I have a 2020 Hyundai Ioniq PHEV SEL that I’m paying $148.99/mo for 10k/36, and the lease end is 3/17/24. I think I could extend this 6 months? It only has 11,200 miles on it and the buyout price is $17,949.19. Kelly Blue Book estimates it’s worth $25,956, do you think that’s accurate?
I’m trying to figure out my best option for selling this car. I think Hyundai Motor Finance doesn’t allow lease transfers, right? So my other option is to buy out the car and resell it. Problem is I’d have to pay 6.25% sales tax ($1,121.82) on the buyout price.
1) Is it possible to buy out and sell the car without paying for sales tax similar to what’s described in this post? I’m in Mass not Cali. Hyundai Third Party Lease Buyout / Transfer - Double Sales Tax in NY? - #5 by lease_buyout
2) Could the dealership buy it from me? Would the price be competitive?
3) I got an offer of $21,000 from Equityhackr, which seems low. Vroom offered $24,514 and even if I pay sales tax when buying out the vehicle, it still beats $21,000. Unless I’m misinterpreting this quote, I don’t think transferring the lease to them is ideal.
4) Since HMF owns the car and not my local dealership, could I bring it to a dealership in New Hampshire and buy it there with 0% sales tax then resell it?