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The True Cost of Escaping Your Large Vehicle in Favor of a Smaller One
MIAMI, July 28 /PRNewswire/ -- Despite the price of gas still near $4 per gallon, millions of SUV drivers are hesitant to escape their vehicle simply because they think the cost of exit will outweigh the benefits. Many finance experts caution it will take years to realize the gas cost savings when you calculate what it takes to get rid of your SUV and then shop for a more fuel-efficient vehicle.
Those that lease their SUV can avoid this messy situation. Even if you still have several months remaining on your SUV lease, nationwide programs are available that let you transfer ownership of your lease to someone else, essentially letting you walk away from your contract. Often, the price to walk away can be less than half of one car payment.
"Like the rest of the nation, the price of gas in Southern California has gotten to the point where consumers have to change their driving habits," said Southern California resident, Jason Mehrvaz. "I used LeaseTrader.com to get out of my Land Rover lease and saved $24,000 in remaining payments. Also, I probably saved an additional $2,400 in gas since I doubled my MPG from the Land Rover to my current vehicle."
For some, the cost of breaking an SUV lease can be as high as $10,000. "When you break your lease, you're essentially paying out the balance of the remaining payments," said Sergio Stiberman, CEO and founder of LeaseTrader.com. SUV drivers can list their vehicle on the site for $79, find someone else to take over the remaining portion of the lease and transfer ownership for $149.
Source: LeaseTrader.com
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