Are you among the car buyers that leased a vehicle? You probably have been wondering what to do when the car lease ends. Some people might decide to buy the vehicle or trade the Car back to the car dealership. Well, under normal circumstances, it is not wrong to do so. Although it is not the normal time to consider such because the value of vehicles has not changed, it is still high, and inventory is yet to recover.
Hence, if your car lease is about to end, there are so many things you can consider, including the potential outcome. Therefore, as you read further, we will consider what you need to do before your car lease ends.
What You Should Be Aware of Before Your Car Lease Ends
Before you make any rash movement or decision, the first thing to know is to understand the market. As the day passes, that is how market prices always vary. During the past two years, we are aware of how much the marketplace has changed when it comes to automobiles. Hence, we will check out the average lease payment between 2019 and 2022 concerning the popular leased models to get the right perspective.
According to Industry Car Leasing data, there has been a considerable increase in the monthly lease payment of Accord models and Honda CR-Vs. As of 2019, the monthly CR-V and Accord lease payments were $373 and $381, respectively. While during 2022, it increased to $422 as the average lease payment each month for CR-V and Accord is now $466. It shows a 13% increase in CR-V and a 22% increase in Accord within three years.
What do we say about leasing as a whole? We can see that shoppers are making an average monthly payment of 19% more than the time of 2019 in leasing the same vehicle model in 2022, not that anything has changed. So if you expect to go for another lease with the same monthly payment, it can be a great challenge for many drivers.
Move Into a More Affordable Lease:
Moving for a more affordable vehicle to lease is another option to consider if you have little money and your vehicle lease is about to end. Such an approach aims to roughly keep your monthly payment the same without paying a premium for a similar vehicle. The trade-off is very simple: as the value of the vehicle has increased with demand and also shortages in inventory when you keep the same monthly payments, you might be required to change to a different kind of vehicle.
Doing so may involve you hopping from one brand to another or from a midsize to a compact vehicle, although it highly depends on the individual scenario. Leasing a vehicle paves the way for you to choose the vehicle of your choice once the lease is up if prices and inventory stabilize.
Vehicle Purchase:
There are various options that a lessee is presented with once the car lease term has ended. Either trade the Car, Sell the Car, turn in the Car, or buy the Car. Traditionally, the vehicle depreciation over the lease term is accounted for in the monthly payment. Still, because during the lease’s beginning, the vehicle’s residual value has been calculated, there are fewer options in today’s market condition.
Some who intend to keep the Car have decided to purchase the Car from the leasing company. But if you do not desperately need a car, you can decide to buy out the lease and sell the vehicle for profit making. Bear in mind that some cars are worth more than others, so you have to fully weigh your options if it will be easy to turn in the lease or buy the vehicle and keep driving it.
As there are a lot of vehicles during 2019 that are eventually coming to their leasing exit this year, drivers will have to decide on their next move without delay. Fortunately, as discussed above, there are so many options to consider. True Car is available for you once you have decided to move on from your current lease. We have the tools to assist you in searching for the right vehicle for your driver’s needs.
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 info@signatureautofl.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!
