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Whilst you extend a vehicle lease, you are ending your first least and starting fresh. Your vehicle payments will be a lot less for your new lease because the car yous used instead of new, except there are most things you ought to consider before deciding if this option is to you.

Difficulty: Tolerably Easy

Directions

1 Compare the different finish about lease choices to define if extending your lease is suitable for you. If you would want to keep the auto you experience but may't afford to make car allowance payments, this may be a excellent option.

3 Talk to your dealer roughly extending your lease plus procure a lease estimate. Compare the lease estimate to the payments you would have to pay to lease a identical new car. If you are will maintain to pay only slightly lower monthly expenses for the new model, extending probably isn't worth it.

4 Get a lease quote out of a leasing company exterior the dealership if you don't love the dealer's terms. You can sometimes conserve money on lease payments if you secure outside financing.

Suggestions & Warnings

Take into account buying your auto if you want to keep it rather besides leasing it once again. If you pay for your vehicle off lease you can get it for the residual value. Check the Kelley Blue Reserve to see if the residual worth is less other than the market value of the car to see if that would be a good deal for you (see Means below). If you can't afford the monthly payments for your current lease and can't sell the car or exchange the lease, you may be capable to extend the term on your existing lease to lower the payments. Be careful with this option, nevertheless, seeing that the payments might not go lower that very much plus you will be locked into keeping the car even longer. It makes more sense to extend a lease for a luxury car besides for any economy or mid-priced car because cars depreciate the most in the initial few long time plus leasing terms are based on residual value. While you extend your lease you will likely be leasing a auto that has outlived thems guaranty. Most warranties final only seeing that long as the first lease.

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Resources

Used vehicle values at Kelley Blue Book