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When you extend a car lease, you are ending your first minimum and beginning fresh. Your car payments will be a lot less with your new lease because the car is employed instead of new, however here are some things you should consider before deciding if this option is for you.

Difficulty: Moderately Easy

Instructions

1 Examine the different end of lease options to determine if extending your lease is right with you. If you would such as to preserve the car you have however may't afford to make automobile loan payments, this may be a good option.

2 Evaluate your maintenance document with your car. If you obtain done your anticipated diligence and taken good attention regarding your automobile, next it makes sense to re-lease your car rather than lease another applied car. You know the way in which well you have maintained the auto, but you may not know how properly other applied auto was maintained.

3 Speak to your dealer in relation to extending your lease and get some lease estimate. Compare the lease estimate to the payments you would have to pay out to lease a similar new automobile. If you are will have to shell out only slightly lower monthly payments for the new model, extending most likely isn't valued at it.

Tips & Warnings

Consider buying your car if you want to keep it rather besides leasing it again. If you purchase your auto off lease you can make it for the residual value. Check the Kelley Blue Book to discover if the residual value is less besides the industry value regarding the car to watch if that would be a great deal for you (find out Resources below). If you can't afford the monthly payments for your current lease also can't market the car or exchange the lease, you can be able to extend the term on your current lease to lower the payments. Be cautious in this choice, however, as the payments might never go down that much and you will be locked to keeping the auto even longer. It generates added sense to extend a lease for a luxury car other than to an economy or mid-priced car since cars depreciate the most in the first few long time and leasing terms are based on residual value. When you extend your lease you will potential be leasing any auto that has outlived its warranty. Most warranties last only as long as the first lease.

Advocate piece

Assets

Applied car values at Kelley Blue Book