At Jake Sweeney Chrysler Jeep® Dodge RAM, we carry an extensive collection of cars and trucks that are bound to satisfy any kind of driver. While we provide options for car ownership, we also offer affordable car leases as well. That said, if you’re at the end of your lease, there are some things you might want to do first before you hop behind the wheel of another vehicle.
So your car lease is ending; this period can feel quite stressful, especially if you’ve had your car for a while. First things first, return to your original lease agreement and review the specifics. Whether you’re leasing a Jeep Cherokee or a classic Chrysler sedan, every lease should contain a lease-end value. The lease-end value or residual value is how much the vehicle is worth at the end of the lease. This value is worthwhile if you plan on buying or trading in the vehicle.
You can do one of three things once your lease is over, walk away from the lease, purchase the vehicle outright, or trade it in towards the purchase of another vehicle. Any of these options are worthwhile, it just depends on your satisfaction with the car and what you’re looking for in vehicle ownership. Once you’ve determined what you want to do with your lease, you’ll need to determine the car’s actual value. You can find your car’s value by receiving quotes from dealers. If the car’s true value is more than the residual value, you can use the left over amount to put towards a new car or the fees that are associated with an end of lease agreement. If the residual value is higher than the actual value, most dealers would recommend that you take the financial hit and pay the various fees and walk away from the lease. If the residual and actual value is equal, you should trade the car into a dealer to dodge the overbearing end of lease charges.
If you’re looking to find the true value of your leased vehicle, visit our Chrysler, Dodge, RAM, Jeep dealer today, and our staff can set you up with a quote. The end of a lease can be a stressful period, but with our help, we can make things a little easier.