Are you among the car buyers that leased a vehicle? You probably have been wondering what to do when the car lease ends. Some people might decide to buy the vehicle or trade the Car back to the car dealership. Well, under normal circumstances, it is not wrong to do so. Although it is not the normal time to consider such because the value of vehicles has not changed, it is still high, and inventory is yet to recover.
Hence, if your car lease is about to end, there are so many things you can consider, including the potential outcome. Therefore, as you read further, we will consider what you need to do before your car lease ends.
What You Should Be Aware of Before Your Car Lease Ends
Before you make any rash movement or decision, the first thing to know is to understand the market. As the day passes, that is how market prices always vary. During the past two years, we are aware of how much the marketplace has changed when it comes to automobiles. Hence, we will check out the average lease payment between 2019 and 2022 concerning the popular leased models to get the right perspective.
According to Industry Car Leasing data, there has been a considerable increase in the monthly lease payment of Accord models and Honda CR-Vs. As of 2019, the monthly CR-V and Accord lease payments were $373 and $381, respectively. While during 2022, it increased to $422 as the average lease payment each month for CR-V and Accord is now $466. It shows a 13% increase in CR-V and a 22% increase in Accord within three years.
What do we say about leasing as a whole? We can see that shoppers are making an average monthly payment of 19% more than the time of 2019 in leasing the same vehicle model in 2022, not that anything has changed. So if you expect to go for another lease with the same monthly payment, it can be a great challenge for many drivers.
Move Into a More Affordable Lease:
Moving for a more affordable vehicle to lease is another option to consider if you have little money and your vehicle lease is about to end. Such an approach aims to roughly keep your monthly payment the same without paying a premium for a similar vehicle. The trade-off is very simple: as the value of the vehicle has increased with demand and also shortages in inventory when you keep the same monthly payments, you might be required to change to a different kind of vehicle.
Doing so may involve you hopping from one brand to another or from a midsize to a compact vehicle, although it highly depends on the individual scenario. Leasing a vehicle paves the way for you to choose the vehicle of your choice once the lease is up if prices and inventory stabilize.
There are various options that a lessee is presented with once the car lease term has ended. Either trade the Car, Sell the Car, turn in the Car, or buy the Car. Traditionally, the vehicle depreciation over the lease term is accounted for in the monthly payment. Still, because during the lease’s beginning, the vehicle’s residual value has been calculated, there are fewer options in today’s market condition.
Some who intend to keep the Car have decided to purchase the Car from the leasing company. But if you do not desperately need a car, you can decide to buy out the lease and sell the vehicle for profit making. Bear in mind that some cars are worth more than others, so you have to fully weigh your options if it will be easy to turn in the lease or buy the vehicle and keep driving it.
As there are a lot of vehicles during 2019 that are eventually coming to their leasing exit this year, drivers will have to decide on their next move without delay. Fortunately, as discussed above, there are so many options to consider. True Car is available for you once you have decided to move on from your current lease. We have the tools to assist you in searching for the right vehicle for your driver’s needs.
Signature Auto Group New York & Florida’s Trusted Car Leasing Company
As a company we learned a long time ago just how significant it is to have talented, loyal and motivated staff to serve our clients in every aspect; before, during and of course even after such an important vehicle purchase. Even though this will always be an ongoing process, this organization has been fortunate to have attracted and retain such extraordinary individuals at every single level in this company.
We are honored to serve all Signature Auto Group clients past, present and future clients in the major areas of the United States and around the rest of the world. Signature wants their customers to enjoy life to its fullest. We also have high standards that the staff agrees with and are committed to providing you with the service you deserve. The sales staff is extremely knowledgeable about our products and is there to get you the fantastic vehicle that you want and desire.
Brooklyn, NY’s Leading Car Leasing Dealer & Auto Leasing Broker in New York City
Come on in and check out our extensive inventory that includes all the latest makes and models of vehicles. It doesn’t matter whether you are wanting to purchase or lease; we have the perfect plan for you. And don’t forget to check out our specials, we are always having great lease specials on a lot of the new vehicles in stock.
SIGNATURE AUTO GROUP – BROOKLYN’S PREMIER AUTO LEASING COMPANY
For over two decades, Signature Auto Group has provided proficient lease services. We maintain high ratings on digital platforms such as Cars.com and DealerRater, praised for our excellent customer service and vehicle selection. Initially from the New York area, we have been accredited by both the BBB (Better Business Bureau) and the NYCC (New York Chamber of Commerce).
Now, Signature Auto Group is expanding our services across the New York City area, providing fantastic lease deals for Brooklyn and NYC Drivers. Choose from our wide range of vehicles and secure the necessary insurance and financing all in one place. Our centrally located office is found at 9265 4th Ave, Brooklyn, NY 11209.
If you are tired of the traditional dealership model, Signature Auto Group offers a digital forward experience. Through digital innovation, customers can complete the buying or leasing process from the comfort of their homes. Look through our extensive selection of vehicles, file the appropriate paperwork alongside our experienced representatives, and simply pick a delivery date. Signature Auto Group will deliver your new car delivered straight to your front door.
Reasons to Lease With Signature Auto Group
Signature Auto Group is recognized as the best car leasing company in Brooklyn, New York City, Queens, and surrounding areas. Here are just some of the reasons customers keep coming back to our services.
- Price Match Guarantee. We work tirelessly to provide the best available prices. We will beat or match the price of any competition in the area. Additionally, we accept discounts provided by both unions and corporations.
- Convenience. As a one-stop solution, we can provide insurance and financing services to make your purchase convenient.
- Experience Staff. Our staff has over 60 years of experience in the automotive industry. As such, they can provide a wealth of knowledge and guide you through the buying process.
- No Hidden Fees. Signature Auto Group prides itself is being upfront about our prices.
- At-Home Delivery. Adding to our collection of convenience features, we offer the option of an online process, even delivering your new car to your home.
- Flexible Leases. We offer the traditional 24 and 36-month lease duration. However, we also offer a large selection of lease transfer vehicles, allowing for even shorter lease durations.
- Easy Financing. Signature Auto Group will use its extensive industry connections and knowledge to secure you a suitable and favorable loan, even if you have poor credit.
- Great Selection. We are leasing all makes and models in Brooklyn, allowing for an unprecedented amount of vehicles to choose from.
- Easy To Use Website. Many functions are found throughout our website. You can view our large selection of vehicles, submit information regarding a car you want to sell, contact our staff, and more!
Endless Inventory of the Best Car Leases in New York City
While some dealers are having trouble filling up their lots, we have an abundance of choices. Thanks to Signature Auto Group being the price destination for you to trade in or sell your car in Brooklyn, we are able to maintain a large selection of vehicles.
If your preferred vehicle is not found on our lot, we are also a premier auto broker in Brooklyn. Simply let our team know what car you are looking for, and we’ll start the search. Not only will we find you a car, but we’ll also negotiate on your behalf for the best price. It does not matter if you are pursuing a car for lease or purchasing a new or used car. We will make sure that you’ll be able to find your perfect vehicle.