Is your BMW lease ending soon? It’s important not to wait until the last minute to decide what to do when it expires. The good news is that you can extend it, and BMW of Catonsville offers this guide that explains the good and bad of lease extensions, and how to go about extending yours if you decide that’s your best option.
Pros and Cons of Extending Your Lease
Before you extend your lease, you should make sure that this is worth your while. There are many benefits, including sticking with a car you like, avoiding a down payment that comes with a new lease, and having some flexibility if your life is in flux. The extension buys you time to determine your next steps.
However, lease extensions also have potential downsides. First, lease extensions are typically six months at a time, which isn’t much time. Second, you may end up paying additional fees. Finally, the vehicle continues to depreciate, but you’ll still make the same payments as before.
Steps for Extending Your Lease
First, contact your BMW dealership or leasing company and let them know you want to extend your lease. You will then receive paperwork to fill out and sign. Before signing, be sure to review the terms to fully understand what you agree to. At this point, all you will need to do is continue to make your monthly payments.
Consider Leasing a New BMW Model in Baltimore, MD
While a lease extension could be helpful, it might make more sense to start leasing another vehicle. Along with the newest version of what you currently drive, you will have a variety of other models to pick from. Visit BMW of Catonsville to learn about our latest lease offers.