Buying Out Your Lease: Yes or No?

We have had this question brought up to us many times so we wanted to take some time to educate our loyal customers on the pros and cons of buying out your lease.

Generally, it is not recommended to buy out your lease for several key reasons.

1. Warranty – in most cases, when you turn in your lease your manufacturer warranty period of 36 months or 36,000 miles has ended.  This poses potentially large, out-of-pocket expenses with your vehicle.
2. Lease Loyalty – most manufacturers, including General Motors offer incentives of up to $3000 for customers who are already leasing a vehicle to be applied towards a new leased vehicle.  If you buy out your lease you’ll no longer be able to take advantage of these savings.
3. Higher Monthly Payment – when you purchase a vehicle, you’ll be financing a large amount of money that is typically higher than what a lease payment would be on a brand new vehicle.  This is often a higher payment than you were already paying on the same vehicle.
4. Older vehicle – with technology and new features improving at an exponential rate, you’ll most likely be missing out on brand new features available to you by keeping a vehicle that is 3 years older than leasing a current model year vehicle.

In the large majority of cases, our customers are surprised that they have enough equity in their current vehicle that they can get into a new lease with as little as no money down!  We encourage you to make sure your sales professional works up a deal on a new lease if you are thinking about buying out your current lease so that you can truly see the advantages of leasing a new vehicle.

We do have plenty of vehicles available for you to lease and in a lot of cases, we can order a vehicle for you in the exact color and trim levels you prefer.

As always please feel free to contact our expert sales professionals at #1 Cochran Chevrolet Buick GMC and we’ll be glad to answer any questions you may have.