Check current market prices for your car (via KBB or Edmunds). If the market value is significantly higher than your buyout price, you have "equity." Buying it means you’re getting a car for thousands less than what a stranger would pay on a used car lot. 2. When You’ve Overstayed the Odometer
If your car has significant scratches, stained upholstery, or needs new tires, the dealership will bill you for those repairs at lease-end.
Buying out your lease can be a smart financial move or a costly mistake depending on the timing and the car's value. 1. When the "Residual Value" is a Steal
Check current market prices for your car (via KBB or Edmunds). If the market value is significantly higher than your buyout price, you have "equity." Buying it means you’re getting a car for thousands less than what a stranger would pay on a used car lot. 2. When You’ve Overstayed the Odometer
If your car has significant scratches, stained upholstery, or needs new tires, the dealership will bill you for those repairs at lease-end.
Buying out your lease can be a smart financial move or a costly mistake depending on the timing and the car's value. 1. When the "Residual Value" is a Steal
