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We just bought our ‘07 2.0T convertible with auto and premium package at lease end for $22,500.00 with CPO (16,000 miles). Yes, CPO still exists. I don’t know what your ‘08 would be worth, but it’s a year newer than ours is. Our lease buyback was $32,800.00. I am assuming that your lease is with GMAC. They can’t and won’t negotiate with you at all. They have residual insurance which covers the gap between the fantasy lease buyback price and the real world price (or at least they did until mid to late ‘08, which is why they stopped leasing well over a year ago). If the car is sold at auction or to one of their dealers for a fair market price, the insurance will kick in, and they come out whole, so there is no incentive at all for them to deal with you.
In order to buy your car, you have to find a dealer willing to buy it and sell it back to you as a CPO. The dealers are willing to do this. We actually spoke with three dealers, and one them had cold called us because he had a list of upcoming lease terminations. In our case, comparable CPO ‘07's are on the lots in the $25,000 range. We were able to negotiate the $22,500.00 price without a lot of effort. We could have bought a similar car with twice the mileage for $20,000.00 (CPO) that the dealer had on special, but we just couldn’t live with the color.
As to the CPO, as I said, it still exists, and GM will have to honor it no matter what happens with Saab, but you don’t say when your lease is up. If Saab is shut down or sold before you buy your car, I can’t say whether CPO would be offered at that time.
Keep in mind that there have been no ‘09's leased at all. Your ‘08 may be one of the last of the low mileage lease return CPO’s that will be available. If you like your car, and can get it CPO’d, I say buy it. If you don’t buy it, think about what other car you can buy today that will have 4 more years of warranty in the mid $20K range that you’re going to like as much.
posted by 64.12.11...
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