Social Media Web Lackey here. Any experience out there with buying a car “off-lease” in the current market? As always, thanks for being a part of the Car Talk Community.
Yes, right now you have a deflated contract purchase price on a car with a current inflated value. Nice work if you can get it. But that assumes that you will be able to sell it to someone else at that inflated current value, or that you want to sell it, or that you don’t need to buy or lease another car in the mean time.
As many day traders found out in the fast and furious market days, prices and values go up and down and you can never tell if you will be up or down for sure. In a depressed economy, prices can surely go down just as fast as they went up.
Car dealers are good at pricing and hedging their bets. Individuals may not be. But as said “Do you feel lucky?”.
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Hi Meegan, the lease on my wife’s Hyundai Elantra ends this month. I can sell the car to CarMax or Carvana for about $2,000 more than the residual value. The additional complexities and work involved are not worth it to me. Much easier to hand the dealer the keys and pick up the new one.
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I cannot imagine an easier way to make $2000.
I do not think you will find any great bargins in buying off lease cars. If you are buying from a dealer, they know the current market and will not sell the car for less just because it is off lease. Ifr you go private party, you will find out the people who are astute enough to buy the car rather turning it in also know the current value.
A private party might be willing to take a little less for a quick sale,but you will not get a warranty unless the cae has a transferable warranty left.
Also ,some people do not do maintenance on leased cars.