Are you on the last leg of your GM vehicle’s lease contract? It’s good to explore your options a few months before your contract ends. You actually have three options to choose from.
Return the vehicle
Returning the vehicle to your Key Chevrolet Buick GMC at Newport is only one of the GM lease return options that you have. This option gives you the freedom to choose another lease package from the same dealership or choose another service provider altogether.
However, it is important to note that you must agree to a pre-return inspection before the return date. This is a harmless inspection done to see if there are any unusual signs of wear to the vehicle before it is returned to the dealership. You may need to do some repairs to the vehicle to avoid extra fees. The vehicle’s mileage will also be inspected to see if it is still within the allowance stipulated in the contract.
Are you, by now, wishing you had a different model? The beauty of choosing a lease over an actual vehicle purchase is that you can trade in your leased vehicle for another model once you are tired of it. Of course, depending on how far along you are in your lease, you may need to pay additional fees for the trade-in service. If you have completed your lease contract, this can also mean paying less for the new vehicle. This depends on your preferences.
Purchasing the vehicle
Upon your leas return, you may also opt to purchase the vehicle you have had on lease. For some people, this is helpful because it gives them a “warm-up time” to drive the vehicle around before committing to the full purchase. At Key Chevrolet Buick GMC at Newport, the payment terms for lease and full purchase are very attractive. They can also help you with the maintenance of your SUV or car.
Leasing vs. Buying
While it might feel nearly the same, there are distinct differences between purchasing the car at a loan and leasing the car long-term. When you purchase a car using a car loan, you make regular payments to the bank or other loaning agencies toward your vehicle’s actual, full ownership. When you lease a vehicle using a leasing company, you only make payments to drive the car. The company still owns the vehicle until you decide to purchase it at the end of the lease.
Leasing vehicles from Key Chevrolet Buick GMC in Newport can be purchased after the vehicle lease at its residual value. This will depend on the mileage, depreciation, and other factors.
Things to consider before purchase:
- Continued depreciation of the vehicle, in the long run,
- Cost of repairs once the lease is up. You will need to pay for repairs on your own.
- How much do you really love the vehicle? Is it a vehicle you would use for the next 3 to 5 more years or is it better to just trade it in for a new lease?
- Would you prefer to purchase the newer model of the car instead?
Explore your GM vehicles lease return options at Key Chevrolet Buick GMC of Newport today.