For many motorists, leasing a car is an attractive alternative to buying. Leases run for fixed periods of time, and drivers don't have to worry about depreciation and negotiating trade-in value. Best of all, you're left with a variety of options when your lease is up, giving you the flexibility to decide what will best fit your current lifestyle and circumstances. Understanding what choices you have as the end of your lease approaches is important to make sure you can make an informed decision about what to do with your car.

Preparations
Getting ready for the end of a lease is something of a process. You'll need to start thinking about it a couple of months ahead of time, as almost all dealers require cars to undergo a lease inspection. Any damage, maintenance needs or in some cases mileage overages may affect what your options are and how much you end up paying. Edmunds suggested having your car washed, cleaned and even detailed. It won't cover up any major flaws, but it may help demonstrate that you've been taking good care of the car.

Also make sure to have all the administrative odds and ends in order, such as extra sets of keys, which are a commonly forgotten item. 

Decisions
The big question is: Are you going to extend your lease, return the car or purchase it from the dealer? There is no hard and fast answer as to what the best course of action is. LeaseGuide recommended taking a few factors into account, such as the car's value in comparison to how much it would cost to buy it outright – if it's depreciated too much over the course of the lease, buying it may just be setting you up to lose out on later trade-in.

Early termination
Sometimes circumstances arise and you may find yourself needing to get out of your lease early. While not impossible, it's also not simple and should not be undertaken lightly, as it can have implications on your credit score, according to LeaseGuide. Most lease contracts will include a clause covering such an occasion, but it's a good idea to sit down with your dealer anyway to find the most amicable solution. 

In your hunt for a used car, head to NJ State Auto Auction. You'll find hundreds of Carfax-certified cars on the lot, and an in-house finance team to help you make owning or leasing a used car, truck or van affordable.