Firstly, I would like to thank this community for the advice and insight to my previous post.
Now that i have decided electric vehicle is not for me right now. I have another Question.
Background - I have 2 cars. a 2021 hyundai palisade, that i purchased last yr at msrp that i plan to keep as my long term family car (atleast 5 years).
The car in question is Bmw X3, leased, ending Nov 2022, so 1 payments left. Monthly is $550. Residual is 29k. This car is share bw me and wife, mostly commuting to the office (15 - 25 miles total daily, and 3-5 times a week), as 2 car seats wont fit properly. The car has barely 15k miles in 3 years.
So i am pretty confident that i will not drive more than 3-5k miles a year.
Now my question is - do i buy my current lease or get a new lease ? Please help me make the right decision.
Current lease is 550 a month, 29k residual, plus may be 3-4k in taxes. I will probably finance it. And approx 2-4% APR for may be 3-5 years. I will end up paying anywhere around $35k in total. I am expecting monthly payment to be 400-500. also if i sell it, car max and carvana will give me around $36k.
On the other hand, my wife suggested that I lease a new car.and simply turn in the keys for this one. even if i get into a similar deal as my bmw ( and i will try to get a cheaper, non luxury car through a broker), i will end up paying 350-550 a month and total over 3 years will be around 20k.
I am so confused right now. The car market is tight and will be so for the next 1-2 years. my gut says buy the bmw and keep it for another 2-3 years atleast, may be longer. but the idea of getting into another lease seems significantly cheaper.
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which way should i go ? buy out or new lease ?
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do people who buy out their leased cars (specially luxury ones like bmw) tend to keep it for many many years or sell it later ?
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is there a point of going through the hassle of buying out and selling to carvana etc ? the whole process will take 1-2 months between me getting tags and title and carvana value may or may not change in that time. and I am not sure how much profit will i make. besides i will need a car anyways to drive around.
Thanks for bearing through my incoherent rambling.