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How to Calculate Lease Buyouts

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If you’ve enjoyed the experience of your Hyundai lease in Dayton and want to buy your car once your term is up, you’ll need to know how to calculate a lease buyout. This enables you to get a great deal to purchase the vehicle you’re currently driving, whether you’re looking to break your lease early or assume ownership once it’s over. Find how to calculate a car lease buyout with the auto finance experts at Voss Hyundai today!

Calculating a Car Lease Buyout Step by Step

On your monthly lease statement, you’ll see the Buyout Amount or Payoff Amount listed. This refers to the residual value of your vehicle at the start of the lease along with the total remaining payments you owe. This section may also include a car purchase fee, depending on the leasing company. However, if it isn’t listed, you can follow these steps to calculate your car lease buyout:

  1. Determine the residual value of the vehicle.
    This information will be found in your lease contract, as it was calculated at the beginning of the lease. This value is the estimated future value of the vehicle by the time the lease contract ends.
  2. Determine the actual value of the vehicle.
    Your car may have decreased in value from when the lease began, due to unavoidable depreciation or any wear and tear from driving. Conversely, if you’ve driven your vehicle less than the average 12,000 miles per year, it may not have decreased in value as much as you’d think. Use a service like our Kelley Blue Book Value Your Trade tool to assess the current market value of your car.
  3. Compare the residual value and the actual value.
    If the actual value ends up being higher than the residual value from your lease contract, then purchasing your vehicle might be a good deal. If not, you may be able to negotiate with the dealer on the purchase price.
  4. Account for license and registration fees.
    If you buy the car that you’ve been leasing, that means that certain costs of ownership are transferred from the leasing company to you. This includes title transfer costs, licensing, and registration fees. You can learn more about the fees on your state DMV site and check with your leasing company for any of their fees.
  5. Account for sales tax.
    There is a local sales tax rate when you buy out your vehicle, which you may also find on your DMV site or state government website.

Lease-End Buyouts vs. Early Lease Buyouts

When it comes to lease buyouts, Miamisburg customers can choose between a lease-end buyout or an early lease buyout. Purchasing your vehicle at the end of your lease may enable you to negotiate a better buyout, or the dealership may be inclined to offer you a great deal if you were considering selling it back to them. Those who opt for an early lease buyout will have less room for negotiation when trying to end the lease agreement early. This can be affected by factors such as too much wear and tear or danger and excessive mileage limits which the dealer can use to their advantage.

Calculate Your Lease Buyout at Voss Hyundai

Now that you know how to calculate car lease buyouts, you can be ready next time you want to own your next lease on Centerville roads. Find even more helpful auto finance guides at Voss Hyundai, and speak with a member of our sales team who can answer any of your questions. Be sure to take a look at our current offers among our new vehicle specials and national incentives. Contact us today for more information on how to calculate a lease buyout, or simply visit our dealership in Dayton!

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