What Is a Lease Buyout?

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What is the ‘lease buyout’ definition? A lease buyout is when a dealership allows you to purchase the vehicle you are leasing before the end of the lease contract. There are two different types of buyout options to choose from, so take a look below at which option works best for your needs, and reach out to the Jaguar Chandler finance center near Phoenix when you are ready to buy out your lease or talk more about auto loans and leases.



Lease-End Buyout

How does a lease-end buyout work? A lease-end buyout is the most common option. It requires you to pay what the vehicle is expected to be worth by the end of the lease period. Normally, this price point is agreed upon before you sign the lease agreement. This choice is a good deal if:

  • There have been little to no repairs needed since you’ve had the car
  • You like your vehicle and want to keep it
  • There’s no other vehicle, at a similar price point, that you’d like better
  • You can get a good auto loan interest rate to finance the buyout price

Another perk is knowing the condition and history of the vehicle you’ve been leasing, unlike when purchasing a different used car.

Early Lease Buyout

An early lease buyout means you can purchase your vehicle before the end of the lease, but not all lease contracts have this option–check the lease terms beforehand. You’ll also want to be sure your buying your leased car under this method is worth the long term investment. With this, keep in mind the history of the vehicle. Near the end of the lease, the price is determined by:

  • The lease-end residual value on your original contract
  • The amount you still owe on the lease
  • If the vehicle has depreciated quicker and is below market value, you might have to pay the difference

Most times, buyers consider this buyout when concerned about lease penalties like going over mileage, not maintaining scheduled services, or damages to the interior or exterior of the vehicle.

Learn More at Jaguar Chandler

Assess your lease terms, car loan, the wear and tear, and purchase price to see if this investment is worth it for you. If you have any questions about how to buy a car, or want more car buying tips in Tempe, feel free to contact us! You can also use our loan calculator tool to see how much you would owe on your next purchase!

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Jaguar Chandler

7470 West Orchid Lane Chandler, AZ

Phone: 855-424-2340

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7470 West Orchid Lane Chandler, AZ

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Phone: 855-424-2340

7470 West Orchid Lane Chandler, AZ

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7470 West Orchid Lane Chandler, AZ
33.3235347 -111.9711539
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Jaguar Chandler
Jaguar Chandler
7470 West Orchid Lane
Chandler, AZ, 85226 United States
855-424-2340
https://di-uploads-pod12.dealerinspire.com/jaguarchandler1/uploads/2017/12/JaguarChandlerOGImage.png
Jaguar Chandler 33.3235347, -111.9711539.