What Should You Do When Your Car Lease is Up?

If your car lease is ending soon near Boca Raton, we understand if you’re worried or confused about what to do next. After all, we’re in the middle of a global chip shortage, inventory is scarce, and car prices have increased. Learn about the considerations to make if your car lease is about to expire. Then, reach out to Jaguar Palm Beach for help with facilitating a smooth lease-end process.

What Are Your Options if Your Car Lease is Ending Soon? 

What should you do when your car lease is up? Traditionally, Delray Beach drivers have four options if their car lease is about to expire. All of these options are still available, but given the chip shortage, there may be complications, which we’ll address later. Your four lease-end choices include: 

• Renew: If you love your lease, but you’re not ready to finance, you can always renew your lease contract. 
• Swap: Typically, you can swap out your lease for another vehicle, although you may find that inventory is scarce during the chip shortage. 
• Walk Away: You’re also welcome to walk away from your lease; however, prices have soared, so you may find your next lease or loan features a higher price than expected. 
• Finance: You can finance the remaining value of your lease, which is a great way to cost-effectively buy a vehicle during the chip shortage —you’ll be beholden to its estimated remaining value as was stipulated when you first signed your lease contract. 

Is it a Good Time to Buy Out Your Lease? 

Now is an excellent time to buy your lease, if your car lease is about to expire. According to Cars.com, the average used car was worth $21,998 in June of 2021—that’s 30% more than the median price in June of 2020. That is to say that prices are sky-high right now, and one of the best ways to get reasonably priced access to a vehicle is to either renew your lease or finance the remaining value. 

Contact Jaguar Palm Beach With Questions About Lease-End Options 

Now that you have a clearer idea of what to do when your lease is up, if you have further questions about your options or how to prepare when your car lease is about to expire near Wellington, give Jaguar Palm Beach a call at 561-462-1174 to get help.Our financiers can help you navigate your options and find the right path for you. In the meantime, be sure to explore our car buying tips for how to determine good interest rates and more!