Lease-End Buyout Guide
A Mazda lease is a popular choice for car owners everywhere. But did you know you can purchase the car you’re leasing? It’s called a lease buyout, and it’s a great option for Peruzzi Mazda customers who fall in love with their leased vehicle and don’t want to let it go.
What is a Lease Buyout?
Let’s say you’ve leased a new Mazda CX-5 for three years. The more you drive it, the more you love it – and eventually you decide you’d like to keep it. At this point, you would let us know of your intent, and we would move forward with a lease buyout. This usually happens near the end of a lease, when your other options include leasing a different car or turning the car in. With a lease buyout, there are some lease-end and buyout fees you’ll need to pay and some important factors you’ll need to consider.
Important Factors
Financing Options: When you buyout your leased car at our Mazda dealership serving Philadelphia, PA, you’ll need to get financing to pay it off – unless you want to pay the entire cost of the vehicle in cash. Since this is a rarity, you should make sure you’re in a good position to finance the car over a few years. If you have good credit, this makes the decision a lot easier.
Condition of the Car: When you lease a car, there’s a mileage limit and a damage policy that must be adhered to. If you’ve put your leased car through the ringer in terms of both miles and wear and tear, you might be more tempted to pursue a lease buyout, since you’ll likely avoid the penalties associated with “over usage”.
Residual Value: Residual value is a leased car’s predicted value at the end of a three-year lease. There’s also market value, which is an estimate of the car’s value on the open market. Ideally, the vehicle’s market value will be higher than the residual value. If it isn’t, you might think twice about pursuing a lease buyout.
Start or Buyout a Mazda Lease Near Morrisville, PA Today
With a lease buyout at Peruzzi Mazda, you have the opportunity to continue driving a great car long after your lease expires. There are some things to think about before pulling the trigger, such as Mazda financing – but our knowledgeable team is ready to help you make the right decision.