Leasing a car is an easy solution when you’re looking to upgrade your Costa Mesa commutes with improved performance and the latest technology. When your lease is about to expire, you have a few options: return the vehicle and settle any remaining fees or negotiate a car lease buyout. So, what is a lease buyout? A simple lease buyout definition is when you discuss terms with the dealership to purchase the vehicle at the end of a lease contract. There are a few ways you can cover the remaining value of the vehicle for purchase. How does a lease buyout work? Learn more below and find the right option for you with Weir Canyon Acura.
When you want to purchase the vehicle you’ve been leasing, the most common option is to wait until your lease is about to end. This allows you to pay what the vehicle is worth by the end of the lease period. Typically, this price is settled before you agree to the lease terms. This can be a great option if:
It can be hard to let a model go once you’ve driven it for a few years. One perk of a car lease buyout is that you already know the condition and history of the vehicle you’ve been leasing.
What is a lease buyout option before your lease ends? Although not all lease contracts allow this, an early lease buyout allows you to own the model you love without having to deal with monthly payments. Before agreeing to the terms of the lease, you’ll want to see if they allow early buyouts and whether buying vs. leasing is the right option for you. When calculating the vehicle price with an early car lease buyout, you’ll need to know:
This may be a good option if you’re concerned about going over mileage limits during your Tustin commutes or if you’ve received interior or exterior damage to the vehicle.
Once you’ve deliberated on whether a lease buyout is right for you, familiarize yourself with the steps necessary to own the model you love. Here’s how a lease buyout works:
Have we answered all your questions about “What is a lease buyout?” Contact our team at Weir Canyon Acura to discuss a lease buyout or other leasing options. A lease buyout helps eliminate the hassle of shopping for a new car at the end of your lease. Explore more simple car-buying tips with our finance team.
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