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How to Calculate a Lease Buyout

Are you enjoying drives between Irmo and West Columbia in your leased Mazda car, crossover, or SUV? If you want to buy your leased car, our team at Midlands Mazda is happy to help. Learn how much you’ll pay when you see how to calculate car lease buyouts on your Mazda, and don’t hesitate to contact us if you have any questions!

Buying Out Your Lease: Is it Worth It?

In some cases, you’ll see a Buyout Amount or a Payoff Amount listed in your monthly lease statement. This buyout amount includes the residual value of your vehicle at the start of the lease, remaining payments, and might also include a car purchase fee in some cases. If you don’t have this value listed anywhere, or just want to know how to calculate a car lease buyout, follow these steps:

  1. Determine the residual value of the vehicle.
    This information will be found in your lease contract, and is calculated from the beginning of your lease. This is the estimated value of your car when your term is over.
  2. Determine the actual value of the vehicle.
    Over time, the value of your new vehicle will depreciate. Use a service like our own Kelley Blue Book Value Your Trade Tool to get an idea of how much your vehicle is currently worth.
  3. Compare the residual value and the actual value.
    If you vehicle’s actual value is more than your residual value, then you could potentially be getting a great deal. However, you may be able to negotiate if it’s not as close as you’d like.
  4. Account for license and registration fees.
    You’ll need to remember that you need to register your car in your name, and there are fees associated with that process. Title transfer costs, licensing, and registration fees all add up and can potentially cost hundreds. You can learn more about the fees on your state DMV site, and check with your leasing company to see if there are any additional buyout fees.
  5. Account for sales tax.
    You will need to consider applicable used car sales tax when you learn how to calculate a lease buyout.

Lease-End Buyouts vs. Early Lease Buyouts

Lease-End Buyouts: As you near the end of your lease term, you’ll be more likely to negotiate a buyout in your favor. Remember, if your vehicle is worth more than the residual value, then you will have the upper hand in negotiations.

Early Lease Buyout: If you want to buyout early, then you may not have as much wiggle room. Whether due to too much vehicle wear and tear or danger of exceeding the mileage limits, the dealer knows they have more leverage in the situation if you are trying to prematurely end your lease.

Rely on Midlands Mazda For More Automotive Tips

No matter what you need to know, the team at Midlands Mazda is here to help! Our dedicated finance center is here to ensure you’re behind the wheel of the new Mazda you need at a price that’s right for you. Don’t hesitate to contact us with questions, including about the difference between buying and leasing.

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655 Broad River Road • Columbia, SC 29210

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Open Today! Sales: 9am-6:30pm

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Midlands Mazda

655 Broad River Road Columbia, SC

Phone: 803-404-5100

http://maps.google.com/?q=655%20Broad%20River%20Road%2029210%2C%20United%20States%2C%20Columbia%2C%20SC%2029210

Parts

Phone: 803-988-1000

655 Broad River Road Columbia, SC

Sales

Phone: 803-832-0567

655 Broad River Road Columbia, SC

Service

Phone: 803-988-1000

655 Broad River Road Columbia, SC
34.024567 -81.0740917
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Midlands Mazda
Midlands Mazda
655 Broad River Road
Columbia, SC, 29210 United States
803-404-5100
https://di-uploads-pod9.dealerinspire.com/midlandsmazda/uploads/2016/11/Midlands-Mazda-OG-Image.jpg
Midlands Mazda 34.024567, -81.0740917.