Can You Negotiate a Lease Buyout?
Buying and leasing both have their benefits, and sometimes Oakwood drivers lease a car and then realize they really love their vehicle. This can leave them wondering, “Can you negotiate a lease buyout?” The answer, in most cases, is yes! Most leasing agreements include an estimated buyout price in the contract, but in most cases, it is possible to negotiate an even better deal. Find out how to end a car lease early and get a great price with Mercedes-Benz of Centerville!
Tips for Buying Out a Car Lease Early
When it comes to how to buyout a car lease early, there are a few things you want to keep in mind to make sure you get the price you want:
- Research vehicle prices – Usually you’ll see an estimated buyout price at the end of your lease contract. If you find that the current market value for the vehicle is much lower than estimated, you’ll have the leverage to negotiate a better deal.
- Speak with your vehicle financer – If you’ve financed at your dealership, you can go directly to them. If you took a different route to finance your vehicle, your dealer may not be the sole determiner of the lease buyout price. Contact your lender directly to see if they’ll accept a lower total cost for the vehicle and see if there are any car lease early termination fees that you’ll need to consider. With this knowledge, you’re ready to start your end of lease negotiation.
- Make an offer – After you’ve gathered the numbers, you can approach your dealer with an offer. If you can show that the estimate in the contract is inaccurate, dealers will generally offer you a price closer to what you’re requesting.
For more information and car buying tips, feel free to contact us at Mercedes-Benz of Centerville!
Picking the Right Lease Buyout
Now that you’ve seen how to negotiate a car lease buyout, it’s important to consider your timing. It’s pretty common practice for drivers to purchase their vehicle at the end of their lease, but some drivers are interested in buying out a car lease early. When deciding between these two options, keep these considerations in mind:
- End of lease buyout: Typically, the price is set and is based on the residual value at the end of the leasing term. In select cases, you can begin an end-of-lease negotiation to improve the price.
- Early lease buyout: This provides a good option for drivers hoping to avoid mileage and service penalties. Pricing for this buyout option is determined by the amount you still owe on the lease and the vehicle’s estimated remaining value at the end of the term. Additionally, some leases may include a car lease early termination fee.
Finance or Lease With Mercedes-Benz of Centerville
At Mercedes-Benz of Centerville, we’re dedicated to helping Oakwood and Bellbrook drivers find their best path to their next vehicle. Whether that means buying, leasing, or negotiating a lease buyout, our finance team associates are here to help! Browse our inventory today and pay us a visit to get started!
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