I live in Virginia. I leased a car for the first time 3 years ago, a 2020 Audi A6 Prestige model. In Virginia, we have to pay sales taxes upfront on the value of the lease, so that’s done. I used a broker on here to navigate the deal and it turned out I leased from a dealer about 45 minutes from me. That matters I think for some of the tax stuff. Because I expected to drive a lot of miles, I front-loaded/pre-paid for 15k miles per year. As it turns out, I’m nearing the end of lease with 17,000 miles on the car. Thanks Covid. Barely used it.
Anyhow, the lease expires in about 60 days. The residual value is $36k. Carmax offered me $42k. I believe the car has a 4 year warranty so we have 1 more year of covered warranty to go.
I’m considering buying out the lease and either keeping it for 1 year under warranty (then seeing how leases are), or buying it and then immediately selling it to Carmax or someone else for a little profit. I would then turn around and lease another car.
As a first time leaser, I’m unfamiliar with extending a lease. Not sure if that’s something I should consider as I’m otherwise happy with the vehicle.
Thank you.