You’ve enjoyed every mile behind the wheel of your leased Mercedes-Benz, and now that your lease is nearing its end, you might not be ready to say goodbye. Fortunately, you don’t have to. Many drivers in West Covina and surrounding areas choose to buy out their lease and keep the vehicle they love.
Not sure if a lease buyout is the right move? A great place to start is by learning how to calculate a lease buyout. The finance team at Mercedes-Benz of West Covina is here to guide you through every step. Below, we’ve outlined a simple, four-step process to help you estimate your lease buyout cost with confidence.
How to Calculate a Lease Buyout in 4 Simple Steps
Figuring out the total cost of a lease buyout isn’t complicated, especially with the right guidance. Here’s how to estimate what you’ll pay if you choose to purchase your leased vehicle:
- Find Your Vehicle’s Residual Value
The residual value is the estimated worth of your vehicle at the end of the lease term. This figure is set at the beginning of your lease and can be found in your lease contract. - Determine the Car’s Current Market Value
Use online tools like Kelley Blue Book, Edmunds, or our own Value Your Trade tool to get an accurate estimate of your car’s current market value. This helps you see how your vehicle’s actual worth compares to the residual value. - Compare the Residual vs. Market Value
If your car’s current value is higher than the residual, that’s a strong indicator that buying it out is a good investment. If the residual value is higher than the market value, you may have room to negotiate the purchase price with the dealership. - Add Taxes, Fees & Registration Costs
Factor in any applicable sales tax, title fees, and registration costs, which vary depending on your location. You can find these details on the California DMV website or by speaking with one of our finance professionals.
Explore Your Lease-End Options
Now that you know how to calculate a lease buyout, our team at Mercedes-Benz of West Covina is here to help you make the best decision for your needs and budget. Whether you choose to buy your current Mercedes-Benz, return your lease, or start a new one, we’ll make the process smooth and stress-free. Located near Covina, La Puente, and Glendora, we proudly serve drivers throughout the San Gabriel Valley.