What Are the Options at the End of My Lease?

When your lease is over, there are three options, depending on what YOU think is best.

Lease Another Car from the Same Dealer

Many people like leasing a car because they get to drive a new one every few years and the monthly payment is lower than when you buy.

If you're thinking of leasing a new car when your lease is over, check your car for damage and then let the dealership inspect it. You will be responsible for any damages beyond typical wear and tear.

Re-leasing is often a good idea to save money, because Crain Kia of Fort Smith may offer you a great lease deal in effort to keep your business. This is especially true if you have taken good care of the car and made all your monthly payments.

Buy the Car Outright

At the end of your lease you may find that you actually like the car and don't want to give it up. If that's the case, you can buy the car from the dealership.

Once you own it, there will be no more mileage restrictions, you can customize it any way you want, and you'll have the pride that comes with actually owning your car.

"But what's the price?" you may ask. Normally, the buyout price is given when you first lease the car, so check your lease agreement.

Return the Car and Walk Away

You may also decide to return your car at the end of the leasing period and just walk away without leasing again or buying the car.

You'll still need an inspection, and you will be responsible for any excessive damages. You will also be responsible for the residual value of the car.

Whatever you decide to do — buy your car, lease another one, or return it — it is always smart to start thinking about what's best for you way before the end of your lease.

Source: www.autos.com/car-buying/what-happens-at-the-end-of-a-car-lease