Lexus Lease End Options: What is best for you and what to avoid (updated for 2024)

Leasing a car in Atlanta 

Is your Lexus lease reaching the end of its term? If the answer is yes, it’s time to explore what options you have in Newnan and Fayetteville, GA. You have three choices when your lease is up: return the vehicle to our dealership, purchase the leased vehicle or lease another Lexus. Everyone varies as to what their preferences are and what kind of auto financing fits their lifestyle and budget.  Find out which option is best for you -check out the list below. 

End of Lease option 1: Return the leased vehicle to our Atlanta dealership

This is good if you: 

• Are ready for a new or different car 
• Want to finance a different new, used, or CPO vehicle instead of leasing another car 

End of Lease option 2: Purchase the leased vehicle 

This is a good choice if you: 

• Love the features of your current car 
• Do not want to lease another car but want to own the car in your current lease  
• Don’t want to deal with looking for a new car in the current market 

End of Lease option 3: Work out another lease with our Atlanta dealership   

This option is for those who: 

• Like the brand but are ready to enjoy the upgrades of a newer model 

• Want to take advantage of great lease specials on new Lexus models or pre-owned L/Certified vehicles 
• Generally put lower mileage on their cars  

Pros of Leasing a car in Georgia  

Lower payments. Lease payments have risen a bit but are still lower than financing a car. Average monthly lease payments in August of this year were $581, increasing $120 from two years earlier, according to car research site Edmunds. It is still lower when compared to the average 70-month car note, at $707, an increase from $150 two years ago. Source: https://www.nerdwallet.com/article/loans/auto-loans/is-car-leasing-dead 

Locked-in purchase price. If you want to buy your vehicle at the end of the lease, it is set in your lease contract as the residual value. If the car increases in value —exactly what we are experiencing now — you can buy the car at that previously contracted residual value, and that’s a bargain.  

New car every couple years. Leasing is an easy way to drive the newest cars and get the latest technology without the hassle of trying to sell later on. Additionally, at the end of lease, you are presented with an option to purchase the vehicle outright for the remaining value of the vehicle so if you love it, you can own it.  

Lease payments applied to original vehicle price – Those lease payments you have made are applied to the original vehicle price. 

Less sales tax. In a lease, you typically pay sales tax only on the total of the lease payments, not the purchase price of the vehicle. For example, taxes on a new vehicle in Georgia are 6.6 percent of the sales price. So a $60,000 car would require almost $4,000 in taxes. You would pay much less when leasing.  

Low to no maintenance costs. Many leases have maintenance included, or because it is a newer car will likely require less maintenance than one that is several years old, saving you money.  

Ability to lease preowned L/Certified vehicles.   Lexus Financial Services offers compelling leasing terms for L/Certified vehicles, ranging from 24- to 48-month terms, depending upon the age of the vehicle. So if you’re looking for a lease option for a quality current year to four-year-old pre-owned vehicle, a L/Certified lease could be a great option for you. An added benefit with L/Certified is that  your first 4 maintenance services are complimentary.  

Cons of Leasing a car in Georgia 

You have mileage restrictions on a leased car – According to TheZebra.com, in Georgia we put some of the most miles on our cars vs other states. The average Georgia driver, piles on 18,334 miles annually. The good news is that leases have flexible mileage allowances and you set your mileage terms up front. This means you’ve got to plan accordingly, if you go over your mileage you could end up paying a fee.   

Regardless of which lease option fits your lifestyle and budget best, we would love to help you get in a new or used luxury SUV or car.  If you would like to return your current lease, browse our inventory to find a new Lexus, or a  new-to-you car or SUV before turning in your lease with us. If you would like to purchase the vehicle or work out another lease plan, we can certainly help with that too. 

Additionally, if you have a leased Lexus and simply want to turn it back in when nearing your lease term end, we will happily help you turn in your Lexus lease, even if you didn’t purchase it with us originally. Contact us today to discuss your leasing or financing options.