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What Is a Lease Buyout?

How does a lease buyout work? A car lease buyout is when a dealership allows you to “buy out” the vehicle before the end of the lease contract. There are two different types of buyout options if you really love your Mazda. Below, our Midlands Mazda finance experts have detailed your lease buyout options, answering thoroughly the question, “What is a lease buyout?” And when you’re done here, it wouldn’t hurt to take a look at our Leasing vs. Buying Guide.

Lease-End Buyout

With a lease-end buyout, the dealership expects you to pay what the vehicle is expected to be worth by the end of the lease period. This is a number that’s usually agreed upon before a lease agreement is signed. The lease-end buyout is a good option if:

  • You’re happy with the vehicle.
  • There have been little to no repairs since you’ve had the car.
  • There’s no other vehicle, at a similar price point, that you’d like better.
  • You can get a good interest rate to finance the buyout price.

Also, you’ll know the history of the vehicle intimately, which makes this a better option than buying a recent used Mazda for some Irmo car buyers.

Early Lease Buyout

You can also purchase your leased Mazda before the end of your contract. You’ll need to look over your contract to make sure this is an option, as not all lease deals allow an early lease buyout. Is an early lease buyout worth it in the long term? Keep in mind that, near the end of the lease, the price is determined by:

  • The lease-end residual value on your original contract
  • The amount you still owe on the lease
  • Depreciation, because if the vehicle has depreciated quicker and is below market value, you might have to pay the difference

Buyers consider this buyout option when they’re concerned about lease penalties—going over mileage, not maintaining scheduled services, damages to the interior or exterior, etc. If you are worried you’ll get financially dinged due to a literal ding, you may want to buy out your leased Mazda.

Learn More at Midlands Mazda

Now that you know the lease buyout definition, you can decide if either of the above options is right for you. Of course, you’re also welcome to reach out and ask any questions about buying your leased car, or other car financing and leasing subjects, like getting a lease buyout loan, or obtaining gap insurance. Before you commit to a lease buyout, we’d also recommend you make sure you don’t want to start a new lease with a new Mazda vehicle for sale at Midlands Mazda, or wouldn’t rather buy a certified pre-owned Mazda SUV or sedan.

Ready to take the next step? Learn how to calculate a lease buyout and learn the difference between buying and leasing with our team!

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655 Broad River Road • Columbia, SC 29210

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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.