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Sell your leased car and get a check. You can take your car to any dealer, not just the one where you arranged the lease, and let the dealer buy the car at the trade-in price. Sell your leased car to a neighbor, friend or family member. Use it as the down payment on your next car.
Buying your leased car saves the leasing company shipping and auction fees. That's why, in some cases, they'll call and offer you a lower buyout price than what's in the contract. But Maloney says it often isn't a good deal since they'll likely offer the retail price, when you should aim to buy it for wholesale.
Buying your leased car saves the leasing company shipping and auction fees. That's why, in some cases, they'll call and offer you a lower buyout price than what's in the contract. But Maloney says it often isn't a good deal since they'll likely offer the retail price, when you should aim to buy it for wholesale.
If your lease buyout price is lower than the car's market value, buying your leased car is like getting a discount on a good used car. If the residual value is set too low, you can buy the car for less than it's worth at lease end.
Think about the timing of the lease. In some cases, the question might not be how to buy your leased car so much as when to buy it. Get a handle on the car's value. Shop around for financing. Let them make the first move. Try some talking points. Make sure you're ready.
The buyout price of a leased car its residual value is often listed in your lease paperwork or otherwise agreed upon. Sometimes it may be negotiable before you sign your lease, but it depends on the situation. Typically, there's little opportunity to negotiate residual value.
Return the car to the lessor and walk away from it. Buy the car, usually for the amount of the residual, or buyout, value set in the lease. Extend the lease for a limited amount of time, usually at the same monthly rate. Re-lease it, via a used-car lease, or.
If you opt for a lease buyout when your lease is up, the price will be based on the car's residual value the purchase amount set at lease signing, based on the predicted value of the vehicle at the end of the lease. This amount may also be called the buyout amount or purchase option price.
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