It’s not uncommon for Waterford drivers who’ve leased a Hyundai from Old Saybrook Hyundai to decide they’d like to keep it for longer than the lease term. When that happens they need to know how to calculate a lease buyout. Our finance department is here to help you decide if a lease buyout is right for you, and the best time to do it. We’ll also show you how to calculate a car lease buyout.
When you get your monthly lease statement you’ll likely see a number labeled either Buyout Amount or Payoff Amount. This buyout amount includes the residual value of your vehicle at the start of the lease, the total remaining payments, and a car purchase fee if your leasing company includes one. If you don’t have this value listed anywhere, you can determine your buyout amount by doing these calculations:
There are two kinds of ways to do a lease buyout: at the end of your lease, or mid-lease. Here’s how to calculate a lease buyout for each option:
When you’re at or near the end of your lease you’ll have a better chance of negotiating a better buyout price.
Early Lease Buyout
This option gives you the least amount of wiggle room for negotiation of the purchase price. The only reason to jump into an early lease buyout is if you’ve broken the lease’s restrictions on mileage and vehicle wear. The dealer will have more leverage because of this.
Whether you choose to buy or lease, you can count on Old Saybrook Hyundai to work with you on getting the best deal on your next car! Start with our car-buying tips, then contact us with any questions you have about automotive finances.
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