Start by reviewing your original leasing agreement to determine how much it’ll cost to purchase your car. Your leasing agreement should outline the residual value, or the purchase option price. If you choose to keep the car, you’ll need to pay the residual value amount, plus any applicable taxes and Department of Motor Vehicles (DMV) fees. You may also pay an administrative fee that’s
predetermined by the leasing company, to cover transaction costs.
Keep in mind that depending on the make, model and specifics of your leasing deal, your car may be worth more or less than the residual price on the open market.
The residual price: Is based on previous sale prices for that specific make and model. Reflects the car’s demand. A popular make or model usually commands a higher residual price.Is typically nonnegotiable.
Run a simple search of used-car sites, such as Edmunds.com, Cars.com or Kelley Blue Book (kbb.com), to see how your vehicle’s lease buyout price compares to the open market.