My car lease ends in October. I have no clue what I’m doing. Please help explain like I’m 5

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What is the purchase price of the car listed on your lease? Compare that number to what they’re selling for on the market. It’s likely the lease’s purchase price is less than the current market rate. This is good for you.

jpop237

>I’m hoping to lease another car. Why? >If I roll in and ask to lease another car, do I need to put another down payment down? Yes >Will they give anything for my current lease? Maybe, but if you just go turn it in, no. >I know the used car market is on fire right now, so the residual car value might be a lot less than the actual value. Should I purchase the car, then turn around and sell it back to the dealership and get a new lease? Is that a thing? Yes. You can do it at carmax or similar places in general to minimize taxes/costs

Werewolfdad

NADA says trade value for the base Elantra is $18k. If your buyout price is less, exercise it, and sell it at the higher price. Or keep it.

bigboilerdawg

Get a trade in quote from Shift or Carmax and start there. This will help you figure out what money if any you will end up in your pocket. I recently did this last month on a car I bought two years ago. I owed ~$16.5k on the loan and shift offered me $23.5k so I kept the difference which I used part of for a lease down payment. Ultimately it all comes down to how much you will be offered compared to the residual on the vehicle.

rancid1456

You’ll have the option to buy the car or lease/buy a new one. They will look over your current vehicle checking for damage, etc, that you may be responsible for fixing. If the tires wouldn’t pass an inspection you’ll have to put new tires on it. They’ll check the mileage and if you went over mileage they’ll charge you for that unless you have insurance for overage. When I returned my lease, I was planning on buying it, but it ended up being cheaper to buy a new car.

Elegant_righthere