Leasing cars can be a cheaper way to drive a car compared to buying the car and taking out a loan amount. With leasing, you will need to pay the lease payments as well as a possible security deposit depending on your leasing company. With loaning, you will most likely have to make the car payment and an interest rate on the loan for the loan term. Deciding whether to lease or loan depends on many different factors including how many miles you drive every year, how long you want to keep the car, and how well you can maintain a car.
People who drive less than 12,000 miles every year or want to drive a specific car for a short amount of time, tend to decide on leasing a car from a leasing company. However, sometimes people find themselves in a period of time where they no longer want their leased car. Whether it is because they can no longer make the monthly payments or they simply no longer want the leased vehicle for the fixed term, there are many different valid reasons for no longer wanting a leased car.
If you find yourself in a situation where you no longer want your leased car, you can do a number of different things without having to break too many terms within the lease contract. Ending the lease term early can be very expensive and cause many different consequences. You want to avoid breaking the lease agreement early because you might accumulate different penalties and fees such as an early termination fee. One easy way to get out of your car lease early is to sell the car lease.
There are many different ways of selling your car lease. You could sell the car to a dealership, sell the car yourself to a third party, or transfer the lease to somebody else.
If you no longer want your car lease, you always have the option to take the car to a dealership before the lease term ends. It does not have to be returned to the leasing company or dealership from where you obtained the original lease. If the dealer decides to buy your car, then they will pay the leasing company for the car. The disadvantage of this option is that you might make less money compared to selling the car to a third party on your own. Leasing companies and dealerships tend to have more freedom when it comes to naming the price at which they would be willing to buy the vehicle. This price might be a lot lower than what you would be able to sell it to an outside party. The dealership will most likely pay the wholesale amount for that car, which might be lower than the price that you want to sell the car for.
If you decide to sell the car to a dealer, it is important to know that dealerships can be particular about the state and condition of the car that they decide to buy. There are a few things that you might consider doing before selling your car to a dealership. You need to clean both the interior and exterior of the car. You can either go through a car wash or wash the car yourself. Do not forget to vacuum the inside of the car and remove any and all personal items from within the car. It is important to make a good impression when selling the car so the car can possibly be valued higher.
Inspect both the exterior and interior of the car. Make sure to examine all of the car’s lights and replace them as needed. Sometimes, dealerships will upcharge you if they have to replace the lights themselves. Also, refill any of the car fluid levels that might be low. This could include coolant, washer fluid, etc. Try to fix any dents or scratches yourself if you can. If your car needs more high maintenance repairs, then the dealership can take care of those major repairs. If you are able to take care of these small and minor issues yourself, you can save hundreds of dollars by making these repairs on your own. Be aware that if your car needs these major repairs, it might decrease the value of the car, but it would cost you more than it would cost a dealer to repair those major problems.
Don’t forget to bring all of the car’s documents such as service records, registration, and any other relevant documents. Keep in mind that cars that have received regular maintenance will most likely have a higher value.
Your vehicle might have come with different accessories such as a navigation system, DVD, headphones, extra keys, etc. Please be sure to gather all of the accessories or you will not be compensated for them when you sell the car.
You can do research on your car’s estimated value. This will help you approximate how much you might be able to sell the car for before you go into the dealership.
Taking these steps to improve the condition of your car will increase the likelihood of the dealership buying your car. There is a fairly direct correlation between the condition of your car and how much the dealership would be willing to pay for your car. If your car is in better condition, you might be able to sell it at a higher price.
Another way to sell your car lease is to buy out the car from the leasing company then sell the car to a third party. With this option, you might be able to make more money than selling the car to a dealer. You can compare the buyout price to the market value of your car to see how much you would be able to make. If you decide to sell your car to a third party–whether it is to a friend, family member, or stranger–you still might want to clean the inside and outside of the car and fix any necessary minor repairs. This will help make a better impression of the car’s condition so that buyers will be more willing to buy the car at a higher price.
No matter what, it is important to remember that getting out of a car lease before the lease term ends can become expensive no matter who you end up selling the car. One of the best ways to get out of your car lease before the end of the lease term is to transfer your lease to someone else. If you decide to transfer the car lease, you might have to pay a transfer fee. Paying this transfer fee will ultimately be cheaper than staying with the car lease and making the rest of the monthly payments. Swapalease specializes in making the lease transfer process as easy and simple as possible for you.