What to Do at the End of Your Vehicle Lease in Victoria BC
What to Do at the End of Your Vehicle Lease?
One of the main reasons customers enjoy leasing a vehicle is the number of options you have at the end of the lease. During the lifetime of your vehicle, it’s commonplace for your situation to have changed or shifted over the years. A lease offers the opportunity to make decisions based on your current status, not your situation from 4 years ago. These can be things like vehicle needs, budget, lifestyle and other factors which may need to be considered.
If you are coming close to the end of your lease, this guide will show all of your options and the advantages of each. We hope to make choosing the right option for you, the first time, a bit easier. Take the stress out of the end of your lease with this quick guide.
What Are Your Options at Lease End?
When your lease payments are due to end there are several options that you have. You can:
- Walk away from your lease at the end of its term. Assuming your vehicle is in good shape, this can often be done without lease-end wear and tear or extra km charges.
- Trade in your leased vehicle for a new or used vehicle.
- Trade in your leased vehicle for a new leased vehicle.
- Extend your lease.
- Refinance or buyout your current leased vehicle.
Let’s take a closer look at each of these options:
Walk Away from the Lease
You can simply walk away from your leased vehicle. Returning your vehicle to the dealership is a good option if you no longer wish to keep it. You may no longer need a vehicle, or perhaps you have purchased a replacement vehicle elsewhere.
A lease end inspection is required to determine the condition of your vehicle. If you haven’t gone over the km allowance, and the vehicle is in good shape, this can often be done for no extra charge. Take a close look at your lease contract to determine your annual km allowance. Also take a peek at your requirements for vehicle wear and tear. Both will vary based on what you selected at the time of purchase.
Trade-in Your Leased Vehicle for a New or Used Vehicle
You can also trade in your lease for a new or used vehicle to finance or purchase outright. For customers who prefer to fully own the vehicle, this is a great choice.
Trade-in Your Leased Vehicle for a New Leased Vehicle
You can also lease a new vehicle. Trading in your leased vehicle for a new lease lets you have a new vehicle every few years. With this option, it’s also possible to maintain the same car payment. Dealerships will often contact lease customers close to the end of the term with special offers to get into a brand new version of your current vehicle. This is often for the exact same payment or even less.
Extend Your Lease
Need a bit more time? This option might be right for you. Extending your lease allows you to continue driving your current vehicle without needing to fully commit to buying or financing it. This is a great option if you are waiting on a factory order of a new vehicle or haven’t found the perfect replacement just yet. Or, if you still need a reliable vehicle in the meantime, extending your lease is a great option for you.
Similarly, if you anticipate that your financial situation or lifestyle will change in the near future, this option buys you time. This allows you to keep your vehicle payments similar in the meantime, while avoiding the hassle of selling it yourself or trading it in immediately.
Keep in mind that extending your lease isn’t always possible. Contact your dealership to see if this option is available to you.
Refinance or Buyout Your Current Leased Vehicle
If you’ve loved driving your leased vehicle and want to drive it for the foreseeable future, this option might work best. Financing or outright purchasing your leased vehicle is most likely the best option for you. Customers who want to drive their vehicle for years to come and don’t want a monthly car payment tend to choose this option. Similar to extending your lease, this can be a great option if you foresee a lifestyle change down the road but not in the immediate future.
Your best first step is to contact Kia Victoria to see the specific details of your lease. We can provide you with everything you might need, including:
- end date
- wear and tear terms
- kilometer allowance
- foreseeable residual value
That’s right. At the end of your lease, you might even have a residual value owed to you. This happens if you are well under your kilometre allowance, and if the vehicle is in high demand.
Hopefully this guide helps you discover the best option for you at the end of your vehicle’s lease. Knowing the right option for your unique situation can be daunting. If you are still unsure, please don’t hesitate to contact our Financial Service Managers who are experts when it comes to your vehicle’s lease. We can help you make the right decision, the first time.
If you need information specific to your situation, please contact one of our team members here. We will put you in touch with someone who can help.
Stay posted to the Kia Victoria for more helpful tips and information on all things Kia. Check out our inventory here. Or build your dream vehicle here. Want to know more? You also might be interested in these articles: