Selling my leased Sonata before the lease term is up

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• kyfdx Moderator Posts: 236,774

  April 2018 Answer ✓

  wiltongreg said:

  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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• kyfdx Moderator Posts: 236,774

  April 2018 Answer ✓

  wiltongreg said:

  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?

  No way to know. But, if your lease has 9 months to go, I wouldn't worry about it. Most dealers want a $3000-$4000 spread between wholesale and retail. If the private party price is only $1000 above payoff, I don't give you much hope of getting out of your lease now, anyway.

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