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How to Sell Your Leased Car for Profit

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Illustration for article titled How to Sell Your Leased Car for Profit

Photo: Patcharanan Worrapatchareeroj (Getty Images)

With used vehicles sales soaring 15% in the last quarter, your leased vehicle could be worth more on the open market than the cost of buying it out. With some finesse, you could pocket the difference and make some money. Here’s what you need to know.

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Knowing the value of your leased vehicle 

When you lease a car, you’re paying to drive a new vehicle that you don’t own. Your monthly lease payments are based on the residual value of your vehicle, which is an estimate of how much the car is worth once the lease contract expires.

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The lease residual is based on a certain percentage of the Manufacturer’s Suggested Retail Price (MSRP). As an example, a leased vehicle could have an MSRP of $25,000 with a residual lease value of 50% for a three-year lease, which would make the lease residual $12,500. At the end of the lease, you have two choices: walk away, or buy out the car for its remaining value (sometimes you have to pay an additional $300-$400 “disposition fee”). You also have the option to do an early buyout, the price of which includes the remaining payments and, in some cases, a termination fee.

The new wrinkle here is the pandemic. As a result of a car shortage and other factors, a disparity between market value and residual value of leased cars has suddenly emerged—many vehicles now have a residual value lower than what it can be sold for in the open market.

The Detroit Free Press has a breakdown of some potential profits:

A Ram 1500, for example, has an average residual price of $24,073 if leased in 2017, according to data from Edmunds. By contrast, it could sell for $28,292 on average on the open market. That’s a potential profit of roughly $4,200.

The 2017 Toyota Prius Prime has an average buyout price of $14,971 but an average sale price on the open market at $17,840 — with a gain of more than $2,800.

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Finding equity in your vehicle

You’ll want to know how much equity can be squeezed out of your lease to determine if a buyout is right for you. To do so, follow these steps:

  • Check your lease contract or contact your lender to confirm the buyout (or early buyout) price. You will have to pay extra if your car has excessive wear-and-tear.
  • Compare your buyout price to the current market value of your vehicle using online pricing guides like Kelley Blue Book or Edmunds, or by getting a real cash offer from online car dealers like Carvana or Vroom.
  • Subtract the residual value from the current market price, which will tell you how much you could make by selling the car. Whether that difference is high enough for the hassle of buying and selling is up to you (you’ll also want to factor in your time and money if you’re planning to sell your vehicle privately).
  • If the math adds up, you can buy out your lease and sell the car to dealers or privately. Selling the car will be your responsibility, of course, and there’s always a risk that market conditions might change.

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Charge Your Phone Wirelessly With 50% off a Multifunctional LED Lamp

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Best Tech DealsBest Tech DealsThe best tech deals from around the web, updated daily.

White Wireless Charge Lamp | $18 | Amazon | Clip coupon + code ABC88699
Black Wireless Charger Lamp | $20 | Amazon | Promo code ABC88699

When you’re ready to turn in for the night, you don’t want to forget to charge your phone— especially if your mobile device doubles as your alarm clock.

With this wireless charger lamp, you can make this crucial step of your nightly routine even easier by just setting your phone on the wireless charging pad and… well, that’s all there is to it!

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Other functions include multiple lighting modes as well as a sleep timer option for auto shut-off of the light after 30 or 60 minutes.

This lamp can be yours in white for $18 if you clip the coupon on Amazon (it’s below the original $40 price) and add promo code ABC88699 at checkout.

You can snag the black version for $20 using the same code—no coupon though, sorry.

Don’t sleep on this deal! Who knows how long stock or the coupon code will last?

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Keep That Hotdish Hot With 65% Off a Luncia Casserole Carrier, Only $11 With Promo Code

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Best Home DealsBest Home DealsThe best home, kitchen, smart home, and automotive deals from around the web, updated daily.

Luncia Double-Decker Dish Carrier | $11 | Amazon | Promo code SDDU9S7F

It has been a long time since the days we could safely have a potluck or other gatherings, but we have a fantastic deal perfect for once those times return. These double-decker Luncia dish carriers can be had for 65% off when you add promo code SDDU9S7F at checkout and clip the coupon on the site (it’s just below the price). These holders fit 9″x 13″ sized baking dishes.

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That means you can insulate and keep two dishes of food warm for only $11 instead of $30. What’s more, your Luncia carrier will arrive by Christmas if you order today as a Prime member.

Just add promo code SDDU9S7F and clip the 5% off coupon to bring the price down to $11 for the blue or the grey option.

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Grab this offer while it’s still around!


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Conquer Your Pup’s Dander and Fur With $700 Off a Cobalt or Charcoal Bobsweep PetHair Plus Robot Vacuum

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Best Home DealsBest Home DealsThe best home, kitchen, smart home, and automotive deals from around the web, updated daily.

Bobsweep PetHair Plus Robot Vacuum & Mop (Cobalt) | $200 | Best Buy

Bobsweep PetHair Plus Robot Vacuum & Mop (Charcoal) | $200 | Best Buy

Allergies can be bad enough as the seasons change. Don’t let pet hair and dander add to that by vacuuming it up early and often. That chore is easier said than done— unless you have a robot vacuum to do the work for you. This lovely bright cobalt Bobsweep PetHair Plus robot vacuum and mop, only $200 today at Best Buy seems like an ideal option. That’s a whopping $700 off, by the way.

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You can get the same deal for the charcoal version of the robot vac, too. This model is not only specially made for picking up pet hair, it self docks and charges when it’s finished with the work.

It also comes with a mop attachment, so it can take care of those kitchen floors for you as well. Grab it while it’s still available for this fantastic price!

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