Whether you’re thinking about leasing a new car or are nearing the end of your current lease, you might be wondering what happens when your lease is up. If you’re not sure what to do at the end of a car lease, then you’re in the right place! Below you can find some helpful information to help you decide what to do at the end of your car’s lease!
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Options when your Car Lease is up
There are three main options when your car lease is coming to an end. You can A) turn your car in, B) buy or lease a brand new car and C) Decide to purchase your car.
Many decide to simply turn in their vehicle at the end of a leasing period, usually because it lets them get a new vehicle. If you’re someone who likes to switch to a new phone every year or two, then this might be the most preferred option for you! After it’s turned in, you can decide on whether you want to purchase or lease a new vehicle.
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Otherwise, you might really enjoy the car you’ve been leasing, and if you want to keep driving it around, that is definitely an option. When you signed your initial lease agreement there was likely a purchase price listed for if you wanted to buy it at the end of the leasing period. Either way, it’s always good to contact your dealership to discuss all the options!
See Ford’s quick video on what to do when your lease ends!
See all videos on Auto Finance from Ford
When should you explore options at the end of a car’s lease?
We usually recommend looking into your options 30 to 60 days before the end of your lease. One thing that you should do is check your miles driven. If you drove more than your allotted miles, then you might find it more economical to purchase your vehicle instead of paying the fines.
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How to prepare a leased car to turn it in
It’s your choice on whether you want to pay for repairs and maintenance yourself or hand it into the dealer and have them take care of it and send you the bill. This one is really more of a personal preference, but you’d definitely be making things easier on the dealer if you got it cleaned up!
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