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Trade Leased Car Cheyenne WY

Trading a leased car is not quite the same as trading a car that has been purchased, even those purchased with a loan. There are differences that often make it not feasible, even though it might not be obvious at first glance.

Hertz Penske Truck Rental
(307) 635-3672
4305 Mccann Ave
Cheyenne, WY
 
U-Haul Company
(307) 632-2978
11235 Us Highway 30
Cheyenne, WY
 
Taylor Propane Gas Inc
(307) 637-6904
1111 E Lincolnway
Cheyenne, WY
 
Enterprise Rent-A-Car
(307) 632-1907
2200 Missile Dr # A
Cheyenne, WY

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Enterprise Rent A Car
(307) 632-1907
2200 Missile Dr
Cheyenne, WY
 
U-Haul Company
(307) 634-6207
1215 Logan Ave
Cheyenne, WY
 
U-Haul Company
(307) 637-6016
1305 Dell Range Blvd
Cheyenne, WY
 
U-Haul Company
(307) 632-2023
2640 E Lincolnway
Cheyenne, WY
 
A1 Car Rental
(800) 447-3673
2200 Westkand Rd
Cheyenne, WY
 
Ford Rental System
(307) 638-3335
2200 Westland Rd
Cheyenne, WY
 
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Trade Leased Car

You are leasing a car and are considering buying or leasing another car. Is it a good idea to trade a leased car before the old lease is finished โ€“ or is it better to wait until lease-end to trade โ€“ or neither?

Trading a leased car is not quite the same as trading a car that has been purchased, even those purchased with a loan.

There are differences that often make it not feasible, even though it might not be obvious at first glance.

Let's review some leasing basics first
When leasing, you don't own the vehicle. You also don't build up any ownership equity unless you made a very large down payment or had a valuable trade-in at the beginning of the lease.

This means, for most leases, your payments never quite keep up with the ever-increasing depreciated value of the vehicle โ€” you are always "upside down." Even at the end of the lease, the actual market value of the vehicle will usually be less than the residual, or purchase option, value.

Therefore, you have nothing to trade to a dealer for a new vehicle. You have no "equity."

The exception, again, would be if either your early payoff amount (get it from your lease company) or the sum of remaining payments is less than the market value, or trade-in value, of your vehicle. You can check trade-in values at www.kbb.com or www.nadaguides.com. The way that this might happen is if you had made a large down payment (cap cost reduction) at the beginning...

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