Leasing a Car? Return it Early for a Newer Model and Big Savings, Says Edmunds.com
Many car lessees may be eligible to upgrade to a newer car and reduce their monthly payments through “lease pull-ahead” offers, reports Edmunds.com, the premier resource for car shopping and automotive information. And while these offers aren't always the best possible deal, Edmunds.com advises anyone scheduled to come off a lease this year to at least explore the option.
“Early lease-return deals can be a win-win for both buyers and sellers,” says Edmunds.com Sr. Consumer Advice Editor Philip Reed. “Consumers can move on to a newer vehicle sooner than they expected without paying more money, while dealers can reinforce brand loyalty and boost used-car inventories or unload their slower-selling models.”
There's evidence to suggest that pull-ahead offers will be more prevalent in 2013 than in recent years. Edmunds.com projects that there will be about 500,000 more lease returns this year than in 2012, and dealers may use these programs to better manage the influx of customers – and used car inventory – coming back to the market.
In many cases, automakers and dealers will notify lessees if they qualify for these offers. But interested consumers are also encouraged to reach out to their dealers to see if a deal can be made. Generally, if the trade-in value – determined by Edmunds.com's True Market Value® price – exceeds the lease buyout price, then a lessee can be in a strong position to negotiate (and may even want to consider turning the lease into cash).
Edmunds.com has a few specific tips for lessees to determine if a pull-ahead deal is right for them:
- Read the offer carefully so you understand all the terms, conditions and possible fees.
- Note how much time is remaining on your lease; if you are in the last year, you are in the best position for a lease pull-ahead deal.
- Consider the mileage factor: Are you under the limits of your current lease or over them? Take note of the annual mileage limit on the new lease and be sure it's not less than your current one.
- Ensure that the drive-off fees from the first lease will carry over to the new lease.
Learn more details about pull-ahead lease deals at http://www.edmunds.com/car-leasing/early-car-lease-return-deals.html.
Edmunds.com keeps track of all rebates, incentives and lease offers available to car shoppers at http://www.edmunds.com/car-incentives/.
About Edmunds.com, Inc.
At Edmunds.com, we're committed to helping people find the car that meets their every need. Almost 18 million visitors use our research, shopping and buying tools every month to make an easy and informed decision on their next new or used car. Whether you're at the dealership or on the go, we're always by your side with our five-star Edmunds.com iPhone and iPad apps and our Edmunds.com Android App. Our comprehensive car reviews, shopping tips, photos, videos and feature stories offer a friendly and authentic approach to the automotive world. We're based in Santa Monica, Calif., but you can connect with us from anywhere by following @Edmunds on Twitter or by becoming a fan of Edmunds.com on Facebook.