Nissan Lease-End Buyout Guide
When you lease a vehicle, you have several options to consider once your lease ends. One of these is a Nissan lease buyout, which is for drivers who want to buy the car they’re leasing. Bedford Nissan has some insights on lease buyouts to help you make the right decision.
What Is a Lease Buyout?
Imagine you lease one of our Nissan cars. Over the course of your three-year lease term, you grow to love the car and decide you’d like to buy it. So instead of turning the car in at the end of your lease, we would move forward with a lease buyout. This involves some fees related to the buyout clause in your lease agreement, as well as some other key factors to consider.
Key Factors
Financing Options
Buying out your leased car shifts you into a new category: car owner. Of course, you won’t own the vehicle until you pay it off, so you’ll need Nissan financing. Make sure you’re in a good position to finance a car over the next few years; to this end, you should make a budget to ensure you have the available funds, and you should also confirm that your credit score is good.
Condition of the Car
After three years of driving, you’ll probably have around 36,000 miles on the car, and it will have endured some wear and tear. If you buy out the lease, any repairs, and future maintenance — for example, new tires and brakes — become your responsibility. However, in buying out your lease, you’ll know longer be responsible for any mileage or damage penalties that are part of the lease agreement.
Residual Value vs. Market Value
Residual value is the leased car’s predicted value at the end of the lease contract. Market value is an estimate of the car’s value on the open market. Before you proceed with a lease buyout, make sure the vehicle’s market value is higher than its residual value, and if it isn’t, you might consider postponing the buyout.
Let’s Talk More About Your Nissan Lease Buyout Near Cleveland, OH
A lease buyout represents a chance to continue driving a great car and eventually own it outright. There are some things to consider before moving forward, so visit our Nissan dealers near Cleveland, OH and tap into our expertise.