People whose leases expire in 2022 need to do some research before giving their car back to the dealership because they can leave thousands of dollars on the table, according to Edmunds. This is because the rapid demand for used cars and inflated prices put lessees in an unexpectedly advantageous position.
“If you are one of four million Americans who rented out vehicle in 2019, you could find yourself in a pretty lucrative financial position this year and not even know it, ”said Jessica Caldwell, executive director of Insights Edmunds. “Most consumers are probably unaware of the opportunities they have other than renting after it ends, including the opportunity to make a profit from their car.”
Outlet reviewed the estimated residual prices for the 2019 model year cars and compared them to the prices when trading. It was found that the average trade price in 2022 for all cars in 2019 increased by 33 percent compared to their initial estimated prices. That’s an increase of an average of $ 7,208.
The Lexus is 300 was the vehicle with the highest percentage growth among luxury cars. It yielded an average of 46 percent more than its initial estimates, or an increase of $ 9,868. The Ford Mustangat the same time, was the most efficient among major vehicles, generating 68 percent more than originally estimated at $ 11,852.
“If you haven’t driven an excessive number of miles or your car doesn’t have excessive wear, you are pretty much guaranteed to see an increase in value,” said Ivan Drury, senior manager at Edmunds. “The only downside is that you’ll probably have to work a little harder than in the past to take advantage of your equity in your end-of-life lease, given that some carmakers have recently introduced stricter rules regarding purchase options in leasing. But it will be worthwhile for many to take some additional steps, given the financial reward. “
To leave the least amount of money on the table, Edmunds recommends taking four steps. First, it recommends finding out exactly how much your payment amount is, then finding out how much your car costs, after which you should find out if your financial company allows redemption by third parties (other dealers may want to buy your car and may offer you more money to attract you), and finally, you should consider buying a car yourself and trying to sell the car at a profit.
A list of the most productive vehicles is available on the Edmunds website, and it also offers car appraisals, although other companies offer the same services.
Drivers whose leasing is approaching may find themselves in an unexpectedly advantageous position
Source link Drivers whose leasing is approaching may find themselves in an unexpectedly advantageous position