Are you in the market for a new vehicle and considering rising gas prices during your shopping process?

A reporter from a national news publication would like to speak with you about your experience; please reach out to PR@Edmunds.com by Wednesday, 3/25 for details.

What are my options on turning in 2016 Honda Fit leased for 30k miles but has only 3k miles.

trumbytrumby Member Posts: 2
edited February 2019 in Honda
What are my options for turning in a car at the end of lease that only has 3k miles. I'd like to lease a new car. I feel like the car is worth more that the buyout amount because of the low miles. Is there anyway I can use that additional value as a down payment or something?

I was thinking I could buy the car and then turn around and trade it in at the higher value.
Tagged:

Answers

  • kyfdxkyfdx Moderator Posts: 275,263
    trumby said:

    What are my options for turning in a car at the end of lease that only has 3k miles. I'd like to lease a new car. I feel like the car is worth more that the buyout amount because of the low miles. Is there anyway I can use that additional value as a down payment or something?

    I was thinking I could buy the car and then turn around and trade it in at the higher value.

    Try selling the car to Carmax, Carvana, or Vroom, if you have those available in your area. It may be worth more than the buyout, and you could realize some equity, since you have low miles.

    Then, go shop for whatever you want.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

  • trumbytrumby Member Posts: 2
    Could I get any money from the dealer when I turn the car in towards another car?
  • kyfdxkyfdx Moderator Posts: 275,263
    trumby said:

    Could I get any money from the dealer when I turn the car in towards another car?

    You could.. But, without an independent 3rd party bid for the vehicle, you won't know if you are getting full value.

    Edmunds Price Checker
    Edmunds Lease Calculator
    Did you get a good deal? Be sure to come back and share!

    Edmunds Moderator

Sign In or Register to comment.

Helpful Tools

Most popular vehicles

Your Privacy

By accessing this website, you acknowledge that Edmunds and its third party business partners may use cookies, pixels, and similar technologies to collect information about you and your interactions with the website as described in our Privacy Statement, and you agree that your use of the website is subject to our Visitor Agreement.