Early trade in on lease?

Seattleite61

Hello! I am currently leasing a 2019 Highlander Platinum and would like to possibly trade it in for a new Hybrid model at one point. How far from lease end should I expect to be able to negotiate a decent deal without having to roll in any of the current lease? I am in a 3/36k lease and anticipate having about 26k miles by the end of the 3 years, so less if I am able to trade early. Thanks in advance!

Michaell

Seattleite61 said:

Hello! I am currently leasing a 2019 Highlander Platinum and would like to possibly trade it in for a new Hybrid model at one point. How far from lease end should I expect to be able to negotiate a decent deal without having to roll in any of the current lease? I am in a 3/36k lease and anticipate having about 26k miles by the end of the 3 years, so less if I am able to trade early. Thanks in advance!

Technically, the answer is 0 months. Any time you end a lease early, you are responsible for the remaining payments.

Get quotes from Vroom, Carvana and Carmax, and compare them to your current buyout price. That way, you'll know if you have positive or negative equity.

At the moment, used car prices are very high, so you may be surprised with the offers you get.

But, you'll then have to get a new car, and the deals on them aren't that great at the moment.

Seattleite61

Thank you!

Seattleite61

Update - I was able to secure a ‘21 Platinum Hybrid that was an allocation (not built yet) shortly after my original post. I used Costco pricing and was able to get 10.5% off MSRP (that was the Costco discount back in April) plus $1250 in incentives when I picked up the vehicle this past Friday! Carmax bought out the lease on my ‘19 Platinum and cut me a check for $5500. I’m a happy camper!

Michaell

Seattleite61 said:

Update - I was able to secure a ‘21 Platinum Hybrid that was an allocation (not built yet) shortly after my original post. I used Costco pricing and was able to get 10.5% off MSRP (that was the Costco discount back in April) plus $1250 in incentives when I picked up the vehicle this past Friday! Carmax bought out the lease on my ‘19 Platinum and cut me a check for $5500. I’m a happy camper!

Congrats!

Thanks for the report.