average of $1,500 sales tax will eat up a lot of the profit you’d make sellingit. Then, the new buyer you sell it to will pay tax as well!
The only way around this is to find a dealer who will let you run thetransaction through them (just like the purchase “pass through”) for a fee. (^)
They company. If you can arrange this, it can make it much easier to get out of don’t have to pay sales tax on it when they buy it from the leasing (^)
your lease early.
TIP: It is usually worth it to try to sell your leased vehicle retail.
The reason to do this is because normally, your lease residual (its price atthe end of the lease) will be equivalent to its wholesale value. You can
make $2,000 to $3,000 selling it if you can legally avoid paying the salestax to the lease company. This is especially true now, when used car prices (^)
are at historical highs. In Chapter 8: Leasing, I go into more detail on this.
It can also save you lease turn-in fees if you’re over on the mileage or havewear and tear. Call your lease company to get a buyout figure. You’ll need
to make sure this is good for any dealer who is buying the car as well—withsome leasing companies it varies. Normally, what they’ll quote you includes (^)
sales taxes if they think you’re buying it, so make sure to get one without aswell.