If your lease is up soon, you're not alone. Over 4 million people leased a car in 2017, and many of those leases are set to expire in the next few months. But did you know that you have options beyond simply returning the car to the dealership? In fact, you might be able to walk away from the lease early with money in your pocket by either selling the car or trading it in.
"There's unusually strong demand in the used vehicle market right now, and prices and values are running high," said Jessica Caldwell, Edmunds' executive director of insights. "If you have a lease return coming up in the next few months, the smart thing to do would be to check if you have equity in your vehicle. There's a good possibility that you could trade it in to offset the cost of a new car, or sell it for a nice chunk of change."
What you need to know
Selling your leased vehicle is one of the most convenient ways to turn your lease into cash.
According to Edmunds data, the Ram 1500 commanded the highest profit for non-luxury vehicles, generating $4,219 on average. The Porsche Panamera yielded the highest profit for luxury vehicles, generating $11,821 on average.
Shoppers looking to get into a new vehicle can use that "found money" to make the transition even easier.
The infographic below will help you understand how to check if you have equity in your lease.