Trade in or return

Hey Hackrs! The lease on my wife’s 2015 Highlander XLE AWD is up in July. We have started looking around now but I am not sure if we should return the lease or trade it in. I would guess that would depend on what the payoff is vs. what we would get in trade? We are not going with Toyota again, this car has been a real piece of shit and completely turned us off from the brand. The RR taillight had water in it, the RF fog light went out, the main touchscreen had to be replaced and now one of the CV axles is getting replaced, not bad for 25,000 miles. We will be subject to the inspection which should be fine but who knows, and the lease end fee. Can anyone provide me with a bit of guidance here? Thanks!

You said it yourself, it will depend on the payoff vs value. When your getting close look up the value, your payoff will be your residual value. If you are break even or have equity trade it. If not turn it in and pay the dispo fee.

Trade in and residual look to be neck and neck at the moment. We didn’t get that great of a deal, I was not aware of being a Lease Hackr at the time. Dispo and any wear and tear may make it so we can just trade it in, which I would prefer anyway.

Your deal will not matter at turn in. The residual was set for a % of sticker price. It will be the same for the people that got good and bad deals. Hopefully you will have some equity.

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I’d be willing to pay a little over the dispo fee on a trade in/sell to ensure no possible wear and tear bill later from Toyota. What is your RV?

always take to carmax, you really never know how high of an offer you might get

Ahhh gotcha. Thank you.

The residual value is $26,996

I have found that the price is within 5% of what carmax will give you. If your not in the mood to wait in the carmax queue.

based on how many appraisals you have received from carmax ?

I have done about 4/5 the most recent is my c300. Carmax was at 22k kbb was at 21.5k. I had a civic I was helping family get rid of carmax was 6k and kbb was 5.8k. Those are within the last 3 months. My Highlander last time I took a year ago it was about 5%.

I would not sell it to kbb and drop off at carmax since process is easier but just to get idea of the wholesale market.

This is not true at all. I jus went through it last month and got an offer of $7k less than KBB. KBB says $25k. Carmax said $18k.