So your car lease has come to an end, but you’re not sure what to do next. Should I look for another car to lease? Is taking out a car loan a better option? Should I give up the dream of car ownership altogether? Hundreds of questions swirl through your mind.
If there’s one thing you should look into, it’s a car lease buyout. It allows you to purchase the vehicle you’ve been leasing when the contract expires. Still unsure if buying out your lease is the right move? Here are six reasons it makes sense:
1) You Love the Car
Parting ways with your car is difficult. It’s even more challenging when you’ve put considerable time and effort into finding a reliable vehicle to lease. The current make and model offer comfort and match your driving preferences perfectly.
A lease buyout makes total sense in such a situation. You can either make a balloon payment at the end of the lease agreement or finance it with an auto lease buyout loan. Work with a reliable lessor like RefiJet and take a step towards car ownership with a car you love!
2) The Lease Buyout Price is Less than the Market Price
This is a no-brainer. If the lease buyout price is less than the vehicle’s current market value, a buyout is an excellent opportunity to save money. For instance, if the lease buyout price (residential value and purchasing fee) is $12,000 and the market price is $15,000, you’ll be saving $3,000.
Get an instant estimate of your car from reliable automotive websites or a car dealership and make the right choice.
3) The Vehicle is Well-Maintained
So you regularly washed your car, topped off all the fluids, ensured safe driving habits, and spent money on preventive maintenance. It’s time to reap the benefits.
Buying a well-maintained leased car means you don’t have to worry about hidden mechanical issues and frequent repairs. This might not be the case with a used car, which might come with several hidden faults.
4) The Vehicle has Wear and Tear
On the flip side, if your car has suffered excessive wear and tear, you can buy it to avoid paying penalties. Issues like torn upholstery, dented fenders, and scratched paint will make the lessor charge extra when you return the vehicle.
You can buy your leased vehicle, get it fixed, and sell it after some time.
5) You Want to Avoid Excess Mileage Fees
Most leasing contracts impose strict mileage limits. And exceeding these limits results in unbelievably high charges. Most lessors charge per mile for each extra mile driven. Here, buying your leased car is more financially sound than paying the penalties.
6) You Didn’t Hit the Mileage Limit
Counterintuitively, you might want to buy your leased vehicle if it hasn’t hit the mileage limit. The math is simple: Low mileage means high resale value. You can increase your used car’s value and sell it for a favorable price.
