What Is a Lease Buyout?
A lease buyout is when a dealership allows a driver to “buy out” a leased vehicle at the end of a lease contract. However, Taunton drivers should be aware that there are two different types of lease buyouts. Take the trip to Silko Honda to learn more about these two different types of lease buyouts, and find out more about how to buyout a lease!
- You’re happy with the vehicle
- There have been little to no repairs since you’ve had the car
- There’s no other vehicle, at a similar price point, that you’d like better
- You can get a good 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
- 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.
Stop by Silko Honda to Learn More
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