Lease-End Buyout Guide: Evaluating How and When You Should Purchase Your Leased Car 

One of the nice things about a Dodge lease is the flexibility it offers. When you lease a car from Helfman Dodge Chrysler Jeep® RAM FIAT, you can turn the car in when the lease is over, extend the lease for another year, or buy out the lease and purchase the vehicle. Depending on your needs, this last scenario could work particularly well for you.

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What is a Lease Buyout?

A lease buyout entails a lessee paying off the rest of their lease and then switching to a financing plan in order to eventually own the car outright. A lease buyout usually happens close to the lease’s end date, but sometimes it can happen earlier. It just depends on the contract you signed with our Houston, TX Dodge dealers. When you decide to buy out your lease, you’ll need to be ready to pay whatever you still owe on the car before you can switch into financing mode. 

Buyout Price vs. Market Value

A big factor that will influence your decision to buy out your leased Dodge Charger or Dodge Durango is buyout price vs. market value. While we’ve already covered the buyout price, “market value” means what the car is worth on the open market, and it depends on factors such as mileage, condition, and the popularity of the vehicle. 

The comparison between the two is straightforward: if your buyout amount is lower than the vehicle’s market value, then you should move forward. However, if your buyout amount exceeds the car’s market value, you should probably hold off.

Why Do a Lease Buyout? 

In addition to being able to own a car, there are other good reasons to do a lease buyout, such as:

  • You can continue driving a car you already enjoy. 
  • You won’t have to shop for a new car.
  • You won’t have to pay for any excess miles that exceed your lease restriction.
  • If you buy out your lease, you won’t be responsible for any wear and tear on the car. 

Buyout Your Dodge Lease in Houston Today

Now that you know more about a lease-end buyout, stop by Helfman Dodge Chrysler Jeep RAM FIAT so we can talk further. With helpful tools such as our handy online payment calculator, we’ll help you nail down the car’s buyout price vs. the market price so that you can make an informed decision.