Nowadays, many people see advantages to leasing over getting even the best auto loan rates today. This is especially true for those who don’t keep their vehicles for long. Still, some drivers wonder if they’re stuck with the car they leased or if they can sell it before the contract ends. While it is possible to sell a car you leased, specific stipulations make it not the best option. Still, it’s not uncommon as the buy vs lease conversation is vast. 

How to sell a leased car

There are many reasons a person may want to sell a car they leased. It could be because they found something else they wanted, or the reason could be that there was significant interest in the vehicle they leased. Another reason could be that they have decided to finance a car because they found one of the best auto loan rates today. Either way, selling a leased car is possible, and there are a couple of ways to do it. 

One of the most common ways to sell a leased car is to sell it to a third party. This could be a family member, friend, or anyone else. You’d usually purchase the vehicle from the leasing company to do this. However, this means you would need to have the cash on hand to do so. Some people do this by completing what’s called a third-party buyout. In this process, the leasing company will be involved and will work with you and the third party to facilitate the agreement. 

Some people also decided to sell the car they leased to a local car dealer. This would involve the person first doing a lease buyout with the leasing company. In this case, they actually own the vehicle they’re trying to sell. However, drivers must refer to their contracts to determine what’s allowed, as different companies may be more strict than others. 

Buy vs lease

The buy vs lease conversation has several layers. While financing a vehicle is more common, there are many reasons why some people decide to lease their car. This is even true for those who may sell their leased car later. For starters, many people like the flexibility that comes with leasing. Leasing is more flexible because they have the vehicle for a few years and can get something else. 

According to Investopedia, some people use leasing because the monthly payments are generally lower. The lower payments also mean it may be possible for some drivers to afford cars that may have been beyond their price point if they were financing. Still, leasing isn’t a perfect way to get a vehicle, as it has many drawbacks.