When you lease, it is important to do your homework and prepare yourself for the lease. It is also important to not only plan ahead for the start of the lease, but the end of the lease as well. It can never be to soon to figure out your options at the end of your lease.
Your lease-end options
When your lease is over you may have the option of returning the car, extend or re-lease, buy the car, or even trade it in for another lease. These options depend on your situations and agreements with the leasing company. Some of these options you may not get to have.
How it works
The leasing company will contact you a month or so before you leasing contract is over. They will tell you information about where to go to get the car inspected and return the car. Most of the time the leasing company instructs you to return the car to a dealer. They will also tell you that you have the option of buying the car and how much it would cost. They also remind you that they could extend your lease, but for certain agreement terms. What they do not mention is that you could trade in that car for a newer lease or to buy a new car.
Be careful of your lease-end decision
Do not make a decision without thinking things through. Do your homework and take careful considerations of your choices. Try to decide which option will benefit you.