Average Leased Car Now Worth $7K More Than Expected
If you leased a 2019 vehicle, your timing was impeccable.
The average leased vehicle from the 2019 model year is now worth $7,208 more than its projected lease-end value, aka "residual value."
The big winner is the Ford Mustang, which on average is worth a whopping $11,852 more today than what was projected in 2019.
Of course, car prices in general have gone wild since 2019, but if you signed your lease before the pandemic hit, chances are you've got some bonus money in your pocket.
Since when did leasing a car add up to money in your pocket? Well, since COVID, apparently, because if you leased a vehicle from the 2019 model year, it's now worth an average of $7K more than automakers projected it would be worth back then.
According to an Edmunds market analysis, the average leased 2019 vehicle is worth $7,208 more today than the residual value in the lease — and in case you didn't know, the residual value is the price that you have a right to buy the car for at the end of the lease. So, if your lease is about to expire, you can buy the car and likely resell it at a handsome profit. And even if you've got months left on your lease, you might be able to get a lease buyout that still leaves you comfortably in the black.
