Considering Early Lease Buy Out/Turn In

Blondi1316

Hi!
I am currently leasing a 2019 Kia Sorento EX FWD with 29,000 miles. The lease term ends 10/14/2022. I was given a buyout quote of $23,213. I've been offered a trade in of $25,600. Long story short, I am hardly driving, working from home and can easily go with out a car (my husband still has a car). The car is just sitting in my driveway costing me money. Should I accept the trade in value? Is there a better way to do this? I won't be in need of a vehicle for 6 months or so. Figured I could look for something new then and save 6 months of payments and insurance. Thoughts? Any body done this recently?

Michaell

Blondi1316 said:

Hi!
I am currently leasing a 2019 Kia Sorento EX FWD with 29,000 miles. The lease term ends 10/14/2022. I was given a buyout quote of $23,213. I've been offered a trade in of $25,600. Long story short, I am hardly driving, working from home and can easily go with out a car (my husband still has a car). The car is just sitting in my driveway costing me money. Should I accept the trade in value? Is there a better way to do this? I won't be in need of a vehicle for 6 months or so. Figured I could look for something new then and save 6 months of payments and insurance. Thoughts? Any body done this recently?

Questions for you:
1. Where did you get the buyout quote?
2. Where did you get the trade in value?
3. For (1), you should call the bank directly and get the buyout value
4. For (2), you should also contact Vroom, Carvana and CarMax - you might be surprised at how much your vehicle is worth.

Lots of folks have been selling off cars they don't need, often at a profit, as there is a shortage of both new and used inventory.