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Old 06-03-2014, 01:14 PM   #1
vbrad26
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Drives: 2012 CSG 2 dr. 6 spd. GTI
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Opinions Wanted: Buy My Leased MK6 or Trade for MK7

So here is the breakdown.
In October 2011 I leased my 2012 base model GTI.
It was in my possession until the end of December 2012 when I gave it to my mother since I was moving to NYC and did not need to have a car.

Today:
I am actually moving back down to Florida in 2 weeks and will be needing a car again.
My mother is still driving the GTI since the lease is up in September.
She will need to get something new regardless but I am wondering if I should buy the GTI from VW credit, or get into a MK7.

The residual on the MK6 is $14,100 so financially it seems like it would make a lot of sense to finance the rest of that and be in a 1 owner low mileage MK6 since I could not find one for that cheap anywhere else.
My thoughts on this are that I would finance for 4 years and then I would have a car that is paid for and at that time I can get something new.

BUT I am also wondering what sort of deal I could work out on leasing a MK7.
With what I am assuming is a pretty low residual on my current car, I feel like I could get a good deal on the MK7 if I could get the dealer to buy out my lease, essentially taking the car in on trade and hopefully reducing the amount of money I would have to put down on a new car.

Basically I am wondering if what I am thinking is even true as I have never dealt with trying to buy or trade in a lease and also, financially, what would make the most sense.

So any input on my situation or buying or trading a lease would be much appreciated!
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May 1 2015: Totaled Replaced with identical MK7
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Old 06-03-2014, 01:26 PM   #2
mk6medic
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I don't like the idea of owning the same car twice in a row like going from mk6 to mk7. But, financially the best bet is to keep your 6. No problems with buying the car at lease end, or trading it in. If your residual is $14,100 you stand to have some positive equity at lease end, so you could parlay that into a down payment on buying the 6. If the 7 payments would not be much more than the 6, and you really want one, then get it.
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Old 06-03-2014, 01:27 PM   #3
corrado917
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If you just need a nice daily, I would say keep it-Ur buying a car you know. After all the Mk7 will depreciate as well. The thing to consider is if you wanna an upgrade this time: get the MK7 then. The numbers are up to you & dealer.
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Old 06-05-2014, 03:46 PM   #4
misaka
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Try to negotiate the residual with VW credit. Not yet of course, but in the last 45 days or so they are often willing to bargain and actually give you like 10% off the buyout so they don't have to deal with it.
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Old 06-06-2014, 09:40 AM   #5
vbrad26
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Drives: 2012 CSG 2 dr. 6 spd. GTI
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Quote:
Originally Posted by mk6medic View Post
If your residual is $14,100 you stand to have some positive equity at lease end, so you could parlay that into a down payment on buying the 6.
Could you explain a little further? I get that I should have some positive equity, but how can a turn that into a down payment? I guess I'm just not totally sure on how the buy out process works lol.

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Originally Posted by misaka View Post
Try to negotiate the residual with VW credit. Not yet of course, but in the last 45 days or so they are often willing to bargain and actually give you like 10% off the buyout so they don't have to deal with it.
Yeah I was going to try to see what other deals I could get from other loan companies and try to negotiate something with VW Credit. I did not know that the residual was a number that could be changed...
__________________
Oct. 2011-Dec. 2012: BBS CO, Magnaflow Catback, DG Springs, Rear Wiper Delete
Dec. 2012: Parted out and given to my Mom
Jun 2014-Present: DG Springs, Color Matched Side Markers and another Rear Wiper Delete but it's mine again!
May 1 2015: Totaled Replaced with identical MK7
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Old 06-07-2014, 10:57 AM   #6
misaka
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Quote:
Originally Posted by vbrad26 View Post
Could you explain a little further? I get that I should have some positive equity, but how can a turn that into a down payment? I guess I'm just not totally sure on how the buy out process works lol.



Yeah I was going to try to see what other deals I could get from other loan companies and try to negotiate something with VW Credit. I did not know that the residual was a number that could be changed...
It can be, because they will often have to just wholesale it, and there are costs involved for them, ie having paperwork done, having the car shipped, etc and in the end, it's easier for them for you to just buy it out. So they are often willing to move about 10% or so near the end of your lease if you negotiate. ie you might get the GTI for closer to 12700 etc.
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Old 06-07-2014, 02:14 PM   #7
jerrymk6
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Quote:
Originally Posted by vbrad26 View Post
So here is the breakdown.
In October 2011 I leased my 2012 base model GTI.
It was in my possession until the end of December 2012 when I gave it to my mother since I was moving to NYC and did not need to have a car.

Today:
I am actually moving back down to Florida in 2 weeks and will be needing a car again.
My mother is still driving the GTI since the lease is up in September.
She will need to get something new regardless but I am wondering if I should buy the GTI from VW credit, or get into a MK7.

The residual on the MK6 is $14,100 so financially it seems like it would make a lot of sense to finance the rest of that and be in a 1 owner low mileage MK6 since I could not find one for that cheap anywhere else.
My thoughts on this are that I would finance for 4 years and then I would have a car that is paid for and at that time I can get something new.

BUT I am also wondering what sort of deal I could work out on leasing a MK7.
With what I am assuming is a pretty low residual on my current car, I feel like I could get a good deal on the MK7 if I could get the dealer to buy out my lease, essentially taking the car in on trade and hopefully reducing the amount of money I would have to put down on a new car.

Basically I am wondering if what I am thinking is even true as I have never dealt with trying to buy or trade in a lease and also, financially, what would make the most sense.

So any input on my situation or buying or trading a lease would be much appreciated!
IMO i think you should stay with your mk6. You've made a dent in the car in terms of the payments. The car is still brand new really with low miles. If you are into modding the car has a crazy aesthetics and can be a lot of fun. if you get into a new mk7 you'll start back from the beginning and will be paying that car off with a higher payment a month. Then again its really up to you and whatever you can afford. But if your half way done with this mk6 thats good and you have no problems then it may be better to sit back with the mk6. Unless you already have it in your mind that u want a mk7. if thats the case then go all out buddy
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