How to Calculate a Lease Buyout?

Have you been leasing your car for a while now near Monticello and realize that you absolutely adore this car? The good news is that you can try to buy it at the end of your leasing period! Let’s find out how to calculate a car lease buyout with Cornerstone Chevrolet below before making your Big Lake ride permanently yours. 

How Much Is My Car Lease Buyout?

Find out your car lease buyout amount by taking a closer look at your monthly leasing statement and locate the buyout amount or payoff amount. This amount would include the residual value of your vehicle at the start of the lease, the total remaining payments, and possibly a car purchase fee depending on your leasing party. 

Can’t find the amount? See how to calculate a car lease buyout on your own below: 

1. Find the residual value of the vehicle or how much the vehicle will be worth by the end of your leasing period. You should be able to find this number in your leasing contract. 
2. Figure out the actual value of the vehicle with our online, free value-your-trade tool that uses Black Book® data. 
3. Put the residual value and the actual value side by side. If the actual or estimated current value is higher than the residual value, then a buyout will be a good idea. However, if that’s not the case, you can try to negotiate with the dealership you leased from on the buyout amount! 
4. Factor in license and registration fees. Buying a car that you’ve been leasing includes taking on the costs of ownership, such as title transfer costs, licensing, and registration fees, from the leaser. 
5. Also factor in sales tax. Find out the rate from your DMV site or state government website. 

Now that you know how to calculate your lease buyout and have calculated the total amount, consider if you can afford the amount and if the amount is worth it for the car. If you need more help, turn to our finance experts!

Lease-End Buyout vs. Early Lease Buyout

You have the option to choose to buy out your vehicle early on or at the end of your lease. Learn what the differences are below. 

Lease-End Buyouts

Buying out your St. Michael ride at or near the end of your lease will give you more room to ask for a better buyout. 

Early Lease Buyout

If you are trying to buy out your car at the beginning, it will be difficult to negotiate as dealerships want to prevent Buffalo drivers from avoiding fees if they cause too much wear and tear or drive over the mileage limits that break the lease agreement. 

Come to Cornerstone Chevrolet for More Car Buying Tips

Since we have answered how to calculate lease buyout, we are more than happy to answer any other questions you have about purchasing a car! Read on our car-buying tips or contact us today.