Your leased car is probably worth a lot more now. If you’re near the end of your lease, here are some ways you might be able to get that cash.
A shortage of semiconductor chips and other car parts has led to low new car inventory, higher used car demand and skyrocketing car prices. This supply chain disruption caused by COVID-19 has resulted in an unusual rise in leased car values — leaving lessees wondering exactly how to take advantage of their car’s equity.
If you’re near the end of your lease and find your car has unexpected equity, here are some ways you might be able to tap into it.1. Sell to a third-party dealer In the past, lessees have worked with third parties, such as Carvana CVNA, -0.33%, Vroom VRM, +2.03% and Shift, to buy out their lease, giving them access to the equity without having to first buy the car themselves. However, many captive lenders — the financing arm of auto manufacturers — have put a stop to this practice.
““These are such strange times to have a lease coming to an end. My car is worth more now than it was when I leased it,” ” Brian Evans, a lessee from the Indianapolis area, worked with Swapalease.com, a marketplace for car lease transfers, to auction his car to its dealer partners. Originally looking for an individual to take over the final 12 months of his lease, Evans ended up selling the car and receiving a check for $6,000. Evans says, “This was a car I put on Swapalease.com just to get rid of it. I had no idea that I could profit off of this lease.
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