So in an idle moment I got a Payoff quote on my 2020 Tiguan SE. It’s quite low in mileage but couldn’t believe that the quote was only $21k. I think I could easily sell it privately for $27-28k. Am I missing something or should I be cashing in for a big profit??
You’ll pay tax on the $21k (roughly 8%) unless you flip it in <10 days and apply for the exception.
Your payoff quote has nothing to do with the mileage nor condition of the car (or used market). It’s defined when you signed your lease agreement.
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Where did you get that from?
VW finance
Any guidance on how the ‘flip within 10 days’ works in practice. Obviously fairly straight forward to line up a private buyer then do the paperwork I guess??
You pay-off is 21k and if you can get 27k from Vroom, you pocket 6k (tax treatment not withstanding). Why would you want a high payoff from VW Finance?
Also your payoff has nothing to do with how many miles are on the vehicle.
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No but it does dictate what I could sell it for now
Carvana have offer me $27k which seems nuts. Seems like a cash in is the way to go! Makes me wonder… what’s so special about this year in terms of used values or is this normal??
There’s that whole global pandemic thats caused massive shortages in multiple industries that supply parts for new vehicles… as such, new vehicles prices are through the roof and used ones to go with it.
Then there’s all the inflation from the money printer running non-stop.
Is this leased through vw? Your 3rd party buyout will be higher if I’m not mistaken.
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