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When you extend a car lease, you are ending your first least and starting fresh. Your car payments will be a good deal less for your new lease because the car is used instead of new, nevertheless there are numerous things you should take into account before deciding if this option is to you.

Difficulty: Moderately Uncomplicated

Instructions

1 Compare the distinct closure of lease options to discover if extending your lease remains right to you. If you would wish to keep the auto you have but can't afford to make car allowance payments, this may be a good choice.

2 Evaluate your upkeep record to your car. If you possess done your due diligence also taken good attention of your car, subsequently it produces sense to re-lease your car rather than lease other used automobile. You know how well you have maintained the car, but you may never understand how well other used vehicle was maintained.

3 Talk to your dealer relating to extending your lease also gain any lease estimate. Compare the lease estimate to the payments you would have to pay to lease a similar new auto. If you are will include to shell out only slightly lower monthly payments for the new model, extending probably isn't worth it.

4 Get a lease quote away from some leasing company outside the dealership if you don't for instance the dealer's terms. You can sometimes save money on lease payments if you secure exterior financing.

Contemplate buying your automobile if you want to keep it rather than leasing it again. If you purchase your car off lease you can pick up it for the residual value. Check the Kelley Blue Book to see if the residual worth is less than the industry value about the car to perceive if that would be some good deal for you (observe Resources below). If you can't afford the monthly payments for your current lease and can't market the vehicle or transfer the lease, you may be able to extend the term on your present lease to lower the payments. Be careful along with this option, however, seeing that the payments might not go lower that is considerably plus you will be locked into keeping the automobile even longer. It makes much more sense to extend a lease with a luxury car than for any economy or mid-priced car because autos depreciate the most in the initial few long time plus leasing terms are based on residual value. When you extend your lease you will likely be leasing some automobile that is has outlived thems warranty. Most warranties last only as long as the first lease.

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Means

Used car values at Kelley Blue Book