Hello,
I have a 2022 BMW M340 that I leased back in September 2021. I have 14 months left on the lease and based on what I’m seeing I expect to have a decent amount of equity in the car. By buyout/residual on the price is $34k.
I’ll come in at or just under my 36k mileage allowance, and I am seeing 2020 models with 40k+ miles with similar specs still going for $50k pre-owned. KBB trade value is $53k… If it depreciates another 20% in a year and it’s worth $43k as a trade, how can I best utilize that $9k in equity?
I think that I want to stick with another BMW as my next lease, so what are my options? DO I need to actually buy the car for $34k and then trade in for $43k, or can I use some of that equity toward the downpayment on a new lease?
Thanks,
Quinn