What to Know Before Your Car Lease Ends

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

Understand the Market:

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.

Purchase the Vehicle:

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.

CONCLUSION

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.

Car Leases in NJ & NY Done Right

How does a lease work? If you have more questions, we are here to help!

The Vantage Auto Group provides reliable car leasing options in both New Jersey and New York. On our website (https://www.thevantagegroupauto.com/), you can access an entire inventory of marked down vehicles that fit your lifestyle and your budget.

We also provide a selection of luxury cars at rock-bottom prices. These typically come from unions and corporations that can offer larger discounts. Our professional staff is ready to help find a vehicle to fit your tight budget or find financing solutions that fit your poor credit score. Give us a call at (844)-307-3885 to speak with a live agent, or feel free to email us with any questions.

At The Vantage Auto Group, we save you time, money and peace of mind when it come to Buying your New Car!

No need to deal with the headaches of sitting in a dealership for hours on end and haggling with pushy sales reps.  With our robust dealer network, we’re able to get wholesale pricing and guarantee the most competitive lease or purchase price on any new vehicle. We handle all makes and models, so you can be confident that we’ll find the perfect vehicle that fits your needs.

There are many places to lease or purchase your next vehicle.  The products are the same regardless of the source. So it’s the people who make the difference. Our staff is passionate about what we do. We are all car enthusiasts and understand your excitement about finding the right vehicle at the best possible terms. Along with our enthusiasm is our commitment to be transparent about your lease / purchase and our pledge that all dealings with us be fair, and yes, even fun!

Get Started Today With Your Personalized Car Quote from Vantage Auto Group!

Good credit, Bad Credit, or looking to get an approval, CONTACT US Today!  We work directly with multiple lenders to find the lowest possible lease rate on a new car lease. Come banks will even help us offer short term lease as short as 12 months if not ready to commit to a 2 or 3 year lease. We can even help you get out of your current car with our swapalease lease transfer program. when using our swapalease program, you will no longer be responsible for your current car.

Price Reflects TIER 1 Credit Approval. Prices are for new lease vehicles only. Images are for Display purposes only. Price Excludes local taxes, acquisition fee & DMV/title. Pricing, lease term, and miles per year may vary. All Incentives are Applied For Qualified Customers including Loyalty Rebate, Conquest Rebate, VPP Rebates, College Graduation Rebates, and Regional Rebates.

No need to deal with the headaches of sitting in a dealership for hours on end and haggling with pushy sales reps.  With our robust dealer network, we’re able to get wholesale pricing and guarantee the most competitive lease or purchase price on any new vehicle. We handle all makes and models, so you can be confident that we’ll find the perfect vehicle that fits your needs.

There are many places to lease or purchase your next vehicle.  The products are the same regardless of the source. So it’s the people who make the difference. Our staff is passionate about what we do. We are all car enthusiasts and understand your excitement about finding the right vehicle at the best possible terms. Along with our enthusiasm is our commitment to be transparent about your lease / purchase and our pledge that all dealings with us be fair, and yes, even fun!