Starting about 90 days before the end of a lease term, the dealership that leased the vehicle will begin the end of lease process including any inspections and negotiations that are necessary. So, it’s a good idea to have a handle on what you would like to do with your leased vehicle before then. Should you purchase your leased vehicle or return it? We break it down with tips for each option below.
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What should I do with my lease vehicle?
Purchase Your Leased Model
After driving a leased vehicle for 2 to 3 years, some drivers are interested in purchasing the vehicle outright. Purchasing the vehicle outright could be a great financial decision. In some cases, the price to purchase your leased vehicle could be less expensive than the vehicle’s market value making it a great investment. It could also be a good choice for drivers who have gone far above their mileage limits or who have excessive wear and tear and are looking to avoid the high fines that come with.
Return Your Leased Model
Drivers who decide to return their lease can trade it in for a newer lease from the same dealership or can simply hand over their keys and walk away. Either option is great if the vehicle is in great shape and under the mileage limit. In some cases, drivers may be able to get a great deal on their next lease or may be able to avoid some of the return fees if they choose to lease a different vehicle from the same dealership.
How To Prepare to Return Your Lease
To prepare to return a leased model to the dealership, drivers should first prepare for their vehicle inspection by removing any personal items from the vehicle and getting a thorough cleaning inside and out. The inspection will highlight any repairs that are needed and their cost. After the inspection and before turning in the vehicle, gather any and all of the items that were received with the car like any spare keys, the original floor mats, cargo-area covers etc.