The lease on my 2019 SQ5 is coming to an end on February 23rd. I’ve only used 22000 of the 30000 miles and based on the buyout amount of $31,545.60 vs. what local dealers have SQ5’s listed on their lots (between $42,000 and $47,000) I potentially have up to $15,000 in equity.
We are looking to lease a new larger luxury SUV (X5, XC90, GLE etc.) to replace the SQ5. What is my best course of action to maximize the value of my current situation.
Off the top of my head I see 3 clear options:
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buyout lease and sell vehicle separate to my new lease
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negotiate discount off new vehicle msrp based on equity in current lease (this seems to be the most tax efficient option but also highest variability/difficulty)
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3rd party buyout from equityhackr, vroom, carvana etc. and lease separately.
Does anyone have any experience in a similar situation, what are some of my options to maximize value in this situation.
Thanks in advance.