When you first signed on for a leased car, you might have felt as if you were making the right decision. You might have been really excited about the various benefits of leasing versus buying, and you might have been happy about being able to drive a brand new, shiny car off of the lot. Now, however, you might be having some regrets.
There are various reasons why you might be interested in exchanging your leased car. You might have found that the payments are too high and that you would like to downsize to something a bit more affordable. Alternatively, you might have just found that you don’t really like the car as much as you thought you would, or you could have found that the car just doesn’t suit your lifestyle. You might have found that leasing isn’t a good fit for you, such as if you put a lot of mileage on your vehicle each year. Regardless, you could be wondering if it’s possible for you to exchange your leased car. Luckily, you do have options.
Trading for Another Lease
If you like the idea of leasing but would like to lease a different car, you do have options. In some cases, you can take your leased car back to the dealership and explain the situation. You might be able to simply choose another car and lease it. However, this does come with its disadvantages. There is a good chance that you will be charged a lot of fees for doing so. You don’t necessarily have to pay for these out of pocket, since they can be rolled into your next lease loan. However, this can result in much higher monthly payments and a higher out of pocket cost overall.
If you would truly like to trade in your leased vehicle, this is something to look into. You can also consider re-leasing the car to someone else, selling it and paying off the loan or taking another step. If you would like to avoid a financial loss and if it’s a possible solution for you, however, you might find that you are better off waiting until the end of the lease term to choose a different vehicle to lease.
Buying a Car
Some drivers find that they don’t like leasing a car as much as they thought they would. They might find that they put more mileage on a car than they realized, which can result in high costs at the end of the lease. They might also find that they would prefer to have a car of their own at the end of making their payments rather than having to turn the car in and possibly still owe, such as for going over mileage or damaging the vehicle.
Luckily, when buying a car, there is often the option to roll any fees from breaking your car lease into your car loan. The bad thing about this is that you will have to pay interest on these fees. Plus, since car loans are often more costly each month than lease loans, when you tack on these additional fees, you might find that your payments are much higher than you are used to.
If you are unhappy with your leased car for some reason or another and would like to do something different, you do have options. If you stop in at the dealership that you leased the car from, you can find out more about your options and can start exploring your opportunities.