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EV Lease Buyouts: Why (and How) to Buy Out Your EV or Hybrid Lease
Published 10/15/24
Read time: 6 minutes
With the end of your lease approaching, you might be asking yourself: should I buy out my hybrid or EV (electric vehicle)?
If a buyout is on your radar, the answer should likely be yes. We'll explain why—and how.
What even is a lease buyout?
A lease buyout allows you to purchase your leased vehicle at the end of the lease term. Instead of returning the car to the dealership and entering into a new lease or purchasing a completely different vehicle, you keep the car you love.
At Lease End, we connect you with the best rates for a lease buyout loan, financing the vehicle's remaining value and making it yours to keep.
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Why should I buyout my lease?
If you've been leasing an EV or hybrid, it's difficult to imagine driving anything else. Not only have you grown used to the incredible fuel savings, you've likely adjusted how you live and drive to accomodate your EV or hybrid. With that, many drivers face the dilemma of what to do when the lease ends.
This decision isn’t just about practicality—it's also emotional. After all, you’ve spent years getting to know your car, appreciating its quirks, and enjoying the smooth, silent drive. So why part ways now?
This is where a lease buyout comes into play.
1. You already know your car.
One of the most compelling reasons to buy out your lease is that you’re already familiar with the vehicle. You know its history, how well it’s been maintained, and whether it has any quirks. There are no surprises, which can offer peace of mind that you're not likely to get when purchasing a used car from a dealership.
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2. You want to avoid additional leasing fees.
When you return a leased car, you might face additional fees for excessive wear and tear, mileage overages, or minor damages. By opting for a lease buyout, you can avoid these extra costs altogether.
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3. You may have positive equity in your vehicle.
In some cases, your leased EV or hybrid might be worth more than the residual value stated in your lease agreement. This means you might be able to buy your vehicle for less than what it's worth on the broader market. So, if you're thinking about buying your car, the most affordable version could be the one you've been leasing! This equity can be a smart financial advantage, especially in a market where used car prices are high.
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4. You don't have time to shop for a new car.
Shopping for a new car can be a hassle. There’s the time spent researching, visiting dealerships, and negotiating prices. If you already love the car you’re driving, a lease buyout saves you the trouble of starting that process all over again...and the headache that that inevitably brings.
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5. You want to be conscious of your impact on the environment.
Keeping your EV or hybrid on the road longer is a sustainable choice. Manufacturing new cars—even EVs and hybrids—has a significant environmental impact due to the resources required.
When you buy out your lease and continue to drive your current vehicle, you’re extending its lifespan and reducing the demand for new vehicle production.
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Lease End's Featured EV and Hybrid Models for Lease Buyouts
At Lease End, we’ve helped thousands of drivers successfully transition from leasing to owning their vehicles.
Here are some of the EV and hybrid models that drivers have opted to keep:
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You might have noticed that Teslas aren't on our list—that's because, unfortunately, Tesla doesn't allow lease buyouts.
Let's talk the environmental benefits of EVs and hybrids in general.
Electric and hybrid vehicles produce fewer lifetime emissions than traditional gasoline-powered cars, which helps to reduce air pollution and combat climate change.
Additionally, EVs do not emit tailpipe pollutants, and hybrids use less fuel, making them a greener option for daily commuting.
However, it’s important to acknowledge that while EVs and hybrids are more sustainable than their gas-guzzling counterparts, they are not a perfect solution. The production of EV batteries, for example, involves the extraction of raw materials like lithium, cobalt, and nickel, which can have significant environmental and ethical implications.
Moreover, the electricity used to charge EVs isn’t always generated from renewable sources, which means that the carbon footprint of these vehicles can vary depending on where and how they’re charged.
That said, according to the EPA, the overall environmental impact of EVs and hybrids is still considerably lower than that of traditional vehicles, especially as renewable energy becomes more prevalent.
By choosing to buy out your EV or hybrid lease, you’re contributing to a more sustainable future while also enjoying the benefits of cutting-edge technology.
The Process of Buying Out Your Lease
If you’ve decided that a lease buyout is right for you, the process is straightforward with Lease End. Here’s a brief overview:
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At Lease End, we specialize in helping drivers transition from leasing to owning their vehicles. We understand the unique value that EVs and hybrids bring, and we’re committed to making the lease buyout process as smooth and stress-free as possible.
Simply enter your license plate or VIN to get started.