CL--

This is my 1st ever lease, 1st ever Lexus. I've turned cars over so many times in my life that this is really the best option for me.

I've put very few miles on my GS350 - 11k in 2yrs. I'm coming up on my 27m turn in and know the car is worth more than the turn-in value. Has anyone "sold" the car outright to make the spread and in turn leased another? Is the juice worth the squeeze?

One dealer--over chat--said they'd "buy it" but I'm not sure how that'd work.

Thoughts?

 

I have done it many times. Leasing is not much different from financing - there is a payoff amount you can actually see if you login to your Lexus fs account. The dealer will pay off Lexus and assuming there is positive equity you get the difference.

 

Absolutely, if the car is worth more than the residual, sell it or trade it and pocket the difference.

 

Have CarMax give you a quote too to assure the dealership isn't absolutely paying you garbage for yours

 

99.999% of the time you are best off selling it privately and pocketing the difference. This is especially true if you are under the miles of what your lease contract allotted you for. If you are not willing to sell it on your own, harass the dealer to give you a higher credit on the car as you turn it back in and get another. He's getting a car back in that's worth more on his lot, so he should equalize some of that profit to you. If not, take it to another dealer who is more willing to give you that credit. Again, he will be able to sell a lower-mileage car for a higher price on his lot, so it's money in his pocket that should be money in your pocket. Just as we are charged for over-mileage, we should be given some sort of credit for being under miles.

 

^^^ Exactly my case. Got 3K positive equity from my RX lease-end, which was put down on the NX's lease.

 

.....assuming the difference is significant enough, and actually worth the added hassle of selling it off privately (issues of finding a notary-public for title-transfer, the question of who drives what on who's plates, DMV used-car sales taxes if applicable in your state, etc....). It usually is simpler, for a number of reasons, at a dealership or the DMV.

 

Simpler, but costlier. All up to the individual and where he/she puts the priority- to save money or to save hassle/time. Will be different for all.

 

Out of curiosity - what are you thinking about buying?