Leasing a brand new car can be one of your best options if you are looking for a great deal. There are multi benefits to leasing a car including tax benefits, lower monthly payment, lower down payment, plus not to mention you are always driving a new vehicle. It feels good, drives good, and you can rest assured that you will be safer in new technology.
But did you know there are also multiple options at the end of your lease? If you don’t want to, you don’t necessarily have to turn the car back in. We want to make our clients, and potential clients aware of what choices they have as they approach the end of the lease. It is important to always discuss your end of lease options when you first sign your lease and are negotiating, but in general, there are 4 different options to end your lease.
The standard choice and the one most people are familiar with, is the end of the contract when it is completed and returns the car back to the car lease company. The vehicle will be inspected and you will be responsible for paying for any wear and tear that is above and beyond what is normal. If there are any additional miles (over the mileage allotment as set out by your lease) then you will be charged for the over mileage at this time as well.
A second option might be to extend the lease for additional time. Let’s face it, many people fall in love with the cars they drive. If you are one of these people, this can be a great option for you. You can sign a second and shorter term contract to lease the car for an additional 6 months or 1 year.
If you are happy with your leasing terms, and leasing company which is something we always strive for at VIP Auto Lease in NYC, then you can trade in the leased car. It is a very simple process because many of the terms and fees that would normally be paid at the end of the lease can be rolled over into the new lease. The big benefits are you can do it all at once, save money, and once again, drive a BRAND new car.
The fourth option as you approach the end of your car lease is to purchase that exact vehicle. Your car lease dealership will often give you a great deal, because it saves them time, money, and storage space if they were to take the car back. Please you already know the ins and the outs of the car. If you completed a 3 or 5 year car lease and were satisfied with it, then you should definitely consider this option. You will get an EXCELLENT deal. Purchasing a car that you had leased will be much lower than if you go to any used car lot or private seller and try to purchase the exact same vehicle with the same year and mileage.
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