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Trade Leased Car Westland MI

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.

Mikes Modern Classics
(734) 721-0730
1118 S Newburgh Rd
Westland, MI
 
U-Haul Company
(734) 844-2112
39205 Ford Rd
Westland, MI
 
Altra Auto Rental
(800) 464-6359
33300 Warren Rd
Westland, MI
 
Hertz - Plymouth Road HLE
(734) 525-9870
33910 Plymouth Road
Livonia, MI
Hours
Mo-Fr 0730-1800, Sa-Su Closed
Special Services
Child Seats, Hand Controls for Disabled Drivers Only , Replacement Rentals When your car is in the shop for repairs.Insurance/Body Shop and Dealership/Service Center replacement rentals available at this location.for replacement rental reservations., Gold Counter Service , Pickup/Return Service:Available with a one hour advance notice and within 15 minutes from the Hertz Local Edition location. Contact the location to arrange for Pick Up service.
Additional Information
Pick up time must be at least one hour after location opening and one hour prior to location closing.

U-Haul Company
(734) 454-9680
40671 Joy Rd
Canton, MI
 
U-Haul Company
(734) 729-3165
5215 S Merriman Rd
Westland, MI
 
U-Haul Company
(734) 466-9091
7840 N Wayne Rd
Westland, MI
 
Penske Truck Rental
(734) 729-3097
27429 Joy Rd
Westland, MI
 
Penske Truck Rental
(734) 981-5866
47255 Michigan Ave
Canton, MI
 
National Parts Depot
(734) 591-1956
2435 S Haggerty Rd
Canton, MI
 

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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