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Can You Sell a Leased Car?

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Many drivers with leased vehicles in Fond du Lac and Oshkosh come to us here at Holiday Automotive wondering, “Can you sell a leased vehicle?” The answer is “Yes” — you can sell a leased car, at least if you trade it in at a dealership. In fact, you generally have several options when approaching the end of a lease term. Head to our “Leasing Guide” page to learn all about the ins and outs of leasing. Meanwhile, read on to learn the in-depth answer to the question, “Can you sell a leased car?”

What Is a Leased Vehicle?

The question “Can you sell a leased car?” begs another question: “What is leasing” Basically, at its essence, leasing is a form of vehicle financing. As opposed to buying a vehicle, leasing lets you drive the vehicle for a predetermined amount of time (usually between 24-39 months). Then, when the lease ends, you generally turn the vehicle in. But sometimes, if you prefer, you can “sell” it (aka trade it in early), turn it in at another dealership, buy it out, or terminate the lease early.

Can I Trade in a Leased Car?

Though many Sheboygan and West Bend drivers may not know it, you most certainly can trade in your leased vehicle in most cases. In fact, the process of “selling” a leased car is pretty simple, usually. It all depends on your lease agreement, aka lease contract. Most car lease contracts stipulate that a dealership (yours or another) can buy the vehicle from the leasing company for the pre-assigned residual value (plus any purchase option fee). Of course, whether or not this is a good deal for you will depend on the vehicle’s residual value vs. market value. If the market value is higher, then you’ll have equity to use towards a new leased or purchased vehicle.

What Is the Early Trade-In Process Like?

The process of trading in a lease early is fairly straightforward in most cases. Remember, when you lease a car, it’s the leasing company that owns it, not you. Thankfully, most leasing companies do allow you to trade the vehicle at any dealership; not just the dealer or brand you leased it from! Remember also that leases are actually designed so that the payoff will match the market value at the end of the term. That makes the buy-out price greater than the market value in most cases, which makes selling a leased vehicle next to pointless. Still, you should see if the market value is greater. If it is, then you’re actually better off trading in your lease than turning it in!

Can You Sell Your Leased Car?

Wondering, “Can you sell your leased car?” Believe it or not, yes, you can sell a leased car. And with car prices on the rise everywhere in Oshkosh and across the country, selling a leased car isn’t too bad of an idea–especially if your lease is ending soon.

How Do I Sell a Leased Car?

As mentioned previously, car prices are, well, rather steep right now. That means there are dealerships around Sheboygan, including Holiday Automotive, who are looking to purchase used vehicles that are in good condition. In fact, some dealerships may even be willing to pay more than your contract’s buyout price. Now, how does one sell a leased car?  Before you dive into the whole selling process, consider if selling a leased car is worth it first:

  • Find out your leased car’s value and residual value. You’ll want to look at the contract itself. Look at the residual value in your lease, which is the number of your car’s expected equity and the end of the lease.
  • Figure out your leased car’s buyout price. Find out the car’s buyout price from the leasing agency by calling or contacting them. If you find that your vehicle’s residual value is greater than the leasing company’s buyout price, then it would be in your best interest to buy the car.
  • Determine the current market value of your vehicle. Use a tool like Edmunds or Kelly Blue Book to find out the market value of your leased car by entering in the necessary details, then compare that number value to the residual value of your car. If the residual value is greater, then yes, you would benefit from selling your leased car to a dealership.
  • Consider purchasing the car for yourself. While you can make a profit from selling a leased car, if you’re still in need of a car to get you around West Bend, you may save more money versus leasing or buying a new car.

Once you’ve figured out whether to sell a leased car or not, in order to sell your leased vehicle to a dealership like Holiday Automotive, you’ll have to buy out the lease first. Then, you’ll have the option to sell the vehicle back to the dealership, either in exchange for cash or for money towards a new vehicle.

Start Your Car Lease Transfer Today at Holiday Automotive!

Ready to begin the process of selling your leased vehicle? Start at Holiday Automotive! We’ve helped many Beaver Dam-area drivers initiate their lease transfers, and we’d be more than happy to walk you through the process. We can also help you negotiate a lease buy-out or extend your lease. For any questions about leasing, just contact us online or give us a call at 866-807-8084.

 

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