I’m considering trading in my leased car for a new one, but I’m unsure about how this works. I know that with a lease, you don’t actually own the car, so is it possible to trade it in at a dealership? If so, what are the steps involved, and are there any potential costs or considerations I should be aware of? Any advice would be greatly appreciated!
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Yes, you can trade in a leased car, but there are a few key points to keep in mind. First, check your lease agreement to understand any conditions related to early termination or trade-ins. It's essential to know if there are any fees or penalties for ending the lease early. More here https://stat.vin/blog/can-you-trade-in-a-leased-car
Next, contact your leasing company to get details on the remaining balance, any potential early termination fees, and the buyout price—the amount needed to purchase the car outright. This information will help you assess if trading in the car is financially advantageous.
Once you have this information, visit a dealership to get an appraisal of your leased car. The dealership will compare the trade-in value with the buyout price. If the trade-in value exceeds the buyout price, you can use the excess as a down payment for your new vehicle. If not, you might need to cover the difference.