If you are going to lease a car this year, you can collect serious money – your car can cost much more than paying the lease. This is good news for some drivers, but others encounter blockades in an attempt to make money.
Evan Anziska hired Infiniti back in 2019. His lease is approaching and he is in a good position. This is because the booming used car market is boosting trade. Anziska says Carmax offered to buy his car for $ 30,000, and buying it on lease is only $ 22,000. That means he can get the $ 8,000 difference.
“My initial reaction was ‘Wow, there’s a lot of money to make here,'” Anziska said.
Edmunds automotive experts say Anziska is not alone. If you are going to lease this year, you can also earn money. Edmunds says consumers who sell their leased cars leave for an average of $ 7,000.
“It is likely that with as high prices for used cars as they are now, the value of your vehicle will be much higher than expected when you started your lease three years ago,” said Edmunds analyst Jessica Caldwell.
So which cars will do you the most? According to Edmunds, you can earn $ 9,000 for the Ford Expedition; $ 11,000 for Toyota 4Runner; $ 17,000 for GMC Yukon. Edmunds has a long list of cars that can make you little money.
Unless you fall into a blockade, as Aniska did. After reviewing his lease, he learned that Infiniti would not allow him to sell his car to Carmax.
Infiniti told I-Team that it began restricting where consumers sell their cars on lease last year because they wanted those used cars back on Infiniti’s accounts.
Edmunds says carmakers such as Honda, Acura and GM have also changed their rules, banning consumers from selling their cars on lease to other dealers.
“Because there is such a shortage of both new and used vehicles, carmakers really want to lease these vehicles back because it’s a used vehicle that their dealer can sell,” Caldwell said.
The Automobile Innovation Alliance, a trade group of carmakers, said rented cars are not owned by the driver. And they can buy the car and then sell it, but not until the lease expires.
Anziska doesn’t like this option, but he knows he may be stuck.
“I have to have the flexibility to take that money and do whatever I want with it. I would be happy to have such flexibility in my next lease, “he said.
Here information on selling your leased car.