Lease Buyout: 4 Tips To Buy your Lease Car

by Feb 10, 2022Car buying0 comments

Thinking of a lease buyout because you enjoy driving it around? In fact, you can purchase your lease either at the end of the contract or before your lease is up. As long as your lease includes a purchase price option when it was signed, you can purchase your leased car at any point in time in a lease term. If you are considering a lease buyout at the moment, read this post for some essential tips for a lease buyout.

Determine The Car’s Actual Value

You need to do some research first to check out what your vehicle is worth in the current market.

Use reliable resources like Kelly Blue Book to determine your car’s value. Make sure you corroborate information like the vehicle’s condition, make and model, and mileage to acquire accurate pricing.

Once you figure out the value of your leased car, compare it with the car’s residual value. The predetermined residual value is the estimated of how much the car will be worth at the end of the lease, which is stated in your lease contract.

You need to compare the car’s actual value with the predetermined residual value to see if the purchase makes sense to you. If the actual value is higher than the residual value, it could be a smart purchase. 

lease buyout

Shop Around for Your Finance Options

You have the option of financing your lease buyout, so you do not have to rely on your leasing company. The leasing company will likely want you to finance your lease purchase in order to make extra profit with a markup. 

It’s always better to shop around to find the right deal for you. Check to see if you are able to get a better interest rate from other dealerships or financial institutions that offer car lease buyout loans.

Let Your Lessor Make the First Move

Typically most lessors will attempt to call and discuss the end of lease options at about 90 days before the lease is up. You may feel like you can’t wait to contact the leasing company to discuss the lease buyout. But with making the first move, you lose your bargaining power. Just like many other types of transactions, you have the advantages when the seller doesn’t know your level of interest.

Negotiate Your Lease Buyout and Fees

The predetermined residual value and the purchase fees are negotiable, particularly when you make a lease buyout at the end of your lease. You can wait for your lessor to come to you then you will have better chances at negotiating favorable terms. 

If you are considering an early lease buyout, you may have little opportunity for haggling to get a better deal. But it never hurts to ask, you will never know what kind of deal you could get if you don’t ask.

Looking to buy out your lease? Want hassle-free buy out your lease in GTA? Trade your car with a cash bonus at Carnex today!

Learn more about the benefits of buying from Carnex. We believe that all clients deserve to know the good and bad of what they’re buying. Because we wanted to know these when we bought cars. That’s why at, we will proudly display every detail every step of the way. Browse all the best cars, automobile buying tips, auto insurance, young drivers, driving techniques, auto industry trends from Carnex Blog.

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Who is Carnex?

Carnex is an online EV dealer built for Canadians to buy and sell electric vehicles. Our mission is to provide Canadians with an alternative and transparent way to buy and sell used electric vehicles and to accelerate the transition to a sustainable green future. is Canada’s first e-commerce platform for used Electric Vehicles. Carnex is the leading Online Car Dealership in Ontario, with the company’s headquarters located in Toronto, Ontario.
Carnex is the fastest and cheapest way to buy a car online. We deliver to your door and collect your old car without extra charges. Buy Now-Pay Later Financing is available.

Why buy from Carnex?

Carnex is trusted by over 18 million buyers to find amazing discounts on used EVs and new EVs in their neighbourhood. Carnex specializes in electric vehicles, and we make the effort to make sure your EV purchase from us will be worry-free. Our skilled EV technicians perform a comprehensive diagnostic on all of our electric vehicles at Carnex because your satisfaction is very important to us. will help you find the best EV bargains among the listings across Canada, and we’ll provide you with the vehicle history and comprehensive reviews for each EV.

Why Choose Us

We choose to only sale quality and zero-accident used vehicles. We are so confident in our cars that we will shamelessly show you all the perfections and imperfections of the vehicle – from the Chasis pictures to chipped paint spots.

We also offer a 9-day no question asked return policy and an 100-day in house mechanical warranty to make your purchase risk-free.

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