Return the lease or sell it yourself?
At the end of a lease the contract names a residual value. If the car's market value is above it, buying the car at that residual and selling it yourself can pay off instead of returning it — the difference stays with you rather than the leasing company. If it is below, returning is the better choice.
What to look at
Look up the residual value in the contract and compare it with comparable offers on the market. Five comparables is the minimum for a reliable view.
At return the condition is recorded. Having small damage repaired beforehand is almost always cheaper than the charge you would otherwise face.
Excess mileage is billed per kilometre. The rate is in the contract and is the item that most often surprises.
A buyout needs the leasing company's agreement and takes a few days. If you want to sell yourself, start well before the contract ends.
Common questions
- Can I simply list a leased car?
- You may only sell what you own. While the car belongs to the leasing company you need the buyout first. A listing offering “lease transfer” is a different transaction and must be described as such.