0 Quattro
Re: lease extension
Originally posted by matt5555
i just drove my dad's 98 e320, i took a look at the odometer and hes at 70,000 miles. i asked him when hes getting rid of it since its a leased vehicle, and he said he just extended it again for 6 months!
i think this is the third time he extended it...
i just drove my dad's 98 e320, i took a look at the odometer and hes at 70,000 miles. i asked him when hes getting rid of it since its a leased vehicle, and he said he just extended it again for 6 months!
i think this is the third time he extended it...
