12/6/2023 0 Comments Buy car edmundsThe residual value is also the amount you can buy the car for at the end of the lease, so you're looking to see if the car's current value is higher than the residual value. With this in mind, you'll first need to determine if your current car lease has any equity. The good news for lessees is this isn't likely to change tremendously, as the supply of used vehicles will remain tight for the next few years, which will keep prices high, said Caldwell. "Used prices have slightly cooled from their peak in 2022 but remain extremely elevated from pre-pandemic prices," said Jessica Caldwell, Edmunds' executive director of insights. As a result, your expiring lease vehicle might have more value than expected, according to the Edmunds experts. These market forces, in turn, shifted consumer demand, causing a shortage of used vehicles and leaving dealerships in dire need of inventory. Used car values soared due to a perfect storm of semiconductor chip shortages and supply chain delays that made new cars scarce over the past few years. The COVID-19 pandemic was one of these shifts. But sometimes there are fluctuations in the marketplace, and some vehicles might be worth more than the residual value. They're good because they have to be - the residual value is typically the basis of the lease calculation. Auto finance companies are pretty good at predicting residual value, which means what a car will be worth at the end of the lease term.
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