Can You Extend a Car Lease?

2021 Ford Expedition

 

If you’re like a lot of San Antonio drivers, the end of your car lease has not come at the most convenient time. Maybe you’re getting ready to move or start a new job. Maybe you’re out of a job. Maybe you just need more time to come up with a down payment for your next car. So, now you’re wondering if you could get some more time on your lease. Can you extend a car lease? Yes. Would you want to? Below, we not only answer, “Can you extend a lease?”, but we also explain the pros and cons of extending a car lease.

 

 

Can You Extend a Lease at the End of Your Term?

So, can you extend a car lease at the end of your term? Most New Braunfels lenders and dealerships will allow you to do that. But, you’ll want to talk to the lender to understand the terms. There may be fees and penalties for extending the lease.

The Pros and Cons of Extending a Car Lease

Maybe, “Can you extend a car lease?” isn’t the right question. If you’re considering doing this, you should consider whether it’s right for you. Our finance department would be happy to walk you through your options. Here are the pros and cons:

Pros and Cons of Extending a Car Lease

Pros

  • Extending a lease gives you more time to decide if you want to lease again or buy a vehicle, as well as more time to find your next vehicle.
  • Extending a lease gives you more time with a vehicle you’re already familiar with.
  • You’ll have more time to come up with a down payment for your next car.

Cons

  • The residual value of the car will stay the same, meaning if you want to buy the car later, you’ll still have to pay the residual value despite depreciation.
  • Extending the lease may incur fees and penalties.
  • The longer you drive the car, the more likely it will be that it will need repairs.

Check Out Our Website for More Tips and Tricks

We’re here to help at Northside Ford. Now that we’ve answered, “Can you extend a lease?”, make sure to check out our other tips and tricks. And our service center technicians are ready and able to assist you with any service or maintenance needs you have. We’re just down the road from Boerne, so drop by or contact us today!

 

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