Customers who leased a 2020 Chevy Bolt EV may want to recheck their options before returning their vehicle at the end of the lease, as a new report indicates that the 2020 Chevy Bolt EV currently offers one of the highest trade-in value dollar differences over the vehicle’s residual value.
According to a recent report from CNBC, which cites data from Edmunds, the average trade-in value for cars leased in 2020 is 19 percent higher than the predetermined residual value, or about $3,965. It’s estimated that 3.3 million vehicles were leased in 2020.
According to the data, the Chevy Bolt EV has one of the highest dollar differences between its current trade-in value and its original residual value estimate. One average, leased 2020 Chevy Bolt EV models are currently valued at $29,551, a whopping $8,415 over the original estimated residual value of $21,136, or about 40 percent.
On the list of the top 10 leased 2020-model-year vehicles with the greatest dollar difference between the current trade-in value and the original estimated residual value, the Chevy Bolt EV slots in at fifth place. At the top of the list, we find the Mercedes-Benz GLS-Class, which has a current trade-in value of $62,257, amounting to an $11,315 difference from its original estimated residual value of $50,942.
Notably, positive equity on leased vehicles has fallen from an average of $7,208 a year ago for 2019 leases. Nevertheless, the persisting positive equity of $3,965 for leased 2020-model-year vehicles indicates that lessees should explore their options prior to handing the vehicle in at the end of the lease. One option would be buying the vehicle at the end of the lease, as it would be less expensive than buying the same vehicle off a dealer lot. Customers can also potentially buy out the lease and sell the vehicle on the open market for a profit.