End of lease buyout, other Q's
Thread Starter
Newbie
Joined: Apr 2015
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2016 S550 4Matic
End of lease buyout, other Q's
Hey y'all, I'd like a little input/advice from the smart folk on this forum 
I have a 2016 S550, leased 4/48K that ends September 2020. I've had no major mechanical issues, and get regular maintenance. I love driving the car (a little too much, haha). Maybe this is a little early to think about all this, but... I've been waffling on buying at end of lease or turning it in, here are my issues:
- end-of-lease buyout $49K
- current mileage is 48K. driving the same, I'll be over miles by 6-7000 at end of lease, so mileage penalty ~$1,700.
- 2 door dings that were "too expensive" to fix under the PDR warranty (which is worthless if you ask me).
- Otherwise, the car is in great shape (garaged, regularly washed/detailed, etc).
I leased the car initially out of convenience, and I like switching cars every few years, so it made sense at the time. I've grown attached to this car though hehe. Also, the end of lease charges are going to be annoying, with turn-in-fee, mileage, wear and tear (those damn dings). I'm thinking it'll be $3K+ at lease end. I'm wondering if it would make more sense to just buy the car, hopefully for less than the residual, and get CPO or extended warranty? I know I could lease/buy a new S450/S560, but the lease offers aren't that great, and I don't see enough of a difference with the new vehicles. Maybe the 2021 model will make me think differently but that doesn't help me next year
Thanks!
I have a 2016 S550, leased 4/48K that ends September 2020. I've had no major mechanical issues, and get regular maintenance. I love driving the car (a little too much, haha). Maybe this is a little early to think about all this, but... I've been waffling on buying at end of lease or turning it in, here are my issues:
- end-of-lease buyout $49K
- current mileage is 48K. driving the same, I'll be over miles by 6-7000 at end of lease, so mileage penalty ~$1,700.
- 2 door dings that were "too expensive" to fix under the PDR warranty (which is worthless if you ask me).
- Otherwise, the car is in great shape (garaged, regularly washed/detailed, etc).
I leased the car initially out of convenience, and I like switching cars every few years, so it made sense at the time. I've grown attached to this car though hehe. Also, the end of lease charges are going to be annoying, with turn-in-fee, mileage, wear and tear (those damn dings). I'm thinking it'll be $3K+ at lease end. I'm wondering if it would make more sense to just buy the car, hopefully for less than the residual, and get CPO or extended warranty? I know I could lease/buy a new S450/S560, but the lease offers aren't that great, and I don't see enough of a difference with the new vehicles. Maybe the 2021 model will make me think differently but that doesn't help me next year
Thanks!
Super Member
Joined: Dec 2016
Posts: 641
Likes: 226
From: Charlotte, NC
2024 E450 AT Wagon, 2024 EQS450+ / Had: 2021 E350, 2019 E300, 2021 + 20 GLE350, 2019 E450 Wagon(s)
Feels like about $3K in mile overage and minor damage could be something worked into a deal without much effort. Especially in the August timeframe, as we inch toward the end of the 2020 model year. I'd keep an eye out and work a deal for another MB so you can tiptoe away from the current car and into another nice one.
Out Of Control!!
Joined: Sep 2018
Posts: 14,663
Likes: 4,567
From: unbegrenzt
2017 GLE350 4MATIC
The market retail value in August next year will be below $49k, looking at Cargurus. Agree with Lanzz there seems to be a negotiation that can develop between now and then.
Senior Member
Joined: Nov 2015
Posts: 352
Likes: 61
From: Encinitas, CA
'00 SL600
Ask your dealer (or other MB dealers) about a "lease pull ahead" program. Sometimes dealers will offer to pay the last 3/6/9 months of a current lease to get you into a new lease. That way you could get out of a big mileage overage as well.
MBWorld Fanatic!
Joined: Feb 2014
Posts: 6,190
Likes: 1,549
From: MA
2008 E350 4Matic, 2011 E350 4matic
Well it'd be cheaper to just buy the extended warranty, the CPO would be if the dealer had it and then added the CPO option to it. I think MB normally lets you do a 6 months pull ahead so you can turn the car in 6 months early and then there'd be no penalty. People claim that the software updates and the changes in general make the newer models nicer than the old one. Maybe you can just test drive one of the new ones when your'e within 6 months of the lease end date.
