Lease-End Buyout Guide: Evaluating How and When you Should Purchase your Leased Car

If your lease-end is approaching, it's time to start weighing your options. You can elect to return your car or you may want to consider purchasing your GMC lease. We're outlining your options at Gillman Chevrolet GMC to help you decide.

Check Your Buyout Price

First, carefully review your contract, including your buyout price and stipulations. Some leases aren't even available for purchase. You also need to check and see how your buyout price compares with its current market value.

Get a Trade-in Value Estimate

It's also important to determine your trade-in value, to see how it aligns with your predetermined residual value. If your vehicle ends up being worth more than its residual value, you have positive equity in your vehicle. If so, it may be worth it to buy it, even if you just want to use the equity on a new lease.

Assess Your Vehicle

Keep in mind, your vehicle's current condition doesn't just affect your trade-in value. If you're considering returning your lease, you will owe fees for any excessive damage. If your vehicle isn't in the best condition, it may be a better financial decision to buy it, rather than pay the fees.

Consider Your Needs

Outside of cost, it's also important to consider your current needs for a vehicle. With the diverse lineup of new GMC vehicles, there may be a new model that's a better fit for you. If so, you may want to consider returning your lease and leasing a new one instead.

Return Your Lease at Our San Benito, TX Dealership

With your lease-end approaching, there are lots of decisions to make. Whether you've decided to return your lease or are ready to buy it, we can help. Visit our GMC dealership in San Benito, TX to get started today!