So, you’re nearing the end of your car lease, and it’s all starting to feel a little… final.
That shiny new car you drove off the lot with months (or maybe years) ago is almost ready to be returned, and you’re wondering what comes next.
You’re likely flooded with questions right now, but don’t worry — We’ve got your back!
Whether you’ve had a blast cruising around in your leased vehicle or you’re already itching for something new, we’re here to walk you through exactly what happens when your lease is up. Let’s get into it!
In This Post
Option 1: Buy the Car
Let’s kick things off with the first option: buying the car.
You’ve spent months in that car, and maybe you’re attached to it. It’s been reliable, fun, and it fits you like a glove. So, why not keep it?
If you decide to buy the car, here’s what you need to know:
- Residual Value: This is the predetermined price you’ll pay if you want to purchase the car at the end of your lease. It’s typically set at the beginning of your lease, and it reflects the expected depreciation of the vehicle over the lease term. This value is listed in your lease agreement.
- Financing Options: If you don’t have the cash to pay for it all at once, you can finance the purchase through the dealership. You can learn more about our different finance options and departments here.
- Buyout Fees: Some leases have a small buyout fee, in addition to the residual value. Be sure to read your lease carefully to see if this applies.
Option 2: Lease a New Car
If you’re in the mood for a fresh set of wheels, leasing a new car is another option. Many people love the “new car” smell and the perks that come with a new lease.
You can get into a brand-new car, enjoy a new set of features, and keep the cycle going. Here’s what to keep in mind:
- End-of-Lease Inspection: Before heading to the dealership to start your new lease, you’ll have to return the current car. It will go through an inspection, and you’ll be asked to clear up any damage or excess mileage charges.
- Terms: If you decide to lease again, be sure to go over the terms carefully – you’ll likely be able to choose a new car and adjust the duration, mileage limits, and other factors based on your current lifestyle.
- Perks of Leasing Again: You get to drive a new car every few years without worrying about the long-term commitment of buying one. Plus, your monthly payments may stay relatively the same, depending on the car’s value.
Check out this Car Leasing 101 article where we cover all-inclusive knowledge on leasing a car!
Option 3: Return the Car
If you’ve had enough of your leased ride, returning the car is another option. Here’s what’s involved in this:
- End-of-Lease Inspection
- This is a crucial part of the return process. The dealership will perform an inspection to check the vehicle’s condition. They’ll evaluate any damage, wear and tear, or excessive mileage that may lead to extra charges.
- Normal Wear and Tear vs. Excessive Damage: Dealerships have guidelines for what they consider “normal wear and tear.” Small scratches, dings, and minor interior wear are usually acceptable. But major dents, cracked windshields, or missing parts may result in additional charges.
- Clean Your Car
- Don’t forget the cleaning! A tidy car can save you from unexpected cleaning fees. Make sure the car is in the best condition possible before returning it. This includes vacuuming the interior, wiping down surfaces, and giving the exterior a good wash.
Visit our H+H Shine Shop to get your car fully detailed inside and out so it’s in return-ready condition.
- Mileage Limits
- Check the mileage allowance on your agreement. Most leases allow you to drive 10,000 to 12,000 miles a year. Larger mileage allotments are available and can be negotiated with the dealer.
- Documentation
- Return the car with all the necessary documents – keys, manuals, and anything else that came with the car when you picked it up. You’ll also need to sign a return agreement with the dealership.
How to Prepare for the End of Your Lease
The end of your lease doesn’t have to be stressful if you stay organized and prepared. Here’s a simple checklist to help you wrap things up smoothly:
- Inspect Your Car: Take a close look at your vehicle to check for any potential damage that could result in extra charges.
- Check Your Mileage: Review your agreement to see your mileage allowance and compare it to how many miles you’ve driven.
- Clean the Car: Wash and vacuum the car to avoid cleaning fees.
- Gather Your Documents: Collect all the necessary paperwork, including the car’s manual and any accessories that came with it.
- Schedule the Inspection: Contact the dealership to schedule the inspection ahead of time so everything goes smoothly.
- Decide What to Do Next: Are you buying the car, leasing a new one, or returning it? Have a plan in place.
Final Thoughts: What to Do When Your Car Lease Ends
Well, there you have it! The end of your car lease might feel like the end of an era, but it’s also the start of something new.
Whether you decide to buy, lease a new car, or return the vehicle, the process doesn’t have to be overwhelming if you stay informed and prepared.
Whatever you decide, take your time, ask questions, and make the decision that fits your current needs.
And remember, you’ve got options – you’re in the driver’s seat for what’s coming up next.
Drivehh.com has thousands of new vehicles to pick from!
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