Is It Best To Buy Leased Car?
As your lease term nears its end, you need to make that pained decision; to buy the leased car or to let it go. You need to do some recon and research before the leasing company lures you into a buy option. There are many reasons as to why you should hold on to that car if it is in a good shape.
Keep Your Leased Car and Avoid Penalties
In order to avoid penalties mentioned in your lease contract, you have done everything to keep your car in good shape. Rest assured that you will not face any problems with the car unless you neglected some flaw in it while you were driving it. If you still love the leased car you were driving, letting it go would just result in extra work for you while you look for another one.
Avoid Costly Repairs by Keeping Your Leased Car
Also, if the car is in a bad shape, or you could not avoid those little dents and scratches, then the leasing company will inflict some heavy-duty penalties for you at the end of the lease. So if you have funds, the nest best thing to do would be to buy the leased car and get it repaired yourself.
Don’t Pay for Pricey Excess Mileage, Buy Your Leased Car Instead
Then comes the excess mileage. If you exceeded your allowance, which is generally 12,000 miles but can vary, then get ready to pay for every extra mile you drove. You can avoid the penalty by simply buying the car.
Questions you should ask yourself before you buy your leased car
1. Is the car worth it?
2. Evaluate the payoff by comparing it to the fair market value.
3. Does it have low miles?
4. What's the conditioning of the vehicle?
Lastly, ask yourself this: Does it make sense financially to buy my leased car? If you can't answer this, then you should contact one of our professional agents to help you make the right decision. We are an email away, send us you question so we can help you make the best decision.