Savvy customers are buying out their leases, immediately reselling the vehicle and pocketing the difference.
After tumbling to recession-era levels during the early months of the pandemic, the auto market roared back with a vengeance early this year. That has left dealers struggling to find product to sell, fueling surging prices all around.For savvy motorists who've been leasing vehicles they're now ready to turn in, record-high used car prices could mean a financial bonanza.
"Lease buyout prices were set three years ago, when dealerships never thought used car prices would be this high." As a result, many lease customers are buying out their leases and then immediately reselling the vehicles. And, like Frankel, pocketing the difference. While such deals can be tempting, Krebs warned that buying out a lease doesn't always work so well."The lease laws vary widely state by state," she said, stressing that"people need to do their homework as to what the laws are."
But before she completed the buyout, Mazza realized that she would need to replace the Camry with something else. When she started checking with dealers, she discovered that everything she wanted was either sold out or going for a lot more than she had expected.
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