What to Do When Your Car Lease Ends

Introduction

If your vehicle lease is about to end, you may be wondering about your next steps. With rising vehicle prices and ongoing inventory challenges, deciding what to do at lease-end has become more complex. In this guide, we’ll explore practical options and help you make the best decision for your situation.

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Before Making a Move, Understand the Market

The automotive market has shifted significantly over the past few years. In 2019, leasing a car like the Honda CR-V or Accord had average monthly payments of $373 and $381, respectively. By 2022, these payments increased by 13% and 22%, showing the broader trend of rising lease costs. Today, shoppers pay an average of 19% more for leases than they did just a few years ago. Understanding these changes can help you weigh your options.

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2011 BMW 1 Series 128i

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Gas

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Move into a More Affordable Lease

If budget constraints are a concern, consider leasing a less expensive vehicle. This approach can keep your monthly payments manageable while still meeting your transportation needs. To achieve this, you might switch brands or opt for a smaller model. For instance, moving from a midsize sedan to a compact car could align with your budget.

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Leasing a newer vehicle often includes added benefits, such as improved fuel efficiency and access to the latest safety features. These perks can offset some costs and provide added convenience.

Buy the Vehicle

One popular option is to buy out your lease. The buyout price is predetermined based on the car’s residual value calculated at the beginning of your lease. Given today’s high vehicle prices, this option may offer significant savings compared to purchasing a new car.

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If you no longer need a car, you could buy out your lease and sell the vehicle for a profit. However, evaluate your car’s market value and compare it with the buyout price to ensure this option is financially viable.

Extend the Lease Terms

Another practical option is to extend your lease. Leasing companies often allow extensions of several months to a year, giving you time to make an informed decision. This flexibility can be particularly helpful if you’re uncertain about current market conditions or waiting for inventory levels to improve.

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Consider a Used or CPO Vehicle

Certified pre-owned (CPO) vehicles can provide the experience of a new car at a lower cost. CPO cars undergo rigorous inspections to meet manufacturer standards and often come with extended warranties. This makes them a reliable alternative if you’re not ready to commit to a new vehicle.

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Even in today’s market, CPO vehicles offer value by blending affordability with peace of mind, making them an excellent choice for budget-conscious buyers.

The Pressure Is Off

When your lease ends, you have more options than ever to navigate the next steps.

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Whether you choose to buy out, extend, or transition to a CPO vehicle, MotorVero is here to guide you. With the right strategy, you can make a decision that fits your budget and lifestyle without feeling pressured.