Typically, the buyout amount for a leased vehicle will be available on your monthly statement, taking several factors into account including remaining payments towards the terms of your lease, the residual value of the vehicle and, in some cases, a purchasing fee. If this figure isn’t available to you, there are a few ways you can figure out exactly how much a buyout might be for your car. A copy of your lease contract should be handy within your files, or by contacting the dealership, which will have the estimated value of your vehicle at the end of the term listed. For a figure that is more realistic based on the wear-and-tear of the car, you can enter pertinent information into our Kelley Blue Book trade value calculator, which can generate an estimate to be confirmed at our dealership. Once you have both of these figures, compare them to see which is higher. If your actual value is higher than the residual value, you’ll be able to get your car for a great deal; if not, there is likely some wiggle room to negotiate. Two external factors to take into consideration are sales tax, which may vary based on where you live, and registration fees, which can be found through your local DMV.
You can buy out your lease at any time, but there is a benefit to waiting out till the end of your contract. Because your vehicle may be worth more than its residual value, there is room for you to negotiate a deal with our team that works out in your favor, getting yourself a great deal on a vehicle you already know you love. If you try to negotiate a buyout early, with plenty of time on the lease, there’s less room to make a deal. The dealer will know the current mileage of the vehicle and whether or not more wear and tear than what was agreed upon has been sustained.
If you are interested in keeping your lease past the terms of the agreement, schedule an appointment with Mazda of Columbia to learn more about lease buyouts! Our finance team is always available to answer any questions you may have or to set up new terms for your Mazda vehicle. To get started, call or visit us today!
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