If you have a car lease coming up this year, you could pocket some cash – your car may be worth far more than the lease amount. That’s good news for some drivers, but others hit roadblocks trying to make money.
Evan Anziska leased an Infiniti in 2019. His lease is coming up and he’s in an ideal location. That’s because the booming used car market is pushing up trade-in values. Anziska says Carmax offered to buy her car for $30,000 and her lease buyout is only $22,000. That means he could pocket the $8,000 difference.
“My first reaction was, ‘Wow, there’s a lot of money to be made here,'” Anziska said.
Edmunds automotive experts say Anziska is not alone. If you have a lease coming up this year, you could also make some money. Edmunds says consumers who sell their rental cars walk away with an average of $7,000.
“With used prices as high as they are right now, chances are the value of your vehicle will be much higher than you expected when you started your lease three years ago,” said the Edmunds analyst Jessica Caldwell.
So, which cars will you enjoy the most? According to Edmunds, you could score $9,000 for a Ford Expedition; $11,000 for a Toyota 4Runner; $17,000 for a GMC Yukon. Edmunds has a long list of cars that can make you money.
Unless you hit a roadblock, like Anziska did. After combing through his lease, he learned that Infiniti wouldn’t let him sell his car to Carmax.
Infiniti told the I-Team that it began restricting where consumers sold their rental cars last year because they wanted those used cars back on Infiniti lots.
Edmunds says automakers like Honda, Acura and GM have also changed their rules, prohibiting consumers from selling their rental cars to other dealerships.
“Because there’s such a shortage of new and used vehicles, automakers really want to get those vehicles back on the lease because it’s a used vehicle that their dealership can sell,” Caldwell said.
The Automotive Innovation Alliance, a trade group of automakers, stressed that leased cars do not belong to the driver. And they can buy the car and then resell it, but not before the end of the lease.
Anziska doesn’t like this option, but he knows he might be stuck.
“I should have the flexibility to take that money and do what I want with it. I would like the opportunity to have that kind of flexibility in my next lease.” he said.
here is information about the sale of your lease car.