Buying Your Leased Car
Saturday, May 23, 2015 at 7:41 PM
You would have to be crazy not to take a car for a test run before purchasing it. After all, although the "feel" of a car isn't its most important feature, it will greatly affect your day-to-day driving experience and should certainly be taken into consideration. A few drives around the neighborhood are common, but what about a one- or two-year test drive? Such a long test drive might seem absurd, but if you choose to lease a car before buying it, it's almost like you've been given an extended test drive! To learn more about the benefits and process of buying your leased car, please scroll down.
Buying Your Leased Car
Leases are available for a variety of lengths, but most fall in the range of 12-48 months (or 1 to 4 years). Whether you choose a short-term lease or a long-term lease, at the end of your time commitment, assuming you have paid in full with punctual lease payments, your dealer will likely ask if you would like to purchase the car. And after 1-4 years of driving the vehicle, you will probably have a good idea of whether or not you want to buy it!
The big question is: how much will you pay for your leased car? You've been making lease payments on it for many months now, so it goes without saying that you won't pay full price. In fact, you will be paying the residual value of the vehicle.
What does that mean? Well, when you lease a car, you pay the difference between what the car is worth when you begin the lease and what the car is expected to be worth at the end of the lease in addition to a monthly fee. So when you buy your leased car, you will be paying what the car is worth at the end of the lease, which is known as the residual value. Some dealers will ask for a purchase-option fee as well, in the $200-$600 range.
In addition, the way that you've cared for the vehicle over your leasing term can affect whether you choose to buy it or return it in the end. If your car is in good shape and you didn't go over the mile limits in your lease, you can walk away or buy it without any worries. But if the car got dinged up or otherwise damaged, or if you went over your mileage limit, you will likely have to pay fees if you return it. However, if you buy it, you may be let off the hook because you will be bearing the brunt of that damage.
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Buying a vehicle at the end of its lease is a great option for many people, but it's certainly not required. If you don't want to purchase your vehicle at the end of its lease, no problem! You can return the car and walk away. Or, you might want to choose a new vehicle to lease. The choice is yours!
Are you interested in leasing-to-own a car? If so, be sure to check out Auto By Rent, the largest lease-to-own auto dealer in Missouri and Tennessee. We can help you secure a quality vehicle regardless of your credit history. To learn more about our services, please click here for a free quote or contact the location nearest to you:
North Springfield: 417-447-7979
South Springfield: 417-877-2001
We look forward to hearing from you!