Calculate the total cost to purchase your leased vehicle including residual value, purchase fees, sales taxes, and any excess mileage or wear-and-tear penalties.
Lease buyout is the process of purchasing your leased vehicle at the end of the lease term. The buyout price typically includes the residual value of the vehicle, a purchase option fee (usually $300-$500), sales tax on the buyout amount, and any unpaid fees or penalties. If you've exceeded your mileage allowance or the vehicle has excessive wear and tear, additional charges will apply. Understanding the total cost helps you decide whether buying out your lease is a smart financial decision.