As a vehicle lease approaches its scheduled end, some drivers may have the option to purchase the vehicle rather than return it. This process is commonly referred to as a lease buyout.

With a lease buyout, you can take ownership of your leased vehicle by paying the purchase price specified in your lease, along with any required taxes, fees, and related costs.

Most vehicle leases include a predetermined purchase price, often called the residual value, which is established at the beginning of the lease term. If a buyout option is available, the residual value and any related conditions are typically outlined in the lease contract. A lease buyout may occur at the scheduled end of the lease term, or earlier if permitted by the lease agreement.

A lease buyout may be worth evaluating under certain circumstances, such as satisfaction with the vehicle's condition and performance, lower-than-average mileage or wear and tear, and current vehicle market conditions.