Before you purchase your current lease, we encourage you to do some research to make sure it is your best financial choice.
There are several things that you should consider before making your final decision:
The Condition of the Car
When you are leasing a car, it’s important to upkeep your car’s interior and exterior which will be inspected upon the leases return. When you return a lease, the overall condition of the car is one of the first thing dealerships will look at. If your car has remained in top shape, and you’ve been happy with it overall, you might want to consider purchasing it. How it has held up is a big indicator of what type of car it is. If you love your lease and you’re happy with it, you might want to simply stick with it.
Price of Market Value
Making the decision to purchase your lease should heavily depend on what price dealerships are asking for. If your current lease is still being sold at the dealership for a high price, buying the lease out might be in your best interest. Make a budget beforehand so you understand how high you can go if they encourage you to purchase the lease. Dealerships have to resell your lease once it is returned, and depending on what car it is, it might be easier for them to simply sell that car to you instead.
Pay Attention to Mileage
A big part of leasing a car is sticking to the miles that you are contracted into. However, sometimes things happen and people go over the predetermined mileage limit. If you do exceed your mile limit, you will be required to pay mileage penalties which can get costly. Depending on how far you’ve gone over, it might be cheaper for you to purchase the lease. On the flip side, if you haven’t come close to the mileage maximum that you were given, it might be worth purchasing the car if it still has low mileage and is offered to you at a reasonable price.