Can You Negotiate a Lease Buyout?

Keys on calculator

Have you been on the fence about whether or not to buy or lease? You’re not alone. There’s one possibility with choosing to lease that many Colts Neck drivers don’t know about. Understanding what a lease buyout is and how to negotiate a car lease buyout could easily inspire you to choose to lease. Read on to learn more about your options during an end of lease negotiation. While you’re here, be sure to check out our lease specials.

What is a Car Lease Buyout?

Holmdel drivers considering a lease should know that at the end of their contract, they’ll have the opportunity for an end of lease negotiation. So, what is a car lease buyout, after all? It’s what it sounds like. You’ll have the option to buy the car that you’ve leased, and you’ll only have to finance the remaining value that’s leftover after your contract.

This means that leasing can be a great way for Toms River drivers to date their vehicles before they marry them. Since you’ll only be on the line for the car’s residual value, opting to finance after your lease doesn’t require any more of an investment.

How to Negotiate a Car Lease Buyout

If an end of lease negotiation sounds right for you, how, exactly, can you negotiate a car lease buyout? Simply follow these steps:

  1. Do your research ahead of time: Most lease contracts will feature an estimate of what your vehicle’s residual value will be at the end of your term. Compare that figure to the going rate for your model in the market at the time of your lease’s end. If the market price is much lower than the vehicle’s estimated value, use that information to leverage a better deal.
  2. Contact your financer in advance: See if you can get an external quote from a financier willing to offer you a loan for the vehicle at a lower rate. Then use that for leverage during negotiations.

Choosing the Right Lease Buyout

Now that you know what a lease buyout is, that you can negotiate a lease buyout, and that you know how to negotiate a lease buyout, it’s time for Brick drivers to find out about the different types of lease buyouts available:

  • Lease-end buyout: This is the most common kind of lease buyout. During your end of lease negotiation, you’ll have the opportunity to finance the remaining value of your vehicle with the intent to own.
  • Early lease buyout: If you’re in the middle of your lease contract, you’re certain that you want to finance your vehicle, and you’re constantly racking up mileage and service penalties, you opt for an early lease buyout. However, you’ll likely have to pay a fee for breaking your contract, so be sure to compare the penalties you’re racking up to the fee to see whether this type of buyout is cost-effective.

Lease or Buy with Ray Catena Lexus of Monmouth

Now that you’ve seen how to negotiate a car lease buyout, reach out to Ray Catena Lexus of Monmouth for help in determining if this is the right option for you. If you have any other questions related to car buying, be sure to check out our car shopping tips for informative reads on topics like how to finance a car. Be sure to explore our Lexus NX lease deals while you’re here!

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