Selling my leased Sonata before the lease term is up

wiltongregwiltongreg Member Posts: 17
edited March 2018 in Hyundai
The buyout for my 2016 Sonata Sport is a little less than the price I could get by selling it myself. Or that's what KBB and Edmunds tells me. Is there a link on how to go about this? It seems somewhat complicated but I'm sure it happens. Any advice? thanks in advance.

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  • kyfdxkyfdx Moderator Posts: 233,365
    Answer ✓

    The buyout for my 2016 Sonata Sport is a little less than the price I could get by selling it myself. Or that's what KBB and Edmunds tells me. Is there a link on how to go about this? It seems somewhat complicated but I'm sure it happens. Any advice? thanks in advance.

    If you want to sell it privately, you'll likely have to buy it, pay the sales tax (there goes your equity), then re-sell it. Of course, you'll need to fund the buyout price.

    You could sell it to a dealer (like Carmax), but then you'll likely get less money for it, but you won't have to pay the sales tax.

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Answers

  • wiltongregwiltongreg Member Posts: 17
    Thank you. Im supposed to meet with Carmax tomorrow but maybe its a waste of time. I'm working with a dealer I've purchased two cars from in the past. My buyout is $16,973.00 and price to private buyer is $17,952.00. If nothing else I will just keep it for a few more months and wait for better deals down the road. Lease ends on December 26 with last payment being made on November 25. Maybe better deals at the end of the year?
  • wiltongregwiltongreg Member Posts: 17
    Thanks again for taking the time to give me the advice I need. I will just wait until I'm closer to the end of my lease.
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