Can you sell a leased car? Yes, you can! Surprisingly, with an excellent margin. With the rise in demand for used cars and low inventory, car dealerships are ready to buy a leased vehicle at a profitable price.
Typically, when you lease a vehicle, you can return it to the dealership or purchase it after the lease is over. What no one tells you is you can also sell your leased vehicle.
Are you considering selling your leased vehicle? Before you publish classified ads for leased cars, there are some points that you must consider. Read the guide to find out more.
Have A Clear Understanding of Your Vehicles Equity
Before you start searching for a genuine buyer who wants to buy a leased car, you must determine the worth of your vehicle. Some of the key factors to consider are:
- What Is the Residual Value in Your Lease Agreement?
A residual value is an amount you can purchase the vehicle for at the end of the lease term. You can easily find this charge in your lease contract or agreement. Typically, the leasing company uses this value to calculate the buyout price.
- What Is the Current Market Value of The Vehicle?
Find the market value of your car while factoring out the vehicle’s current condition, millage, make, model, manufacturing year, and VIN. You can also use numerous online tools to estimate the current market value of your car. If the market value of your vehicle is higher than the residual value, you can make more profit by selling it to another dealer, third party, or private party.
- What Is the Current Buyout Price?
If you want to sell cars online before the lease is over, contact your leasing company and ask about the buyout price. You can also calculate the buyout price by adding the remaining payment amount to the residual value. If the buyout price is lower than the residual value, a beneficial choice will be buying the vehicle.
- Do The Calculations
Deduct the residual value from the current market price of the vehicle. It will give you an equity estimate. It will help you calculate the profit you can make on the deal.
What Are Your Options?
Once you know your leased car equity value, you can explore different selling opportunities. Some options to consider are:
- Buy It Yourself: You can buy the leased car for yourself at a price lower than the market value. You know the vehicle’s history; thus, there are no surprises. You might need to get the lease buyout loan.
- Sell It to The Dealer: If you plan to buy a new car, you can trade your vehicle to a trusted car dealer. It will save you a significant amount of sales tax.
- Trade It Privately: Buy the leased vehicle and sell it to a private party. Don’t forget to notify the DMV before you close the deal.
- Sell It Online: You can also add your listings on an excellent online automotive marketing platform.
Advertise Your Business and Cars for Sale Listings Online.
If you are searching for a best-in-class automotive advertising tool to sell your leased sports cars, promote your products at the world’s best cars for sales classified ads portal – Puerto Rico and The World. Publish your leased car classifieds on it to connect with interested local and global buyers.