Leasing a brand-new Toyota near San Diego, El Cajon, or Kearny Mesa can be very exciting. However, what happens after that lease term ends? There are a couple of options to consider, which our team at Norm Reeves Toyota San Diego will go over.
Read all about lease returns below, and don’t hesitate to contact us if you have any questions.
Options After a Lease Term Is Over
A lease term typically lasts about three years. So, if that time frame is coming to an end, there are two paths you can take. You can either purchase the vehicle, or trade it in for a new lease. Which one you prefer to do depends on your wants and needs.
If you decide that you absolutely love this car and you don’t want to part with it, you can buy the car outright. If there’s another Toyota model that you’d be more interested in, then simply return the current lease for a new one.
Things to Keep in Mind Before a Lease Term Ends
There are some things you’ll need to think about before deciding if you want to buy or trade in your leased vehicle.
When you first leased the car, you had to sign a contract that stated an allotted number of miles every year (typically around 12,000). If you go over that set number, you’ll be charged a fee for every extra mile driven. So, if your lease term is coming to an end, and you realize that you’ll be driving an excessive number of extra miles, it may be more beneficial to buy the car.
Another important factor with a leased car is keeping it in the same condition as when you first drove it home. That not only means taking it to a reliable dealership for routine maintenance, but also avoiding getting lots of dents, dings, and scratches. It also means you can’t make any major changes to the car, like changing the upholstery or body color, or adding in a new stereo system. If you know the vehicle won’t look the same after the lease term ends, then you may want to think about purchasing it.
However, if you’ve kept to the agreed number of miles, and the car is in great shape, then trading it in could be your best bet. You can either get a new version of the model you’ve been driving, or you can get something entirely different. It’s completely up to you.
Want to know more about leasing vs. buying a vehicle? Check out this article for more information!
Toyota Leasing at Norm Reeves Toyota San Diego
If you need more information about lease returns, simply contact us at Norm Reeves Toyota San Diego. We’ve helped many drivers throughout San Diego, Kearny Mesa, and El Cajon with their leased vehicles, and we look forward to doing the same for you.