Hey All... I leased a 2006 v70, loaded with sports package etc.with plans to buy out at end of lease. Now the salesman is telling me that I am crazy to buy this car out, and I am better off to just hand it back in and he can get me a much better deal with cars they get from their auctions? This sounds so bizarre to me, and wondering if anyone here has any suggestions..

I would much prefer to buy the car I have taken such good care of for the past 30 months...but on the other hand if I can save 4-6K by getting another similar vehicle.....Which begs the following question to be asked....With a current residual buyout of 28,500..how is it that Volvo will take this car back, install new tires, do a complete safety and then sell to a complete stranger for a price lower than this with a complete warranty up to 160,000 km? Am I missing something here?

Any thoughts and comments are much appreciated!!

 

Personally I would tend to go with the car that I had been driving, and I had been maintaining, and I knew how it would be driven as opposed to something the someone else could have mistreated. Just my thoughts.

 

Same as above.


JPN

 

Hi Guys:

Many thanks for the replies. I never even knew this forum existed until doing some web searching yesterday!!

I reside in Canada and now thinking seriously about my options for my vehicle. When I leased my 2006 V70, I did so with every intention of buying it out and lease end (39 months). Now with 8 months to go and I truly unsure of how I should proceed. My Volvo friends all tell me that the extend warranty is a MUST. With a buyout of $28,500 (plus 15% tax), plus 3K++ for the extended Warranty I am quicly approaching $36,000. Is this too much for this vehicle (Fully loaded, sports and premium package) with an estimated 50,000 km at lease end.


I have been diligently saving for the past 3 years, but now wonder if it would be better to put my 30,000K in savings towards a brand new 2008, V70?

HELP!!!!

 

If the new V70 is totally re-designed, I would stay away. A new model (1st year production) usually has unknown technical problems, and get fixed for the later year models.

As to extended warranty, I myself am against it because I've been hearing horror stories (people pay for it and then the company comes up with hundreds of excuses for not paying). A few people seem to have been lucky, but I myself think it is a waste of money. I would put the money aside and spend it on scheduled maintenance items or for major repairs.

However, if you end up paying more for the current 2006 model + warranty than on a 2008 model, I may consider going with the 2008 model. For a new model, it comes with manufacturer's warranty so you don't spend extra for a warranty package. The dealer would make sure to scare you to buy an extended warranty package, which I would skip.

For continued assistance, please post this in General Volvo Chat section.

I hope this is of some use. I would also hear other members' opinions.


JPN