GoodCar, a provider of comprehensive vehicle data and history reports, has introduced its Residual Values tool, which it called “a timely solution for car lessees amid the soaring prices of used vehicles.”

The new tool is designed to give consumers a quick and accurate estimate of their vehicle’s equity. Users can access the current residual value of their leased car, based on data GoodCar receives as an approved NMVTIS data provider, by entering the make, model and year. They can also sign up for free and look up residual values by entering their vehicle’s VIN or license plate information.

They can then compare that value with the payoff price listed in their lease agreement to determine the equity they have accrued.

As a result of the “seismic shift in used vehicle valuation” of the post-COVID era, GoodCar said in a news release, leased vehicles might now hold more value at the end of the lease term than previously anticipated, giving lessees the chance to trade in their vehicle or buy it out and sell it directly for profit.

The company said the goal of its new tool is to empower vehicle owners with the necessary resources to effectively navigate that opportunity.

“Our Residual Values tool is a testament to GoodCar’s commitment to equipping vehicle owners with the knowledge and resources they need to make informed decisions,” communications manager Emil Ashikyan said.

“We believe everyone should have access to comprehensive vehicle data at an affordable price, and this tool exemplifies our dedication to transparency and consumer empowerment.”

The tool is available at goodcar.com/residual-values.

Residual Values is the latest tool in GoodCar’s growing toolbox, which includes vehicle history reports, car loan and lease calculators, recall lookup and more.