There are certain steps you have to take when considering a Land Rover Lease buyout. You can decide to register at a reputable dealership like VIP Auto of NJ to guide you through the decision-making process or do your own research.
Want to know how to easily negotiate a Land Rover lease buyout and save thousands? Keep reading!
Early Land Rover Lease Buyout: Steps
Below are the steps to take to determine the current value of your car against the remaining payments on your lease
- Locate the Buyout Amount
This amount is always listed in your monthly leasing statement. It includes the residual value of your vehicle at the start of your lease, the total remaining payments, and a car purchase fee (depending on the leasing company).
If you don’t have a buyout or payoff amount listed anywhere, continue to the next step. If you have one, skip to the 3rd step.
- Determine the Residual Value of your Care
You’ll find this information in your lease contract. The residual value of your vehicle is its estimated future value at the time your lease contract ends.
- Determine the Actual Value of your Vehicle
Your car may have decreased in value from when the lease began due to wear or tear and depreciation. Also, if you’ve driven your vehicle less than 12,000 miles per year, it may not have decreased in value as much as you’d think.
- Compare the Residual value to 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 will need to negotiate with the dealer on a more favorable purchase price.
- License and Registration Fees
Be sure to account for any license and registration fees. If you buy the car that you’ve been leasing, that means the cost of ownership is being transferred from the leasing company to you. Also, every lease buyout has a local sales tax rate
This includes registration fees, title transfer costs, and licensing. You can learn more about these fees by contacting VIP Auto of NJ.
Early Lease Buyout vs. Lease-end Buyout
Another important thing to consider is whether you want to end your lease early or wait until the contract is up to buy your vehicle. Here are some differences between early lease buyouts and lease-end buyouts:
Lease-End Buyout – Waiting until you are at or near the end of your lease can put you in a better position to negotiate on price with your dealership. If the dealer thinks you are planning on giving your vehicle back to them, they may offer you a better deal to keep the vehicle.
Early Lease Buyout – Early buyouts won’t give you much enough space to negotiate on the purchase price of your vehicle. Whether you’re considering an early buyout due to too much wear and tear or high mileage, the dealer knows they have more leverage in the situation if you are trying to prematurely end your lease.
Conclusion
If you’re looking to trade in your current lease for a new luxury vehicle instead, contact us at VIP Auto of NJ. We have offers that’ll meet your needs.
Also, if you love your leased car and would like to sign up for the Land Rover Financing Buyout, our finance experts are here for you every step of the way. Visit us today at 32 US-46, Lodi, NJ 07644 (201) 749-4339 https://vipautonj.com
