Whenever we talk about a car dealership, we cannot overlook the option of leasing. Leasing involves signing a contract to have a car a certain period before renewing it again or declining. A good car dealer must be good at predetermining the residual value of a leased car.

Also, you also need to be informed on how the car leasing transactions operate. You need to be aware that there are unpredictable fluctuations in the marketplace. At times you find that some types of cars are worth more or less than the projected residual value.

Since the leasing party has a right to buy that vehicle at the end of the given lease term, they still can benefit from the company’s inaccurate low estimates. When the worth of that leased car is less the residual amount, you have an option of returning it without necessarily incurring costs.

Selling that leased car to the dealership can be a wise decision for many. There are quite several options when it comes to selling a leased car. The following is a guide on how to sell a leased car.

Selling to a Dealership

The first option is to sell the car back to that particular dealership you leased from. Another option is to sell it to a different dealership. Therefore, if you need the best trade-in offers, look for dealerships that sell the same brand of car that you want to sell.

For example, you can approach the Mercedes dealership to sell your leased Mercedes car. Therefore, consider the car’s instant market value to get the highest amount of most money for the trade-in. Consequently, go through your car lease contract to get the car’s residual value.

The residual value of a leased car is the amount of money the car is worth at the end of the lease as stated in the contract. That is the amount you could pay if you wanted the car at the end. Also, that amount is essential because it will give you the exact value of the vehicle. Therefore, you will not find it hard for you to sell that car at a reasonable amount.

Lease Transfer

Another option is to transfer that lease to another person. That option is typically related to subletting a house that is on lease. When you decide to sell the lease to another person, they take over all payments for the remaining lease period.

However, this option has a setback that comes with it. In most cases, the leasing companies do not let you transfer the lease completely. Still, there will be the instance you will be involved in whatever is happening to the car either directly or indirectly. Therefore, even when you transfer the lease, you will still be on the hook when the car gets damaged or stolen. It is an excellent option, but it is risky.

Buying and the Selling Lease

Another option is to buy the lease and then have the rights to sell that car. Most people do not comprehend that you can buy out that lease at any given time. For this case, you will be needed to request a buyout amount every month. This is one of the best options for selling a leased car. You will sell that car and completely transfer your title and every other liability to a new buyer. Even though it has its challenges, you will be safer than just transferring out the lease to the next person.

Privately Selling it

You can privately sell a leased car, and it is quite a good option. You will definitely make more money by selling it privately than in the dealer trade-in scenario. However, you are needed to buy that car from the company you leased from before selling it. That actually implies that you will be required to have more money to cover for the residual value and any other …