When your lease is coming to an end, you will usually have the option of turning your vehicle back in, or buying out your lease. If you've kept the vehicle in excellent condition and would rather keep it than lease or buy a different vehicle, buying it back at the end of your lease may be the option for you.
If your vehicle has been in an accident, had repairs, or has excessive wear and tear, you may want to consider turning your vehicle back in at the end of your lease. This could help to prevent you from having to dish out money for extensive repairs down the line.
Even with the best planning, it is easy to go over your mileage limit so purchasing your lease vehicle at the end of the term can help you to avoid over mileage fees and offers the comfort of driving the reliable vehicle you fell in love with.
The amount you will pay when buying your leased vehicle will usually depend on the residual value of the vehicle. Your vehicle's residual value is a prediction of what the vehicle will be worth at the end of your lease. Of course, before you commit to turning your vehicle in or buying out the lease, consider all of your options to be sure that you are making the best decision for you.
Here at our state of the art dealership, our friendly and knowledgeable professionals will work with you to answer all of your lease related questions. Whether you're looking to turn in your lease, buy it out, or if you're just looking for a new vehicle, we've got you covered. Visit us online or come in today for more information.Â