Did you lease a car during the height of Covid and are now stuck paying crazy high prices every month? While seeing all the ads in the paper for the same exact car at much lower monthly prices? Are you stuck in a lease with a car that you don’t like? Want to upgrade to a bigger car? Downgrade to a smaller car? Well, there is a way out!
Fortunately, there’s a potential solution: getting a car buying company like Algo, Carvana, or CarMax to buy out your lease.
Evaluate Your Lease Buyout Value:
The first step is to determine the exact amount you’d need to pay to officially end your lease. This information can usually be found in your lease agreement or by contacting your leasing company.
Contact a Car Buying Company:
Reach out to Algo, Carvana, or CarMax to get a quote for your car. These companies often offer competitive prices for vehicles. Use their online instant offer to see how much they would be willing to pay for your car. Here are the links to all 3 companies:
If their quote is higher than your buyout price, contact them and ask them if they will buy out your lease. Not all of them can buy any leased car, but they are negotiable with the price. Now, if their price is lower than your buyout value, you would need to pay the difference. This option can still be worthwhile if all you have to pay is a few dollars.
For example, when I did this myself Carmax offered me the most. However, they told me they can’t buy a leased car from Toyota Financial. So I called Algo and they said that they can buy from Toyota, and then they matched the Carmax price!
Keep In Mind: Some leases may have early termination fees or restrictions that could affect your ability to sell the car. Be sure to check with your leasing institution to make sure that’s not the case.
By carefully evaluating your lease and market conditions, you may be able to find a profitable way to get out of your lease agreement. Consider contacting Algo, Carvana, or CarMax to see if they can offer you a deal that works in your favor.
Once you do that, you are free to do whatever you like, including leasing that same exact car that you had at a new lower price!