The current Car Supply Shortage has caused supply chain issues for all car dealers across the US, and has ultimately affected potential new car buyers. Many Buyers currently leasing a car are stuck wondering if they should buy out their current car lease? It’s no secret that there’s a shortage of used cars right now, nor that car prices have increased significantly. Here are a few things you should know about buying out your current car lease.
You’ll need to do your research to figure if these trends apply to your leased vehicle. Prices for the most popular SUVs — and particularly for pickup trucks — have risen more than other vehicles. Vehicles with a higher original price tag might also show a wider spread. If your leased car hasn’t had a big runup, you can just finish the lease and walk away.
Compare these valuations to the lease buyout price — generally the sum of the residual value in the contract, the payments you still owe and any “disposition fee” (an end-of-lease fee many contracts require). Your leasing company can quote you the buyout total. The difference between what you’ll owe and the vehicle’s current value is your equity in the vehicle, a measure of your potential gain.
The is the popular saying “there is no better time to buy a new car!”, the purpose of the ads is to attract new customers to spend more money, also there is a new element of time as a factor. There is always certain days or month in the year that shows as the ideal time to get yourself a new ride. Most automakers and car dealers try to give several incentives of financing, cashback, and leasing in other to attract customers every month. Most of these industry gives offers almost yearly, while others provide these incentives monthly.
When it comes to buying new cars, all that matters is a dealership and the sales target that manufacturers try to meet. The closer people get to the milestone the faster they would be able to close a car deal and move the inventory. But to answer the question, the best time for getting a car deal done is usually the end of the month, end of the year, or end of a quarter. In this article, we would do out the best time during this period to get good deals.
Buy Out Your Car Lease
If you like the vehicle and it meets your needs, the easiest choice is to just buy it from the leasing company. You’ll be getting a discounted price — a used car worth more than you’ll be paying for it — and you won’t find another used car you know more about than the one you’ve driven and cared for. You’d have to pay a premium in this market to get a different car, purchased or leased. Buying it also puts an end date to the continuous payments that come with leasing.
You don’t have to wait out the lease. You can call your leasing company and ask for the early buyout price. Also check on the sales tax treatment in your state for a buyout. If you don’t have the cash on hand, many lenders who make auto loans and auto refinance loans also make lease buyout loans. Your leasing company might also make a pitch for your loan business but — as always with any new credit — be sure to shop around to get the best interest rate.
Return Your Car Lease
End-of-lease “disposition fees” can be $350 or more. Excess mileage can cost 25 cents per mile. Minor body dings and wheel scuffing could add more. The car’s increased value gives you some leverage to negotiate these fees with the dealer, particularly if you’re in the market for a new lease or purchase, too.
Sell Your Car
This is trickier, but it beats just giving the vehicle back if your equity is substantial and, in some cases, you won’t have to buy the vehicle yourself to be able to sell it or use it as a trade-in. Reasons you don’t want to keep the vehicle yourself might be that you don’t like it, you’re straining to make the payments, or your post-pandemic life has changed in ways that mean you don’t need the vehicle or you need a different type of vehicle. Among your options:
Car Trade-In Values have hit an all-time highs for 2021. Manufacturers and Dealers have been faced with low inventory problems caused by parts shortages across the world, which have caused the historic spike on New Car Prices. Following the Covid-19 Pandemic Dealers and Manufactures have been face with shortages on car parts, leading to inventory issues across the nation for Car Dealers. Florida Car Dealers have seen an increase inventory shortages, with buyers quickly wanting to order or lease the latest brands and models.
Fort Lauderdale’s Most Trusted Car Leasing Company
If you’re looking for car leasing in Fort Lauderdale or the Miami area, Signature Auto Group Florida is the place to be. As a leading leasing broker, we help customers with early lease exits, lease swaps, new leases, and everything in between. With two decades of experience in the New York area collected, our company is confidently expanding its expertise to the South Florida region.
Becoming the go-to company for early lease exits in Miami and Fort Lauderdale is no easy task, but with our commitment to customer service led by a motivated staff, our entry is already favored by most. Standing by you every step of the way, our company strives to guide you in the right direction. Whether buying, leasing, or selling, a dedicated team member is here to attend and impress.
Along with our excellent staff, Signature Auto Group Florida offers a diverse array of services, separating itself from other car dealers in South Florida.
Car Leasing Florida
Serving areas from Aventura to Boca Raton, our reach is vast. As such, our inventory is built to serve all types of clients. With an impressive list of available cars for lease in Miami, we have a special vehicle for everyone.
Leasing a car is beneficial for many consumers. It provides a way to save on costs while evading any long-term commitments. Drivers remain open to the possibility of new vehicles, always able to keep their driveways fresh.
With our extensive industry knowledge and decades-long relationships, we’ve been able to build one of the most desirable inventories around. With most makes and models available, our lot is the only place you need to visit for your next lease.
Contact Signature Auto Group Florida Today!
Signature Auto Group is the best destination for car leasing in the Fort Lauderdale and Miami area. We offer an extensive inventory made up of all makes and models, along with an experienced staff dedicated to making your next visit pleasant and straightforward.
We aim to provide as many avenues of communication as possible, allowing you to interact with our team in a manner that is most comfortable to you. Regardless of the question, feel free to email us directly at email@example.com or use the built-in contact form. If you prefer a call instead, you can reach our team at (561) 709-2277.
You can also stop by our location to speak with us in person. We are located at 291 E Commercial Blvd, Fort Lauderdale, FL 33334.
Fort Lauderdale, Florida Car Leasing Return Center
If you have an car lease that is due to reach maturity, we at Signature Auto Group Florida can accept your lease return even if you did not lease it from us, all makes and models! Let us guide you through the process of turning in your current lease as well as provide all the information you need on leasing a new car.
If your lease is maturing soon, we suggest that a pre-inspection of your vehicle is conducted. This inspection will evaluate your vehicle’s condition using the Vehicle Condition Guidelines. After the inspection, we’ll provide you with a Vehicle Inspection Report, documenting your vehicle’s condition at that time. Save Big by returning your car with Signature Auto Group.
Fort Lauderdale, Florida Car Lease Transfer
A lease transfer works by allowing one driver to transfer their lease to another, who must qualify for credit approval with the finance company. A lease transfer is a simple process in which the name on a lease account is changed for the duration of the term. Other than the registered driver and the name on the lease, the remainder of the lease contract is unchanged. This includes mileage restrictions, wear-and-tear restrictions and the total length of the lease in months.
Fort Lauderdale Early Car Lease Buyout
Want to get out of your car lease early and into another car? Signature Auto Group Florida offers an early lease buyout program just for you. When you are leasing a vehicle, you can purchase your vehicle before the end of the lease contract. There are some instances when your car may be worth more on the market than your buyout price, and in this instance, you can actually make a profit!