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How to Trade in a Leased Car

How to Trade in a Leased Car

There are plenty of different options to help you get behind the wheel of a car and take on the roads near Harvey, New Orleans, and Metairie, LA. Leasing is a great opportunity for drivers to have a vehicle they can rely on but without the responsibility of ownership or financing. But can you trade in a leased car?

At Bohn Toyota, we’re here to help you learn more about how to trade in a leased car and what can come with it that you can use towards your next automotive experience!

Benefits of Leasing

The Benefits of Leasing

Leasing is a great opportunity for when you’re in need of a car but are not quite sure if you’re ready to finance or commit to a specific vehicle. It generally lasts for a few years, but when the term ends, you’ll have a few options to consider with returning, buying it out of the lease, or even leasing a newer vehicle.

There are some major differences with leasing and buying. When you lease, there’s typically a lower down payment. You may even benefit from lower monthly payments when compared to purchasing or financing the vehicle.

Of course, you don’t officially own the vehicle, but it’s yours to take care of for a few years. You’ll need to be mindful of your mileage and follow through on routine maintenance and service to ensure it’s well taken care of.

Lease Equity

What is Lease Equity?

If you’re interested in learning how to trade in a leased car, you’ll need to know about lease equity. Basically, when you lease a car, you get an allotted mileage limit. If you go over this mileage during the course of a year, you’ll need to pay for those excess miles when your term ends.

However, this door swings both ways. If you turn your lease in below the mileage you were given when you signed the initial plan, you’ll have equity. This basically means that the vehicle depreciated less than expected, so there’s value you can use for your next car!

Trading in a Lease

When you’ve reached the end of your lease term and you’re well below the expected miles, you’ll have equity you can use for the next steps. You can either use this equity towards the down payment of a car you’re interested in or you can simply transfer it to your next lease!

Get Started on Your Leasing or Lease Trade-In Experience Today

Now that you’re familiar with the benefits of leasing and what you can do with your lease equity, you’re ready to get started on your experience. You can explore the selection to find a vehicle to lease or if you have a lease that may have some equity, you can contact us at Bohn Toyota. We can help you see how you can use it towards your next automotive outing on the roads near Harvey, New Orleans, and Metairie, Louisiana!

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3800 Lapalco Boulevard • Harvey, LA 70058

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