When is a Car Lease Buyout a Smart Option?
If your lease car has excessive damage or if you have exceeded your mileage limits you might consider a buyout to avoid paying large penalties at lease end. Buyout is also a smart option if you simply like your car, have kept it in good repair and want to keep driving it. Sometimes the residual value of your car will be less than its retail value. If this happens you could buy your car from the dealer and the resell it for a profit, making your buyout a very smart move. Are there Different Kinds of Buyout Options? It depends on your lease. There are two kinds of lease buyouts: a normal buyout at the end of your lease and an early buyout. A normal car lease buyout option is usually outlined in the original lease contract. Review your contract for your buyout terms and call to check on a buyout price as the end of your lease approaches. Depending on how your lease contract is written you may have an option for an early buyout. If you choose to attempt an early buyout, make sure your leas
