if you leased a car in prepandemic times and you’re just a few months shy of the last payment start here before you decide if a lease buyback makes sense or if you should turn in the keys according to brian moody executive editor of autotrader you’re in the best possible spot in this challenging environment for buying cars here’s what you need to know ask your lessor to see what you would need to pay to buy the car out of its lease terms now this information is usually easy to find online by logging into the account where you make your monthly payments however making a phone call to the lessor can also be helpful when checking ask about any associated fees or an early termination charge contact the lessor directly to determine exactly what you will owe if you have any doubts what about lease buyouts on teslas as of april 15 2022 tesla tsla ended the option of lease buyouts at the end of the term if you leased a tesla prior to that date you can still purchase your vehicle using the agreedupon buyout amount for those who leased vehicles after april 13 2019 a purchase fee of 350 applies tesla’s website says “all tesla vehicles delivered on or after april 15 2022 are not eligible for purchase it also says “thirdparty dealerships and thirdparty individuals are not eligible to purchase leased vehicles” research the value of your vehicle armed with that information you can use the car valuation tool at kelley blue book to find the approximate value of your leased vehicle you’ll want to note your car’s current mileage plus you should be aware of any significant optional equipment the car offers if you’ve kept the original window sticker that came with the vehicle this can be useful now the math is simple is your car worth more than the buyout if so it may make a lot of sense to buy it for instance if the buyout value is 25000 but the car now shows a tradein value of 30000 you would be 5000 ahead also on marketwatch all that money we spend on fitness trackers isn’t getting us to walk more when should i buy out my lease lessees should consider buying out their lease in a few circumstances moody said “first if the buyout price is at or below market value most leased cars usually have low to moderate miles and have been well cared for” he said if you’ve got a good car one that you like and have kept maintained it might be a vehicle you can see yourself driving for another year or more you may have heard that used car values are the highest they’ve ever been beginning in mid2021 used car values rose rapidly due to limited new cars on dealership lots according to a cox automotive analysis by the end of 2021 average listing prices topped 27000 for the first time “consider buying your leased car if simply returning it will result in paying more for the car you’ll get to replace it” moody said more the good and bad news about car prices if the math doesn’t work in your favor it may be best to turn in the keys and walk away from the leased car a more complex decision might involve looking at the car’s reliability history a manufacturer’s warranty likely covered your leased car but that may not extend much if at all beyond the end of the lease “you might be inheriting problems that you now have to pay to fix along with your monthly car payment” moody said you may want to turn in the car if it has had frequent mechanical or electrical problems or if you were involved in an accident that resulted in major damage repairs that could affect your vehicle’s longterm value can i immediately sell my car after i buy out the lease some drivers may see dollar signs when they find out their leased car is worth thousands more than the lease buyback price however you’ll want to do a little local research first and yes if you buy out your leased car you are entitled to sell it “but many states and counties have laws that prohibit anyone without a dealer’s license from purchasing a car to sell it immediately” moody said additionally you will likely need to pay a new registration and it may take some time for license plates registration cards or stickers to arrive that may be enough to put the brakes on your plans to turn the car into an immediate profitmaker “still once it is your car you’re free to keep or dispose of it as you see fit” moody said also see 10 top hybrids for less than 30000 additionally a dealership can work with you to buy the car out of its lease as you immediately trade it in to them in that case you may only own it on paper for a few moments that could give your replacement car shopping the budget boost it needs