How Does a Lease Buyout Work?

Most Chester Springs drivers return their vehicles after a lease contract is over, but what if you fall in love with your Jaguar F-PACE interior over years of Newtown Square commutes? You could consider a car lease buyout. What is a lease buyout and how does a lease buyout work? Let us walk you through the process at Jaguar West Chester!

Lease Buyout Definition

Let’s say you’ve taken advantage of our fantastic lease specials and you’ve decided that you can’t let it go. When you purchase your vehicle either before the lease term or when the contract is complete, this is a lease buyout. You are purchasing the car instead of returning it and you will agree to pay the price of the vehicle as listed in your lease agreement. Why would you choose a car lease buyout instead of a trade-in?

• You already know the condition and history of the vehicle.
• You already know how it drives and operates on a daily basis.
• Due to the warranty, you will likely have minimal repairs on the vehicle.

Early Car Lease Buyout

While most leases offer the option to buy at the end of the contract, not every plan allows you to buy the car earlier. If you want to consider an early car lease buyout, take some time to weigh the benefits of buying vs. leasing. At the end of your contract, the car’s value is determined by the following:

• The lease-end residual value on the original contract
• The remainder of your balance on the lease
• Whether or not depreciation has surpassed market value

Some Aston drivers also consider early buyouts when they are worried about penalties described in their contract, like going over the mileage limits or neglecting to bring in the car for scheduled maintenance.

Learn More about Your Options at Jaguar West Chester

Financing is simple when you have the experts of Jaguar West Chester by your side, so don’t hesitate to reach out to us. Visit the finance department in West Chester or contact us with any questions. Want to learn more? Find out if you can lease a used car or car repair financing.