. If you’ve leased one of them you will have the opportunity to buy it at the end of your contract. You should only buy out your lease if the car’s actual value is comparable to or greater than what you would have to pay.

Leasing is a convenient way to try out a brand-new car and ensure you have a way to get where you need to go for a few years. While some people are committed to leasing cars year after year, others find one they love and decide to buy it.

But how does buying a car you’ve already leased work?

Jerry

, the

car insurance

comparison app, is breaking down everything you need to know about an Acura lease buyout, plus how to save on

Acura insurance costs

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What is a lease buyout?

When you lease a car, you’re agreeing to pay for the privilege of using a car for a set period without ever having ownership of the vehicle. If at some point during the lease you decide you’d like to own the car, you can do so by paying the dealership for the vehicle.

There are two different types of lease buyouts:

Lease-end buyout: This is the more common of the two buyout types. At the end of your lease term, you can negotiate the purchase price for the vehicle rather than giving it back or leasing it again.

Early lease buyout: You may be able to negotiate terms for purchasing the Acura before your lease has ended, although doing so may cause you a few problems.

How an Acura lease buyout works

If you only have a little time left on your lease period and would rather buy the Acura than give it back, here is what you should do:

Find the car’s residual value: You should be able to locate the Acura’s residual number in the lease contract. This will be an important figure in determining the price you should pay for the Acura.

Request a purchase quote: You can find a quote for the purchase price of your Acura by either calling 866-777-6495 or visiting Acura’s website.

Get pre-approved for financing: If you’re pre-approved for a car loan, you can be more confident when negotiating the price of your Acura. If you intend to purchase the car outright, your can skip this step.

Negotiate a price: The dealership you bought your Acura from will likely base their asking price on the residual value of the car.

Re-register the car and buy car insurance: Now that the car is owned under your name, you’ll need to pay for a title transfer and re-register the car with the DMV. You also need to make sure you have the necessary car insurance, which will vary by state.

After all of that, you’ll finally be able to call the Acura you’ve been driving all this time your own! Make sure you get serious about your

maintenance schedule

so that the car stays in good shape.

MORE:

The most common Acura problems

Will Acura finance a lease buyout?

It should be possible to finance your new Acura through either the dealership you got the car from or from Acura Financial Services directly. While this may be the best option, you should not agree with them before surveying your options.

Both banks and credit unions also offer car loans and, depending on your credit score, may be able to provide you with a much lower rate than you would get from the dealership. Always compare three or more options before taking out a car loan.

Make auto loan refinancing easy with PriceProtect™

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Is an Acura lease buyout worth it?

You might think that buying the Acura you’ve been driving is worthwhile just because you’ve found it suits your needs, but that doesn’t mean it’s a great financial choice.

How to calculate Acura lease buyout fees

To find out what kind of deal you might be getting on an Acura end-of-lease buyout, you should first research the true value of your car. You can do so with one of the many online services that provide estimates based on a car’s age, mileage, and history.

Once you have the Acura’s

retail value

, you should compare it to the car’s residual value. This is a number on your lease contract that represents the expected value of your Acura after your lease has ended.

If the car is much more valuable than the residual value, you might be able to get a great deal. This is because the residual value plays a big part in determining how much a dealership will ask for.

But if you’ve been driving the Acura more than expected or it’s been damaged in one or more accidents, buying it probably isn’t a very good financial decision.

MORE:

A complete guide to Acura safety ratings

When it’s better not to buy out an Acura lease

Here are some situations where you’d be better off renewing your lease or buying a different car, rather than just purchasing the Acura you’ve been driving:

You’re unable to secure a good interest rate on a car loan

You’d rather try out a different Acura model instead of continuing to drive the one you have

The Acura you leased has been in multiple accidents or has required a lot of repair work

It’s easy to fall in love with a car and want to keep it around, but that’s not always the best decision you can make. Consider leasing another Acura if your lease term ends and you're unable to purchase the one you liked.

MORE: How to calculate a car lease payment

How to save on Acura insurance

If you decide to buy out your Acura at the end of your lease, you’ll need to make sure you have excellent auto coverage to protect it. We all know that

car insurance can be expensive

, but comparison shopping with Jerry can help you save.

Jerry

is a comparison super app that checks with over 50 car insurance providers and shows you the cheapest quotes. You can sign up with Jerry in under a minute and after we find you cheaper rates, one of our experienced agents will help you switch plans.

Jerry users save an average of over $800 on their car insurance coverage each year.

“Using
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