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Vermont Lease Buyouts: Worth It?
Published 3/27/26
TL;DR (5-minute read): Per-capita, Vermont drivers are buying out their leases at rates that rival dense suburban markets in New Jersey and Connecticut—states with far more favorable equity positions (as of 2026 year-to-date).
Vermont is the second least populated state in the country. And yet, Vermont ranks among the top five states in the country for lease buyout rate per capita, according to Lease End's 2026 Annual Lease Buyout Report.
That ranking is notable precisely because Vermont's equity profile is the most challenging in the Northeast. Average equity runs around -$340 based on transaction data from 2025 through 2026 year-to-date. The median is -$685.
These are not numbers that, taken alone, suggest a strong buyout market. But per-capita, Vermont drivers are buying out their leases at rates that rival dense suburban markets in New Jersey and Connecticut—states with far more favorable equity positions.
The explanation isn't that Vermont drivers are ignoring the math.
It's that they're running a more complete version of it.
Regional Considerations
Before the numbers, some context about what driving a leased vehicle in Vermont actually looks like.
Vermont Roads
Vermont's road network is built for a state that's mostly mountains, farms, and small towns connected by two-lane state routes. The interstate system gets you between the handful of population centers; everything else involves roads that frost-heave every winter, don't always see a plow until after dawn, and reward vehicles with real ground clearance and all-wheel drive.
The ski areas—Stowe, Killington, Sugarbush, Mad River Glen—generate significant winter traffic on roads that test every vehicle's capability annually.
This isn't abstract. Vermont drivers know, viscerally, which vehicles perform in these conditions and which ones don't.
A three-year lease on a capable AWD vehicle in Vermont is also three years of evidence about how that vehicle handles your specific roads, your specific driveway, your specific commute in January. That knowledge has genuine value—and it informs lease-end decisions in ways that equity alone doesn't capture.
Vermont and Subaru
Vermont also has an unusually strong relationship with one manufacturer in particular.
Subaru is known to have the highest per-capita ownership in Vermont of any state in the country. Drive through any Vermont town and you'll see why: all-wheel drive standard across the lineup, ground clearance suited to unpaved roads, and a reliability reputation that holds up through 150,000 miles of hard use.
The Subaru Crosstrek is Vermont's top lease buyout vehicle for reasons that go beyond brand loyalty—it's simply one of the most practical vehicles available for the conditions Vermont drivers actually face.
The Equity Picture, Honestly Stated
Vermont's average equity is -$340, and the median is -$685, as of the writing of this article (spring 2026). This guide won't dress those numbers up.
What negative equity means in plain terms: if you buy out your lease, you're paying slightly more for the vehicle than its current market value. At -$685 median, you're effectively paying $685 above what you'd pay for the same vehicle in the open used-car market. That's a real cost, and it should factor into your decision.
What happens when your car is worth less than the residual value is worth reading in full if you're in this position—it covers the mechanics and your options clearly.
And if you want to understand the full range of paths available when equity is negative, this guide on navigating negative equity lays them all out.
The important thing to understand is that negative equity doesn't automatically make returning the better choice. It means the buyout costs more than market value, but returning has costs too, which we'll dive into next.
The Mileage Math
Vermont drivers in Lease End's dataset average 41,630 miles at end-of-lease. On a standard three-year lease with a 36,000-mile allowance, that's 5,630 miles over the limit.
Lease Returns --> Over-mileage Fees
Most lease agreements charge 10 to 30 cents per mile for mileage overage. At 20 cents per mile—the midpoint—5,630 extra miles translates to $1,126 in overage fees at vehicle return. At 30 cents, it's $1,689.
These are fees that appear on your final statement when you return the vehicle. They're non-negotiable, and they don't disappear if you decide to lease something new from the same brand.
A buyout eliminates them entirely. The miles are yours—they belong to a vehicle you own.
Now run the complete comparison for a median Vermont driver. Returning the vehicle means paying roughly $350 in disposition fees, approximately $1,100 in mileage overage (conservative estimate), and potentially additional wear-and-tear charges.
Lease Buyouts Avoid Fees
That's $1,450 or more in costs just to hand back a car you've been driving for three years. The buyout, by contrast, means paying $685 more than market value—but that's a one-time premium on a purchase, not a fee you're paying for nothing.
For most Vermont drivers with significant mileage overage, the arithmetic still resolves in favor of buying out, even with negative equity. The lease buyout calculator can run your specific numbers and give you a clearer picture than any state average.
Vermont's APR Advantage
Here's the Vermont data point that gets the least attention and deserves more: Vermont's average APR is 8.75%, the second lowest of any state in the country—behind only Idaho at 7.96% and well below the national average of 9.34%.
That 59-basis-point gap relative to the national average is real money over the life of a loan.
- On a $28,000 buyout financed over 72 months, the difference between Vermont's average rate and the national average translates to roughly $600 in interest savings over the loan term.
- Against a -$685 equity position, that's a meaningful offset.
Vermont's below-average APR likely reflects a combination of regional lending competition, creditworthy borrowers, and the Northeast's generally strong lending market.
