What Should You Do If Your Car Lease Is Expiring Soon?

Is your car lease ending soon? If your car lease is about to expire near Boca Raton, you may be wondering about what to do when your lease is up. Take a moment to review all of your Kia lease-end options. Then, contact Kia Delray to begin the process of negotiating the terms of your lease-end. 

What Are My Kia Lease-End Options? 

Wondering what to do when your car lease is up? If your car lease is ending soon near Boynton Beach, you have four options to consider. Take a moment to review these paths below: 

• Renewal: If your car lease is about to expire, you can simply renew your lease to continue driving the vehicle you love. 
• Termination: Can you also terminate your lease, walk away, and never look back. 
• Exchange: You can swap your current vehicle out for the latest model. 
• Buyout: You can finance the remaining value of your Kia lease with the intention to own it. In fact, this path allows you to use a portion of the payments you’ve already paid on your previous lease agreement as equity, as you’ll only be financing the remaining value of your current vehicle. 

You now have a better idea of what to do when your car lease is up. Take a moment to consider our recommendation for what to do if your car lease is ending soon during the global inventory shortage. 

Word to the Wise: Buy Out or Renew Your Lease During the Chip Shortage 

If your car lease is about to expire, you may want to consider renewing or buying out your lease. Of course, we would encourage you to do that, but that’s because there is real value behind the proposition. A global semiconductor chip shortage has created an ongoing production crisis in automotive. That is to say that inventory is scarce, and the vehicles that are available for financing or lease have dramatically inflated in value. 

When you renew or buyout the lease on your current vehicle, however, you don’t have to worry about inflation. If you renew your lease—your payments go towards the depreciation that occurs on the leftover value from the original price the vehicle was quoted at before the chip shortage. And if you choose to finance the remaining value, you’re just paying off whatever remainder of the value is leftover after the depreciation that occurred on your lease. Both these paths allow you to work around inflation issues! 

Have Questions About What to Do When Your Car Lease is Up? 

If your car lease is about to expire near West Palm Beach, and you have further questions, don’t hesitate to call Kia Delray at 561-414-2978. We’re happy to answer your questions about Kia lease-end options, as well as the ways in which the semiconductor chip shortage may impact your decision. And if you’re considering swapping out your lease, take a moment to review our current lease offers!