There are times when leasing a vehicle may be your best option — most notably, when you can’t yet afford a monthly loan payment, but a lease payment is still within your budget. Still, you often have the chance to buy your lease at the end of the arrangement for an agreed-upon price. Here’s why buying your leased car is a good option.
You’re making the most of your mileage
When you lease a car, you get a specified mileage that you can’t exceed — or else you’ll have to pay hefty mileage fees. Often, you’ll see the terms for three years and 36,000 miles (which leaves you with a maximum of 12,000 miles per year).
If you exceed this, a lease buyout is smart because you’re not paying out the wazoo just for using a few extra miles. On the contrary, you might be way under the limit. Returning your leased car to the dealership with just a dent in the allotted mileage can hurt, so buying out your lease may be the best way to get bang for your buck. In a recession, every little bit counts.
You can fix up wear and tear (instead of paying for it)
Wear and tear penalties for a leased car are real. You can avoid these fees by buying out your lease and just DIY the details yourself. This could include fixing your headlights, replacing brake pads or pulling out dings, among other details the dealership can’t get past. Keep up this “fix it” mentality and you’ll keep your car for the long haul.
You can negotiate a buyout deal for your leased car
This one is especially true in the current economic climate. It’s a vehicle buyer’s market, and you may be able to negotiate a stellar buyout deal for your leased car (even if it wasn’t in the terms to begin with). If you have an existing lease that’s nearing its end, give your representative a call to discuss your options. Hold your stance, because negotiation can go a long way.
Your friend wants to buy your leased car
Got a friend who wants a good deal on a practically new vehicle? Buy your lease before selling them the car. This gives you both a good deal, and puts you in a solid position to score a fresh vehicle lease or purchase.
You’ve fallen for the ride
Sometimes, things are simple…like when you’ve had a car for a few years through a lease and you just can’t imagine giving it up. If you’ve fallen in love with the car and can’t imagine handing it over, it’s probably best to make it yours. Once you own it, you can spruce it up to personalize it even more (we’re talking upgraded LED headlights or leather upholstery, if that’s your jam).
Whatever you choose to do with your leased car, just know this: You can always buy your lease, and it may just come with some undeniable benefits for your joyriding self.