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When you extend a car lease, you are closing your initial least and beginning fresh. Your car payments will be a lot less for your new lease because the auto remains used instead of new, but there are some things you should consider before deciding if this option is for you.

Difficulty: Moderately Easy

Instructions

1 Compare the distinct end regarding lease choices to determine if extending your lease is right for you. If you would like to retain the vehicle you obtain although may't afford to generate car loan payments, this might be any beneficial choice.

2 Evaluate your maintenance document to your auto. If you have done your due diligence and taken good attention of your car, later it generates impression to re-lease your auto rather than lease another used car. You know how nicely you have maintained the auto, but you may not understand the way in which well another employed vehicle was maintained.

4 Get some lease quote out of some leasing firm outside the dealership if you don't like the dealer's terms. You may often save money on lease expenses if you protected external financing.

Suggestions & Warnings

Consider purchasing your car if you desire to keep it rather than leasing it again. If you purchase your auto away lease you can secure it for the residual worth. Check the Kelley Blue Reserve to see if the residual value is reduced besides the market value about the car to determine if that would be any very good deal with you (find out Resources below). If you can't afford the monthly payments for your current lease and can't sell the car or transfer the lease, you might be capable to extend the term on your current lease to lower the payments. Be careful with this option, even so, as the expenses might not go down that a lot also you will be locked in keeping the car even longer. It makes more sense to extend any lease to a luxury car than with any economy or mid-priced automobile because cars depreciate the most in the first few long time and leasing terms are based on residual value. When you extend your lease you will most likely be leasing a car that is has outlived its warranty. Most warranties last only because long because the first lease.

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Resources

Used car values at Kelley Blue Book