How soon is "too soon" to trade-in/upgrade?

Hello all! First post! gulp

I have a 2018 Hyundai Elantra with a lease maturity date of March 2021. I am way under on miles and the car is in great shape, so based on the low buyout price I have with HMF, I believe I will have a bit of equity when lease end comes.

I’m wondering if I would be able to trade the car in early-ish (around end of this year) to trade up and lease a 2021 Tucson next. Would be nice to have it for a road trip we are going on at the end of the year. Also, wondering if there might be better end of year deals than what I might be able to get when lease ends in March.

Is such a thing possible (upgrading three months early?) Apart from paying the rest of the car payments are there other things I will be on the hook for?

As long as you’re not losing your shirt, it’s never too soon.

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Yes you can upgrade early HMF I believe only offer 3mo pull-a-head during certain seasons or time(s) (might be wrong). You can always check out third-parties like Carvana, Vroom and see if you are able to make out with any positive equity for your upcoming lease.

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Try out Carvana/Shift/Vroom and see if you have positive equity in the car. May be the better route.

See if you have any equity right now in payoff. Check the price with Carvana/Zoom.

Usually a lease is structured so there is no equity in the car, but you never know.

Not really sure Tucson gives you much more passenger space if that’s what you’re looking for.

Agreed about the 2021. Unless perhaps OP meant the 2022 which supposedly will come to the US as the global LWB version (a la Tiguan).

Spend 30 second on carvana etc and you’ll know if any of this is worth your time

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It is. My residual value is $9,472.85. Carvana is quoting $13,293 when I put in my info, and $12,493 when factoring how much I still owe in lease payments.

I know the dealership won’t offer what Carvana is offering, but might they be willing to use some equity toward the new vehicle?

That purchase price is offered to you and only to you. HMF can charge anything it wants to Carvana or anyone else. You should check what it is.

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You need a ‘payoff value’ if sold to a 3rd party dealership.
Ask them for that.

Not the ‘residual plus payments’ though it might be close.

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We know somebody on this Forum who traded and upgraded his Audi lease in less than 30 days :slight_smile:

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