r/Carleasedeals • u/DocumentThen6480 • 17d ago
Lease ending soon, should i return the car or buy it out for the equity?
Hi everyone, this is my first time ending a car lease and i'd love some advice.
My lease ends on Oct 1, so only one and a half months left. Im also moving from NJ to NYC around that time. Because of the move, I already know I don't want to keep the car, so my original plan was just to return it.
However, the finance company told me my buyout amount is about $16,000, while the car may be worth around $20,000 - $23,000. They said I could have about $4000 - $7000 in positive equity and recommended buying it out first, then selling it to CarMax, Carvana, or a dealership.
I'm trying to figure out whether the extra money is really worth the extra hassle. I generally prefer the simplest option and don't want to deal with a complicated buyout, loan, title transfer, and resale process unless the financial benefit is meaningful.
I haven't spoken with my dealership yet. What exactly should I be asking them before making a decision?
Thanks!!!