Whatever the cause, Vermont drivers entering a buyout are doing so with financing conditions that are more favorable than most of the country, a fact that belongs in any honest accounting of the decision.
What Vermont Drivers Are Buying Out
Vermont's top buyout vehicles are, in order of popularity, the following:
- Subaru Crosstrek
- Ford F-150
- Toyota Tacoma
All of these vehicles are capable, durable, and well-suited to Vermont terrain.
\The absence of the urban crossovers that populate buyout lists in denser states—no RAV4, no CX-5, no Tucson—tells you something about the Vermont market. These are vehicles chosen for function, not commuter convenience.
The Toyota Tacoma is one of the strongest value-retention vehicles in automotive history. Used Tacomas famously hold their price years beyond what depreciation models predict, driven by persistent demand and a devoted owner base. The Tacoma's appearance on Vermont's buyout list is consistent with the pattern Lease End sees nationally—Tacoma owners tend not to want to give them up.
The Ford F-150 reflects Vermont's working-vehicle culture: farms, construction, and year-round outdoor use where truck capability isn't optional.
And the Crosstrek is very Vermont. It's the vehicle that fits narrow town roads, handles three feet of snow on a dirt driveway outside of Montpelier, and still makes sense as a daily driver when you're commuting to Burlington. Lease End's Subaru guide covers the model-specific buyout data in detail; Vermont drivers considering a Crosstrek buyout will find it worth reading.
Not Sure Where You Stand? Start Here
One of the most useful tools for any Vermont driver approaching lease-end is Lease End's buyout score tool—a free calculator that evaluates your specific vehicle, equity position, and market conditions to produce a score indicating how strong your buyout case is. For a state where the equity headlines look discouraging but the full picture is more nuanced, having a score based on your actual numbers rather than state averages is the right starting point.
If you want to model out your monthly payment before committing to anything, the lease buyout calculator lets you run scenarios based on your payoff amount, credit profile, and loan term. Vermont's favorable APR environment means your estimated payment may be more manageable than you expect.
When a Buyout Makes Sense—and When to Return
Vermont's equity profile means this decision deserves a more careful look than in high-equity states. A buyout tends to make sense when:
- Your mileage overage and disposition fees would exceed your negative equity gap
- You trust the vehicle and don't need a different type
- You want to avoid the dealership process and payment unpredictability
- Vermont's favorable APR means your financing terms are better than you might assume
Returning is the more rational choice when:
- Your mileage is close to the limit and your vehicle is in excellent condition, making return costs genuinely low
- Your equity is deeply negative and the return cost savings don't offset it
- You need a meaningfully different vehicle—more capacity, different capability, a genuine change
- You want to explore all options first: this guide to navigating negative equity covers returning, rolling equity into a new vehicle, and other paths
The right answer depends on your specific numbers—your mileage, your payoff amount, your vehicle's current market value, and your return fee structure.
Again: run them with the calculator before you decide anything.
How the Process Works
Once you've decided a buyout is the right move, the mechanics are straightforward. You get your payoff amount from your leasing company, submit an application through Lease End, and the financing and paperwork are handled digitally. No dealership visit, no inspection, no negotiating across a desk.
The title transfer is processed online. The full process is designed to be completed from wherever you are (we've had drivers do this from vacation in Aruba. Seriously).
The service is free for drivers—no doc fees, no add-ons. Lease End earns money through its lending relationships, not from the drivers it serves.
Frequently Asked Questions
How can Vermont have negative median equity but a top-5 buyout rate?
Because buyout decisions aren't made on equity alone. Vermont drivers with high mileage overage, favorable financing rates, and reliable vehicles built for winter conditions often find that the total cost of returning exceeds the total cost of buying out—even when equity is negative. The buyout rate reflects that calculation, not a disregard for the numbers.
Why is Vermont's APR so low compared to other states?
At 8.75%, Vermont's average APR is the second lowest in the country. The Northeast generally has competitive lending markets, and Vermont's borrower profile—while not dramatically different from the national average—benefits from regional dynamics. Your individual rate will depend on your credit score; see the 2026 report for a full breakdown by credit tier.
Why does Vermont have so many Subaru buyouts?
Vermont has the highest per-capita Subaru ownership of any state in the country. The combination of standard AWD, genuine ground clearance, reliability at high mileage, and a vehicle size suited to Vermont's roads makes Subaru the default choice for a large portion of the state's drivers.
When you've spent three years proving a Crosstrek works for your life, buying it out is often the logical conclusion. Lease End's Subaru lease buyout guide has model-specific data if you're evaluating your options.
How do I know if my specific vehicle is worth buying out?
Start with the buyout score tool—it evaluates your situation across multiple variables and gives you a score indicating whether your buyout case is strong, moderate, or weak. Then model your payment with the calculator. Together, they'll give you a clearer answer than any state average.
What if I decide returning is the right move?
That's a legitimate outcome. If your return costs are genuinely low, your equity is deeply negative, and/or you want a different vehicle, returning makes more sense. This guide on getting rid of a car with negative equity walks through your options in that scenario—returning, rolling equity, selling privately—so you can choose the path that's right for you.