I am coming to the end of a lease in Feb with a 2021 VW ATLAS SEL (with captains chairs), Mileage at 28k. The residual value is $27,788 but I am seeing these selling a lot higher, some at $10k above that.
I am planning on leaving the country in Jan permanently and would like to try to realize the equity in the car. Carmax offered 34k, Dealer offered 32,500.
Any suggestions on the best option out of the following:
go ahead and apply for auto loan, buy the car and sell privately (pay sales tax)
apply for auto loan and sell to carmax (pay sales tax)
give to dealer for 32,500 (my understanding may be wrong but I am envisaging this being hassle free and no sales tax or anything to pay on my side, except for the last payment of the lease)
Thanks for the input, appreciate it. I am a few weeks before the end of the lease now, also leaving the country at the end of the month and seem to have not played it right. Payoff quote is 28,500, VW offered me 30k, Carmax offered 34 (but their 3rd party buyout quote was 42k). I should have really got auto financing, bought the car and then sold it making a healthy amount but I’d say I’m out of time now (title takes 10-15 days to come in plus time it takes to get auto financing in place).