Lease End Options
What Do I Do When My Lease Ends?
End of Lease Options
You’ve reached the end of your lease—now what? You actually have a few different options, so let’s take a closer look at each of the ways you can end your lease.
Lease a New Vehicle
If you’re ready for a different car but not financially ready to buy a new car, you can always start up a new lease agreement. One of the biggest advantages of leasing is that you have the opportunity to drive a new, top-of-the-line vehicle every few years, so if you decide that you’d like to try a newer model—or even a completely different style of car—you have the freedom to do so.
Purchase the Vehicle
If you’ve fallen in love with the car you’ve leased, you also have the option to purchase that car and become its official owner. In order to buy it, you will owe the amount of the car’s residual value. Before you purchase the car at the end of your lease, do some research and find out its market value, which is the amount you would pay if you were to buy the same car elsewhere. If you leased a popular car three years ago, there’s a good chance that the car’s residual value is going to be less than its market value—meaning it’s a good idea to buy it at the end of your lease if you still love the car.
Return the Vehicle
If you have no interest in starting a new lease or purchasing your current car, you have the option to simply return your leased vehicle. Make sure you are prepared to pay any required fees: the dealership will inspect the car and charge you for any excess mileage or wear. You should also take care to return everything included with the car when you first leased it, including spare keys, floor mats, and spare tires.