From 2021 to 2023, the new car industry in Canada faced unprecedented challenges. Dealerships struggled with supply chain disruptions, chip shortages and a scarcity of new vehicles that sent ripples through the entire automotive market.
During the height of the shortage, dealerships found themselves in an unusual position. With new and used cars in high demand, their values skyrocketed by as much as 30% to 40%. Typically, throughout the course of a normal lease, the vehicle’s lease payout exceeds its wholesale value, making it costly for lessees to terminate their leases early. However, the shortage flipped this scenario on its head. Suddenly, leased vehicles were worth more than expected, leading dealerships to buy out leases from customers rather than referring them to services like LeaseBusters.
For customers, this meant dealerships were eager to take back their leased vehicles, often offering deals that were far better than under normal circumstances. Many customers found themselves in the driver’s seat, so to speak, able to negotiate better terms or simply walk away with cash in hand.
Fast forward to today, the landscape has shifted yet again. New car inventories have normalized at most dealership brands across Canada. The days of sky-high vehicle values are behind us, and with them the eagerness of dealerships to buy out leases. As the market stabilizes, the old rules of leasing have returned. Now, when customers are looking to get out of their leases, they’re finding dealerships are once again referring them back to LeaseBusters.
This shift has reignited activity on LeaseBusters.com. With more vehicles entering and leaving the site, there’s a robust demand for lease-take-over opportunities. For people looking to transfer their leases, LeaseBusters is once again the place to go. Whether you’re trying to exit a lease early or looking to take over an existing lease, there are plenty of options available.
In this post-pandemic world where new car inventories are stabilizing, LeaseBusters remains a trusted partner for both lessees and those looking for a great deal on a lease-take-over. The landscape may have changed, but the value and convenience of LeaseBusters hasn’t. If you’re considering your next move with your lease, now’s the perfect time to explore what LeaseBusters.com has to offer. The opportunities on LeaseBusters.com are hotter than ever.
James Matthews is the President, General Manager and Co-Founder of LeaseBusters. James launched LeaseBusters in 1990 and is considered one of Canada’s leading experts on new vehicle leases, lease-take-overs and vehicle lease (re)marketing. James can be reached directly at jmatthews at leasebusters.com
