Buy it or turn it in - car buyers have important decisions to make at the end of their lease.
Buy Out Option
Many times, the buyout option at the end of a car lease can be attractive opportunity to keep your car and save the hassle of dealing with over mileage penalties, disposition fees, purchase option fees, documentation fees and penalties for excess wear and tear, not to mention dealership sales pitches therefore ending the pace of endless leases and no owner equity.
First research your car’s market value (Edmonds, Carvana, Vroom, Car Max) to discover if you can purchase the same vehicle for less than your buyout option price or perhaps find a car in better condition for a lower price.
With the current market conditions - post pandemic - many cars have increased in value, a situation not anticipated when the manufacturer set the buyout price in the lease agreement. Your car may often be worth more than its buyout price, providing you an opportunity to buy the car, sell it and pocket the difference.
On the other hand, if your car’s market value is less than the buyout price you may not want to keep the car and shop for another one.
Whatever your decision; purchase your leased car and send the lease company a check, turn-in your lease and buy a different car – contact us to provide you with the best financing options and rates.
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