It is tough to forget things that have touched your heart. Memories that you created while driving your car will remain in your heart forever. But, what if you have to give away the car after the lease period gets over? Do not lose heart because you can consider the option of a car lease buyout and keep your car with you forever.
Is it smart to buy your Leased Car?
Car leasing comes with the option of buying the car at the end of the lease period or before the period gets over. It is called a ‘car lease buyout’. It simply means to buy your leased car – either with cash or loan. Since you know it’s condition very well, there will be no surprises for you in the future. A car lease buyout option is safer than purchasing a different used car because you will be able well-aware of the situation of it.
Multiple Benefits of a Car Lease Buyout
Every individual has a passion. And if you want to become a proud car owner, a car lease buyout can help you with it. You can buy your leased car and never let go of your fond memories. So, why opt for it? The answer lies in its multiple benefits:
· Good Opportunity
The purchase price of a leased car is less than the current market value of it. A car lease buyout option gives you an opportunity to bring home your favorite vehicle. If you can’t buy your leased car with cash, do not worry. There are many auto financing companies that will help you with a loan. A good selection of the loan will provide you with low interest rates.
· Elimination of Surprises
You are aware of the car’s condition. And, as you had planned for returning it at the end of lease period, you have left no stone unturned in taking good care of it. So, when you opt for a car lease buyout option, there will be no surprises or shocks in the near future.
· Top Choice
You already have the car that you like. There is no question of research or test drive. Although you will have to undertake negotiating process with the lessor, it is better than starting the car buying process from scratch.
A Car Lease Buyout: A Choice for Every One
Your happiness is your choice. If you like your leased car, it is the right time to buy it. A car lease buyout provides you with two options. Following are the two options with you:
· Lease End Buyout
It means that you can buy your leased car after the lease contract ends. It requires you to pay the residual value of the car. A residual value is the car’s worth at the end of the lease. It is usually agreed upon at the beginning of the lease period and is mentioned in the contract. So, is it a smart decision to opt for it? Compare the residual value to the current market value of the car. When the residual value is less than or equal to the market value, buying the car is a good deal. Also, you can opt for it if:
– Overall performance of the car is good.
– It doesn’t require repair.
– You are able to get a loan at a good interest rate.
· Early Lease Buyout
It gives you an option to buy your leased car before the end of the lease period. It is better to consider it if:
– The car has exceeded the allowed mileage limit.
– You are unable to keep up with the maintenance cost.
– There is interior or exterior damage to the car.
Early lease buyout option may not be a good deal because of additional depreciation fees. So, it is wise to wait till the lease period ends in order to get the best deal.