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How to Calculate a Car Lease Buyout
At Fisher Acura we have great Acura lease deals for Denver area drivers. Acura’s luxury lease package has a lot of perks. But what if you decide you really love how your Acura MDX handles the mountain roads around Aurora and you want to keep it for the long haul? Or maybe your financial situation has changed and purchasing your Acura makes better financial sense than leasing. If you’re looking for information on how to calculate a lease buyout, keep reading.
Is Buying Out Your Car Lease Worth It?
Leasees often buy their leased vehicles at the end of the contract. You can get a payoff quote by calling Acura Financial services at 866-777-6495.
Buying your leased Acura before the lease expires requires you to compare the car’s residual value to its actual value. If the actual value is higher, buying out your lease might not be worth it. Here’s how to determine if buying out your lease before it expires is worth it:
- Determine the residual value of the vehicle. This information will be found in your lease contract.
- Determine the actual value of the vehicle. The residual value doesn’t include depreciation or wear and tear. If you’ve driven less than 12,000 miles a year, your Acura might not have depreciated as much as other cars. You can get an estimate of your car’s depreciation through services like the Kelley Blue Book appraisal tool or our Value Your Trade tool.
- Account for license and registration fees. If you buy the car that you’ve been leasing, you’ll be taking on the costs of ownership, like the title transfer, licensing, and registration fees. You can learn more about the fees on Colorado’s DMV website, and check with your leasing company for any of their fees.
- Account for sales tax. There is a local sales tax rate when you buyout your vehicle, which you may also find on your DMV site or state government website.
Get Your Car-Leasing Answers From Fisher Acura
When Broomfield drivers are trying to determine the best use of their car-buying money, they trust the finance center at Fisher Acura. Contact our finance department with your lease vs. buying questions or schedule a visit to our dealership near Thornton!
