Real value way above residual value near lease end; please advice
My current lease (2015 BMW 235i xDrive) will end in June; it's under mileage allowance and literally no part of it ever hit anything. The residual value is 34k.
When I checked on Black Book, it shows that the average asking price for cars like mine is 49k and the average trade-in value is 41k. Both above 34k.
I don't intend to keep this car, but I felt I should make a few bucks rather than just return it to the dealership. Wondering how actionable this is?
SITUATION COMPLICATOR: now I'm shopping for a Mazda, and the dealer was very eager to sell me that Mazda right now, and was willing to write me a cheque to cover the last few months of lease on the Bimmer. I have no issue getting the new car right now, but not sure how it affects the monetization of the equity on the old car.