2016 MX 90D - 27k miles - lease ending - deciding whether to sell or turn in

[kennybroh]

I just took delivery of a 2019 long range MX, as the lease for my 2016 MX 90D expires this month. The buy-out price is approximately $65k, and I'm trying to decide whether to turn it in or sell it. Obviously, the question is whether I can get enough above the lease buyout to make it worthwhile. This post is essentially a feeler. If there is genuine interest I will post pictures, provide more detail, etc.

The car is in great shape. It's a 7 seater, white exterior, black premium interior (e.g. heated/cooled seats, etc.), and 20" wheels. The original sticker on the car was $115,000 and it came with virtually every option for a non-Performance model: Premium audio (incl. XM and all streaming services), AP1 w/ summon, cold weather package, etc. It has Conti-Silent tires and I will include 2 extra brand new tires, still in their wrappings and an electric tire repair kit, required under Maryland law. The maximum charge is somewhere around 230 miles but to preserve battery life I only charged it all the way when taking a trip. It comes with free lifetime supercharging and the balance of the new car warranty.

The car has never been in an accident and almost never required service. There are some minor scratches on the corners of the bumpers, but after the detailing I will do for a sale I doubt they will even be noticeable. A couple of the wheels have some curb rash which will be fixed for a buyer as well.

The reality is this: I have to pay $65k to the leasing company and I assume I will spend at least another $1,000 for the detailing to make it look its best. I'm not interested in Going through all the hassle of selling just to maybe make $1-2k. Therefore, I'm trying to see if it is realistic to expect to get in the neighborhood of $70k. If not, I'll just turn it in.

All input is welcome.

 

[IGdawgI]

Go to Tesla.com under used and you can find a comparable options. Tesla will come with a 4year warranty vs yours is going to expire soon.

From looks of it, they are going for $68k+. So may not be worth your time.

Would you kindly provide the VIN info? It'd be interesting to see what Tesla will sell it for when you trade it in. Or if you can keep an eye on it and post the vehicle when it hits the Tesla site; that'll be appreciated by many potential buyers who uses the site for references

 

[kennybroh]

Thanks. I looked on their site, and vehicles with my mileage and equipment seem to be fetching in the 70's. That makes me more inclined to try to sell it.

 

[BPeter]

Thanks. I looked on their site, and vehicles with my mileage and equipment seem to be fetching in the 70's. That makes me more inclined to try to sell it.

Don't forget you'll need to pay the rest of the taxes on your buyout of the lease unless your state is one of the ones that makes you pay the full taxes up front.

 

[kennybroh]

You talking about sales taxes? Paid up front. And lease expires this month anyway.

 

[IGdawgI]

If they are fetching for $70k, subtract $3k for the extended warranty.


My experience on a model S.

Noticed it for sale at $55.x. Eyed it for several months and ended up getting it for $47.7 on March 18,2019 car fax shows early Dec 2015 build, so my guess sat over 3 months with Tesla. But this was a Model S.

I think EvCpo May have sold details available

Who knows what Musk will do to ensure q3 2019 hit target.

I'd say go get a quote from carmax or shift. Add $5-$6k on that figure but realistically $3k. If you got a few $$$ to spare on that figure, you should be pretty good.

Also, upload pictures and a build sheet. This thread can serve as 2 birds with 1 stone.

Good luck!

 

[BPeter]

You talking about sales taxes? Paid up front. And lease expires this month anyway.

Yeah sales tax. Looks like Maryland has sales tax up front? Yeah that would maybe make it worth your time then! Was the lease a good deal though if you had to pay sales tax on the full amount?

 

[bjyukyn]

Yeah sales tax. Looks like Maryland has sales tax up front? Yeah that would maybe make it worth your time then! Was the lease a good deal though if you had to pay sales tax on the full amount?

damn so he had to pay like ~10k sales tax up front? then i dont think its even near a fair deal tho

 

[kennybroh]

Yeah sales tax. Looks like Maryland has sales tax up front? Yeah that would maybe make it worth your time then! Was the lease a good deal though if you had to pay sales tax on the full amount?

I would have had to pay it up front if I bought it too, but wouldn't have been included in my payments. It's about $6k.

Given the fact that the value of the car three years later is at best only $3-5,000 more than the lease turn-in, tells me it was a good deal. Had I bought it and financed it over 72 months to keep the payments affordable, my equity in the car after 3 years would be even lower-e.g. the balance on my loan would be higher than $65k so I would have a hard time getting my money out of it. And why would I want to continue to own a car with AP1, with a 250 mile range when, as it turns out, lease payments for a new long-range Raven with FSD and a 325 mile range are almost $200/month lower.

 

[BPeter]

I would have had to pay it up front if I bought it too, but wouldn't have been included in my payments. It's about $6k.

Given the fact that the value of the car three years later is at best only $3-5,000 more than the lease turn-in, tells me it was a good deal. Had I bought it and financed it over 72 months to keep the payments affordable, my equity in the car after 3 years would be even lower-e.g. the balance on my loan would be higher than $65k so I would have a hard time getting my money out of it. And why would I want to continue to own a car with AP1, with a 250 mile range when, as it turns out, lease payments for a new long-range Raven with FSD and a 325 mile range are almost $200/month lower.

Most states you only pay sales tax on the depreciation on leases. MD and a few other states make you pay it on the full amount on a lease. Just was mentioning that.

 

[wannamodels]

does your MX have free super charging still? also, it it AP1 or AP2? how about a tow hitch?

 

[clyjr]

Just turn it in. As a reference, I bought my X 90d in January for 74k. It's very similar to yours except it has FSD paid for and AP 2.0. Lets say you take off 5k for those differences you are looking at ~69k. Considering I bought mine in January, knock off at least another 4-5k. Of course you could always get lucky and sell it for 70k, but my bet would be 65k or less. Not worth the hassle for a chance at making a couple grand with also a chance of losing a couple grand...

 

[P85_DA]

+1 Turn in