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If your car lease is nearing an end, you have two options: trade in your car for a new lease, or buy out your lease in order to own the vehicle. If you love your car and wouldn’t prefer any other similarly priced model, then you’ll want to know more about how to calculate a lease buyout. In this guide from the Cactus Jack's Auto finance center, we’ll answer common lease buyout questions from Mesa drivers to help you determine your next steps.
If you know how to calculate a car lease buyout, it’s easy to see how much a buyout will cost for the average Phoenix driver. First, take a look at your monthly leasing statement. You should see a Buyout Amount or Payoff Amount. This is approximately what you’d pay for a lease buyout, and it includes the residual value of your vehicle at the start of the lease, the amount you still owe on the lease, any any applicable fees. If your statement doesn’t include the buyout amount or you’d prefer to conduct your own research, here’s how:
Should you buy out your lease at the end of the term, or wait until the lease term is up? Here are a few points to consider:
Now that you know how to calculate a car lease buyout, why not expand your auto finance knowledge even further? Learn more about where to get a car loan, how to finance a used car, and much more from our team of auto finance experts. Then, visit a Cactus Jack's Auto location near you in Glendale!
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