Buying out a car lease: Is it a good idea? – KTLA Los Angeles

(iSeeCars) – If you’re currently leasing a car and nearing the end of your lease term, you might be wondering what you should do next. Given the shortage of new car inventory, available new cars are selling above MSRP and car leases are also significantly more expensive than they were a year ago. And while buying a used car was once a smart financial decision, used car prices are at record highs and in many cases are more expensive than new cars.

In light of the current new and used car market, buying out your car lease might be your smartest option. How does the process work and should you buy out your car lease? We have the important answers.

How a Lease Buyout Works

If you’re leasing a vehicle, most finance companies will include a buyout option as part of your lease agreement. Your auto lease contract will state the end-of-lease purchase price based on the car’s residual value, which was estimated when you signed your lease. Leasing companies will often contact you near the…

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