When you come to the end of an auto lease, you have options. You can choose to return the car and lease a new one or buy the vehicle you’ve been leasing and keep it. If you are crazy about your leased car, you may be considering buying it, but you should be aware of whether that’s the right choice in your specific situation.
It comes down to everything from your budget to the car’s mileage, condition, and value. Below, we’ll share a few situations when keeping a leased vehicle is a smart option.
You’re Over or Under the Allowed Mileage
In many cases, your lease contract will be for 36,000 miles and three years. If you have more miles, you will have to pay extra. If you have fewer, you’re leaving money on the table. If you need to pay a great deal due to mileage, it might be better to just purchase the car and keep it for your own.
However, make sure you look at the contract for purchase options fees and consider that when you make your decision.
The Car Has Lots of Wear and Tear
If the vehicle has dings, scrapes, or even torn upholstery, you can expect to see penalties for excess wear and tear. When you choose to purchase the car, those fees aren’t something you need to worry about. If the damage bothers you, you can have it fixed whenever you like.
Vehicle Is Worth More Than Buyout
Sometimes the car will increase in value in unanticipated ways. You can determine whether this is the case by looking at the lease agreement buyout price. If it is worth more, you can choose to purchase the vehicle, sell it to someone else, and put the change in your pocket.
If the value is less than the buyout, you may not want to make the purchase. However, you could do so if the company lowers the buyout price if you choose to keep it. This may be done to avoid auction and shipping fees.
Refinance Your Auto Loan with Finley Fi Solutions
Are you in need of refinancing for your auto loan? At Finley Fi Solutions, we make the process a cinch. We offer traditional refinancing, cash-back refinancing, and lease buyout refinancing to meet your needs. If you want to own your leased car, reach out to us to learn more about the process.