Would paying off my lease be better than looking around for a new lease? (CA resident)
I have a 2020 Volvo XC50 T5 Momentum 4D leased with this breakdown paying $361/month to Volvo Car Financials.
Lease is ending mid-May, and I have less than 19,000 miles on the car. New lease prices are significantly higher for similar models atm.
Pay-off amount is around $25,300. Unclear if this includes sales tax or not… Considering just paying for it if buyout loan doesn’t net out in any good interest rate. Would likely keep the car for another year before trading it in for a new lease or purchase. Would additionally look into extending the warranty for another year or 2 as well.
Getting about $30-35k trade-in range from KBB. Planning to take it into carmax or the likes for an in-person quote within the next two weeks to get a better idea.
I’m new to buying out a lease, and mathamatically this sounds like a sound approach but would appreciate any advice for the process. Thank you!