Happy New Year, Hackers!
I have a dilemma, and would like some opinions, please. We have 2 vehicles with expiring leases as follows:
2018 BMW 330e
Lease expired 12/8, but extended for a month and can extend 1 more month to 2/8; if we order a vehicle, we can extend for 3 more months or so
Payments are $358/mo
12,000 miles on car
RV is $30k, and market value seems to be exactly that (no equity)
2019 Volvo XC60 T6 Inscription
Lease expires end of May, 2022
Payments are $508/mo
23,000 miles on car
RV is $31k; Shift offer is $44k (I was really surprised to have equity?!)
With work from home, we could roll with just 1 car for a little while…but not sure how long since return to work could happen at anytime. We are not set on any specific vehicle, but would like to have an SUV (and might even want to have a compact SUV and a subcompact SUV once we go back to 2 cars).
So what to do? Turn in the BMW and buy out the Volvo…and then hope there still equity in the Volvo when the market gets better? Sell the Volvo for the equity now, and extend the BMW for as long as we can…and hope that there’s something decent to lease in 3 or 4 months? Have considered an X1 to replace the 330e, but also considering RAV4 or CR-V.
Would love to hear your thoughts. Thanks!