End of Lease Options
If you're unclear on what to do at the end of your vehicle's lease, we're here to help. There are three options:
Purchase your current vehicle
After living with a vehicle for a few years, you come to rely on it for daily transportation, road trips, and so much more. It's a member of your family. When you lease is near its end, you have the option to buy your vehicle outright and continue that relationship. In a lot of cases, this is an easy decision as you're buying the vehicle based on the residual value (the value of the vehicle at the end of the lease) rather than the initial selling price. Speak with the finance team at Northwest Chevrolet to learn more about arranging a loan and setting terms.
Purchase or lease a new vehicle
If you've decided that you don't want to keep your currently leased vehicle and want a different model, stop by Northwest Chevrolet for a test drive. When you've decided on a new model, ask yourself if you enjoyed leasing your vehicle or if you would prefer to purchase it instead. Some people enjoy driving the latest model, and for them, leasing a new car, truck, or SUV is the ideal route to go. If you're someone that would prefer not to have mileage limitations, buying the vehicle is probably better for you. Either option provides you with a great new vehicle.
Turn in your vehicle
For those that feel limited by leasing, the best option may be to simply turn the vehicle in when your lease ends. While you'll end up losing any equity that you've built up during the lease, sometimes it is the best choice for you. Carefully consider all your options before committing to this option as you're going to be starting from scratch: you'll need to have money set aside for a down payment and possibly other fees to get you into a new vehicle. We encourage you to speak with your sales and finance teams to see what the best option is for you.