Automotive

Better to have someone takeover my lease or to buy and then sell?

  • Last Updated:
  • Apr 15th, 2017 1:30 pm
[OP]
Newbie
Apr 14, 2017
4 posts

Better to have someone takeover my lease or to buy and then sell?

Hello everyone, this is my first post and firstly I want to say that there is a great community here with lots of great information here and hope to contribute information myself in coming months. I'm turning to you for advice today.

My situation:
I am leasing a Toyota Corolla 2014 (Sports version). It's a 5 year lease and I'm almost on the 3rd year of my lease. I pay around $300 monthly for the lease and also $300 for insurance, so I'm paying around $600 monthly for a car I barely drive (more on this later).
The problem is I can no longer afford to dump $600 monthly due to my financial situation at the moment and I'm looking to get out of my lease.

There are basically 2 options I see:
1. Get out of my lease by having someone else take over it.
Seems like a very common option from my research online and doesn't seem too much of a hassle.

2. Buy out the lease and then sell the car
Why am I considering this? Like I said, I barely drive my car, so in almost 3 years I have only driven it 18,000 kms. I checked with the dealer and the buyout price for the car is $17,500 at the moment. I believe if I buy the car then I can sell it for around $18,500 or even more due to it being barely driven and pocket $1000~2000 instead of just having someone take over the lease and earn nothing.
The down points of this second option I see:
1) Buying it and then not being able to sell it for the price I want (or even having to sell for less than the $17,500)
2) The hassle of buying it out and selling
3) The car was involved in two relatively minor accidents (a hit and run and another minor crash). None of this accidents caused major damage to the car and it's all repaired now, but it would still appear on the car records.
4) The car has two or three minor scratches there, which are barely noticeable and it still looks pretty much new to me :).
5) Having to tune up the car and clean it all up before selling it (it has only been serviced once, but the car runs pretty much perfectly).

I have attached some pics. What do you think guys? Your time and thoughts are greatly appreciated!
Images
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