Is your vehicle on a lease that’s about to end? Typically, your options are to either start a new lease or buy the leased vehicle. Other people may choose to purchase a new or pre-owned car. What about extending your Porsche lease near Manchester, NH? Is this possible, and for how long?
Extending a Lease Explained
The short answer is “yes.” It’s indeed possible to extend a lease. However, it’s not a full lease lasting 36 months like your original lease. Normally, the extension is on a month-to-month basis. You indicate how much longer you need the vehicle, contact your dealer, pay the fee, and the extension is granted. Extensions may be purchased in increments of 30 days, three months, or six months, and caps at 12 months.
When you extend the lease, the original agreement remains in effect. Factors like mileage limits and payments don’t change.
Why Extend Your Lease?
The lease extension is intended to give you more time if you’re not ready to part with your vehicle yet. Perhaps you plan to buy a new vehicle at the end of your lease but need additional time to get your finances in order. Maybe you’re just undecided altogether and need more time to consider your post-lease options.
Eventually, the lease does come to an end, and you’ll need to decide what to do next. Remember that if you choose to buy the leased vehicle, a portion of the lease payments you made over the past 36 months go towards the purchase price.
If you’re interested in a lease, come by Porsche Nashua. We have leasing options on all models, including the Porsche Taycan and more. Our dealers can help you determine whether a purchase or lease is best for your personal and budgeting needs.