Should I turn in, or buyout?
Hi, first post here. I am nearing the end of my 3 year lease of a 2024 VW Cross Sport. I drive very little (I live 2 miles from work, so no major commutes). I have about 9,500 miles on it. I've never leased before, so this is new territory for me. The vehicle is in great shape, and I like it, but would prefer something a bit smaller (thinking of a Honda CR-V). I'd like to return it to the dealership, but want to be financially-wise about my decision. I'm not opposed to keeping it a bit longer.
If I turn it in, I will be forced to buy a new car at the same time, so that I'm not carless, which means I can't wait for my perfect vehicle and will have to go with what's available, not necessarily what I want. The stress is real!
According to my lease, the residual is $28,000 and Kelly Bluebook puts my car's value at about $24,000.
Please help! Thanks!