When you lease a vehicle, you never really own it the dealer does.
So you might think that you have no equity in the vehicle.
But youd be wrong.
So how is this possible?
With steel and computer chip shortages, the automotive industry has not been immune.
That means fewer new cars rolling off assembly lines and thus a larger demand for used cars.
Dealerships cannot keep up with this demand.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
And thats no isolated incident.
In January 2019, there werejust under 3 million used carsavailable in the U.S. And earlier this fall?
It was down to 2.3 million for a loss of nearly 33%.
Did you know?
San Franciscos ABC 7told a storyof a woman offered $6,000 to end her lease early.
Think about that if you are turning in a 2018 Altima this year.
You will be leaving money on the table if you do.
Instead, explore one of these options for making money off your leased car:
1.
Buy the Car and Sell It
Dont let automakers have the final say.
In fact, this gives youmoreearning potential.
you might also check out dealer websites to see how much similar vehicles are selling for.
This is called the guaranteed purchase option price.
Asecondword of caution:This strategy applies toa lease buyout at the end of a lease contract.
There may also be an early buyout fee.
If youre fortunate, you may not have to do much work at all.
Dont scoff when your dealer calls asking to buy you out of a lease early.
Alternatively, you could try other nearby dealerships that sell vehicles of the same make.
They may offer you more than the dealer from which you leased the vehicle.
Prices are way up, confirms Johnson.
What goes around comes around.
My recommendation would be: dont do it, says Kyle MacDonald, Director of Operations atForce by Mojio.
At the end of the day, you work hard for a paycheck that affords you nice things.
Timothy Moore covers bank accounts for The Penny Hoarder from his home base in Cincinnati.
When you log into your bank account, how do your savings look?
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
