We have a vehicle that was leased and our 3 years just ended. 

(If I could do it over, I probably wouldn't have leased - but we were in a pinch and needed a reliable car in a pinch.)

Anyways, I was listening to a podcast a month or so ago and they had mentioned that people should really consider buying out their lease if their lease-end was near. The used car market has become crazy, much like the housing market. 

Dealerships, private parties, etc. were paying crazy high amounts for quality used cars - especially with lower mileage. It intrigued me a bit so I did some basic research on KBB and figured I could make $1-2k by buying out our lease and then re-selling it.

We went to the dealership to buy out our lease and I mentioned to our salesmen our plans and he mentioned how great of an idea that was. He then asked let me talk to my manager and see if we can make you an offer.

Long story short, he did the whole manager talk and came back and told us that his manager said we were better off just turning the vehicle back in and cutting our losses. We had already made up our mind that we were going to buy out the vehicle and take our chances selling it privately.

I got home and went on Carvana to see what maybe they would offer us for the vehicle....and it was over the KBB value. Carvana just came and did the inspection and picked up our vehicle and left us with a check on the spot.

All said and done after taxes we made $3,500 by buying out our lease and re-selling it. Finally pulled a quick one the car dealership!

Nice. Are you replacing it with anything?

posted by justincredible

Nice. Are you replacing it with anything?

We actually purchased a used Acadia back in April. We had another kid so we needed a vehicle with more space and 3rd row option. We've had 3 vehicles for the last 4 months, and just didn't drive the leased vehicle as much to ensure it stayed under mileage.  So now we will just be back to 2 vehicles. 

My 2018 Outback has a private property sale value around $26k and I'm very tempted to sell it.

Nice. I was offered $38k for my truck last October when i was getting an oil change since the dealership was so low on inventory. I was tempted since at that time, it was 4 years old and i only paid 44k for it new. only thing that stopped me was the dealership telling me that there was at least a 14 month wait to get another truck.

how can you privately sell a lease when the dealership owns it?

This is why I buy all cars fully loaded.  You make money on them at trade in or the dealers buy you out of them and put you in another loaded car without raping you.

Lesson is, dont buy crappy cars.

posted by kizer permanente

how can you privately sell a lease when the dealership owns it?

We bought it out. Thus, we owned it then.

posted by Fletch

This is why I buy all cars fully loaded.  You make money on them at trade in or the dealers buy you out of them and put you in another loaded car without raping you.

Lesson is, dont buy crappy cars.

What fully loaded cars are you currently driving?

posted by birddog23

We bought it out. Thus, we owned it then.

ah ok... sorry I misunderstood. Usually dealers want so much to buy it out that its not worth it. 

posted by kizer permanente

ah ok... sorry I misunderstood. Usually dealers want so much to buy it out that its not worth it. 

Correct. I’d say that’s typically the case 98% of the time. That’s why I am taking this litttle victory lap lol

Our daughter in law, who used to work at a Kia dealership did this with her leased Telluride. Made 10k off the trade in with Carvana.

My 9-year-old Jeep is currently worth about $4k less than I bought it new, and I could probably get even more. Not a bad investment.

Car industry in general is just bonkers. 

I bought new 4runner in May. Used ones, same year/model with ~10k mile are now going for 3k more than I paid.

Got another one...girlfriend's recently deceased aunt had a white 2015 Ford Focus (she believes) that had 5k mileage. Carvana's offer? 20k. Just got this offer today.

posted by BR1986FB

Got another one...girlfriend's recently deceased aunt had a white 2015 Ford Focus (she believes) that had 5k mileage. Carvana's offer? 20k. Just got this offer today.

KBB rates my (48,000) 2012 Ford Focus at about $10k, so that doesn't surprise me.

posted by brutus161

My 9-year-old Jeep is currently worth about $4k less than I bought it new, and I could probably get even more. Not a bad investment.

It would sell for more here in Jackson. It’s crazy.

Around January I was thinking about trading in my car was offered 14.5k last month the dealership offered me 19.5k. Same care with about 5k more miles lol. 

I’m going to wait until February when it’s paid off and trade it in for something new hopefully there’s a lil more stock of new cars available then. I love the way the new Bronco Sport and Bronco look. I might also look more into an EV or Hybrid.

The Sports are junk and lots of issues with the regular Bronco. If you ever get serious about a Bronco wait until 2023/24 models. 

I researched and shopped the hell out of the new Bronco when I was looking to buy. 

Birddog - what was the name of that podcast? I’d like to listen. We’re in the exact same situation. Our three year lease is up in November and we really like the SUV and would be interested in keeping it. 

posted by Automatik

The Sports are junk and lots of issues with the regular Bronco. If you ever get serious about a Bronco wait until 2023/24 models. 

I researched and shopped the hell out of the new Bronco when I was looking to buy. 

I would never buy a first year model or redesign of a car but I would be pretty confident that next years models should have most issues fixed. What didn’t you like about the Sport I test drove a Outer Banks model and liked it.

posted by Ironman92

It would sell for more here in Jackson. It’s crazy.

Probably. Its value is based off the local value down here in Florida, where every other house has a Jeep. 

posted by Automatik

What fully loaded cars are you currently driving?

Loaded Tacoma and a Pathfinder

posted by friendfromlowry

Birddog - what was the name of that podcast? I’d like to listen. We’re in the exact same situation. Our three year lease is up in November and we really like the SUV and would be interested in keeping it. 

How To Money

I only shopped for the Bronco. Wanted something off road capable and body on frame. 

The Sport is just a rebadged Escape on a crossover platform.