I have a lease that is set to expire soon. It is a 2014 Toyota Prius with around 26000 miles. By May, it "should" have around 36,000 miles according to my lease and the general rule of 12,000/yr, so I am going to be under when I turn it in. I am going to be leaving the country in the fall and want to turn my lease into some sort of profit somehow. The buyout is set at around $15,000 but with the mileage being under what I think it should be (it will be around 28,000 miles by May) I feel like I could turn some sort of profit by selling it for more. Does anyone have any advice on how to do this? I know people have bought and sold their leased cars quickly and turned a profit, but I am not sure how to go about it.
welcome! it really depends on the residual value of the car. unfortunately, with low gas prices, prius aren't much in demand outside cali. start by looking at the kbb value, find out how your buyout is, and contact carmax, i think they buy cars. if it looks good, you can try craigs list.
Thanks bisco! So if KBB puts in at a trade-in range of $12-000 to 14,000 and a private party sale of around $14,000 I likely do not stand to make a profit? Here's what I don't understand...a quick search on Toyota Certified indicates that my car is selling for around 18,000 - 20,000 at dealerships. These are certified pre-owned. My vehicle has the same stats as the ones listed - only 1 owner, no accidents, etc. Scratch that, looks like that was four the Prius 3 and 4 models. Mine is a 2 and is going for around 12,000 - 14,000 everywhere I see. WOW, that depreciated real quick. So even with that extra mileage it would not make much of a difference?
how much to buy your vehicle off lease? yes, depreciation is huge in the first couple years, and more especially with two dollar gas. here's how the dealer process works: they give you as little as possible in a trade, then they spend an hour or two cleaning up the car, and put it on the lot for $5,000. more than they gave you, leaving room for negotiation. the only thing cpo means is the short little warranty they give to the buyer.
There's not much profit you would get on a prius, $500 max if you turn it into carmax....If you're lucky
Walk away from the lease. Why pay $15000 to buy "your" used car when you can pay $12000-$14000 for a similar car off a lot? This is why leasing partners want (and get) residual value guarantees. You may be able to negotiate the buy out price as the turn in date gets closer but since you are leaving the country anyway there isn't much point.
