If you leased your car from your local car dealership, you probably planned on turning it in at the end of the term and getting something else. After all if you planned to buy it, you likely could have done so from the start. Yet the price of used vehicles on used car search engines should have you reconsidering your plan.
You may not know this if you leased before shopping around or haven't checked prices lately, but the price of cheap used cars for sale are at all time highs. This means for many people leasing a car, their market value for your vehicle is likely never been higher. Especially when compared to the bank estimated residual value that's in your car dealerships lease contract.
Or for short, your car is likely worth, more than you owe. This can mean one of two things. If your car was say one of the best new cars under 20000 and you really like it, chances are buying out the lease will be much cheaper than finding a similar model given the current price of cheap used cars for sale.
But what if you really don't want to keep the lease you have? Simply buy out the car lease, find your own buyer, and keep the profits for yourself. Go ahead; look for what your car is going for in many of the used car search engines. This is the price your dealership is going to charge people after they collect your ride. Depending on the popularity of the vehicle, it's almost the same price as many brand new cars for sale.
Now look at your purchase option at your end of lease term agreement. See all that money in between? That's the money you'll likely be handing off to a dealership if you don't sell the car yourself. So why pass it on, keep it for yourself and take the money and find some other new car for sale you like instead. Who knows, depending on how much you get you might be able to afford one of the next best new cars under 20000. It's at least worth looking into.