Lease Buyout Calculator
Use this calculator to estimate the total cost of buying out your leased vehicle.
What is a Lease Buyout?
A lease buyout refers to purchasing the vehicle you’ve been leasing from a dealership or leasing company, either before the lease ends or when it expires. This option allows you to keep the car instead of returning it. The buyout cost typically includes the vehicle’s residual value (its estimated worth at the end of the lease), any remaining payments, applicable sales tax, and other fees. Knowing your lease buyout cost helps you decide whether this is a financially sound decision.
How to Use the Lease Buyout Calculator
Follow the steps below to effectively determine the total cost of buying out your leased vehicle:
Step One: Enter the Current Payoff Amount, which represents the remaining balance on your lease. This can be located in your lease agreement or by contacting your leasing company.
Step Two: Input the Residual Value of your car, typically outlined in your lease agreement. This is the estimated value of the vehicle at the end of the lease term.
Step Three: Specify the Sales Tax Percentage (in your region or state) that applies to your lease buyout. This tax is generally calculated based on the residual value of the car.
Step Four: Add any Additional Fees you expect to pay, such as administrative or purchase fees charged by the dealership.
Final Step: Click the “Calculate” button. The tool will provide an estimated lease buyout amount, including a detailed breakdown of each component: current payoff amount, residual value, tax, and fees. Use this information to decide if the buyout option suits your financial goals.