Do you love the vehicle you’re leasing so much that you’re not ready to return it to the dealership? If you do a car lease buyout, you don’t have to! What is a lease buyout? The basic lease buyout definition is a transaction during which a lessee can purchase the vehicle they’ve been leasing for the price of its lease-end value, effectively making them the full owner of the vehicle. A car lease buyout can be a great way to reach your goal of car ownership without taking on an expensive monthly payment. There are two car lease buyout methods to consider; learn more about how they work in the guide below!
Most Morrisville and Apex drivers will be interested in a lease-end buyout. This method involves waiting until the natural end of the lease to purchase the vehicle from the dealership. The price to be paid will be the remaining value of the vehicle once all lease payments and lease-end fees are taken care of. Typically, the lease-end value is worked into the original contract, so it should be pretty easy to estimate how much you will pay before you get to the dealership.
Could this be a good car lease buyout option for you? It can be a fantastic deal if:
If you dream of owning a vehicle rather than leasing but you don’t want to invest in a brand-new ride, a car lease buyout can bring you pre-owned pricing with the added bonus of knowing the car’s complete history since you were the one driving it.
What is a lease buyout called if you don’t want until the end of the lease? Although less common, this may be an option for some Durham drivers; it’s known as an early lease buyout. The purchase price of an early lease buyout can be difficult to predict, but it’s typically based on:
An early lease buyout isn’t as advantageous as a lease-end buyout and it may come with early lease termination fees. Typically, it’s only considered by drivers who are worried about lease penalties like exceeding their mileage cap or damaging the vehicle.
If you’ve reviewed the above methods and decided you want to move forward, how does a lease buyout work? You can get started by taking these steps:
Care to learn more about lease buyout options at Hendrick Cadillac Cary? Contact us or stop by our dealership’s finance center in Cary to learn more! We’re here to help you purchase the car you love at a price you feel great about.
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