Leasing a vehicle can give you the chance to try out the car of your dreams. If by the end of your lease, you’ve fallen in love with said dream car and want to purchase it, you’ll have to negotiate a lease buyout. Sound complicated? It’s no sweat!

Jerry

, the

car insurance

comparison shopper, licensed broker, and super app, knows all the ins and outs of purchasing your leased Mazda. We’ll cover what a lease buyout is, how it works, and if it’s worth it—plus, how to save on your Mazda insurance costs!

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What is a lease buyout?

If it’s your first time leasing, we’re here to help!

A lease buyout allows you to purchase the vehicle you have been leasing for its remaining value instead of turning it back in at the end of the lease term.

The “residual value” of your vehicle is the value calculated at the beginning of the lease term, factoring in expected depreciation.

There are two types of lease buyouts you should know about:

Lease-end buyout: the most common type. In this kind of buyout, you would purchase your car at the end of your lease term instead of turning the car back in or beginning a new lease.

Early lease buyout: it is possible to purchase your car before the end of your lease term. However, this is usually more expensive and comes with a few challenges.

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How a Mazda lease buyout works

If your Mazda lease is coming to an end, and you decide you don’t want to part, you’ll have the option to purchase your leased vehicle.

Here’s what you need to do to make that happen:

First, check your lease contract for the “payoff amount”. If it’s not listed, it should at least have the car’s residual value, which will help you to estimate how much your leased vehicle will cost to buy.

Request a payoff quote. Log into your

Mazda Financial Services (MFS) account

to do so or call MFS at 866-693-2332.

If you need financing, contact the dealership where you leased your Mazda. While they may offer you a good deal, it’s a smart idea to get quotes from at least three lenders, including banks and credit unions.

Now it’s time to negotiate that lease buyout with your Mazda dealer.Being pre-approved for financing will help you will negotiate with confidence.

Lastly, don’t forget to factor in other ownership fees like registration and insurance! You’ll also need to pay a title transfer fee.

And there ya have it! That shiny Mazda6 or CX-9 is all yours. Now you’re a proud member of the Mazda family.

MORE: Are Mazdas good cars?

Will Mazda finance a lease buyout?

Yes, but it’s not necessarily the best deal! You should request a quote from the dealership you leased from and compare offers from a couple of other lenders.

Why? Oftentimes, banks or credit unions will offer you better lease terms based on a preexisting relationship or just lower overall rates. It’s always a smart idea to get multiple quotes to get the best deal!

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Is a Mazda lease buyout worth it?

If you’ve fallen in love with your leased Mazda and can’t imagine life without it, a lease buyout may be an ideal option for you. But hold your horses! Don’t rush into this big purchase without crunching the numbers to determine if a lease buyout is worth it.

How to calculate Mazda lease buyout fees

The best way to calculate your Mazda’s lease buyout fees is to contact MFS directly at 866-693-2332 or

log into your MFS account

The two values that are most important when considering a lease buyout are residual and actual value.

You should be able to easily locate your vehicle’s residual value, which is listed on the contract that was given to you at the start of your lease. As stated, this is the predicted value of your car, factoring in depreciation. Mazda suggests scheduling an inspection appointment 15 to 60 days prior to lease end to calculate your vehicle’s actual value. Knowing your vehicle’s residual and actual value will allow you to make a well-informed decision.

Ideally, you want your vehicle’s actual value to be higher than the residual value. This means that your vehicle depreciated less than it was expected to and you will be in a strong position to negotiate a lower price on your lease buyout.

If your actual value is lower than the residual value (if you got into an accident, put a lot of mileage on the car, or if the car has a lot of damage) a lease buyout may not be the best idea. You’ll likely have to pay the difference between the residual and actual value, which could be costly.

Key Takeaway If your car’s actual value is higher than the residual value, a lease buyout may be a great option for you. If it’s the other way around, a lease buyout may not be your best bet.

MORE: How to calculate a car lease payment

When it’s better not to buy out a Mazda lease

If your car’s actual value is lower than its residual value, you’re probably better off not buying out your Mazda lease. Other examples of when it’s best not to buy out a lease include:

Your leased Mazda has been in several accidents or has required frequent repairs over the lease term.

You’d like to try out a different model, make, or year.

The interest rate you’ve been quoted by all potential lenders is high.

Don’t rush into purchasing your lease without making an informed decision. If any of the above circumstances apply, we recommend turning your Mazda in. You can start a new lease or purchase another vehicle down the line. Waiting to buy may help you build your credit score and qualify you for a lower interest rate.

MORE: Is it better to lease or buy a car?

How to save on Mazda insurance

Now that you’ve got that shiny Mazda parked in your driveaway, don’t forget to insure it with a car insurance policy you can rely on!

Jerry

, the top-rated

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