For many residents in Orange County, car leasingis not usually intended to be a path toward ownership, buying the leased vehicle is something drivers may consider as the term of their lease contract approaches. This financial transaction is not as rare as it may seem. When the lease agreements of commercial fleets expire, drivers familiar with the condition of the vehicles often become interested in keeping a few for business or personal use. Depending on the overall conditions of the used car market, the buyout offers stated in many lease contracts may be more attractive than what drivers find in used car lots. Here are some reasons to consider (or not consider) buying a car after leasing it.
Have the Lease Conditions Been Good?
If the car is in great shape because you have made every effort to abide by the terms and conditions of the lease, it may be a good idea to buy the car as opposed to braving the used car market. If you are confident about the way you have treated the leased vehicle, you are the best candidate for buying the car. What is important in this case is to forget about the lease payments made during the term of the lease. That money is as good as water under the bridge, so it does not help to think about it terms of investing.
Are You Facing High Mileage Penalties?
High mileage is the most common penalty associated with vehicle leasing, and it could be quite difficult to shake off at the end of the term. Even drivers who want to lease another new car from the same dealership may be expected to settle this penalty before a new contract is drawn. On the other hand, drivers who are willing to consider the buyout offer may find the dealer, who is now taking on the role of a seller, will be more receptive to the idea of dismissing the penalty.
What Is the Financial Bottom Line?
Drivers who are not 100 percent convinced about the financial advantages of leasing over buying should pay attention to the following: buying is the better option if you have treated the vehicle as part of a lease that will last forever. When taking this into consideration, be prepared to make a commitment to keep the car in good condition for as long as possible if you choose to purchase it. Otherwise, getting into a new lease may be a better option, particularly if it is a new luxury model.
Not all drivers enjoy the process of buying a car. In Orange County, some specifically seek lease contracts for this reason. Taking a buyout at the end of the term can eliminate a few of the hassles associated with buying used cars, and dealers often feel the same way since they already know their customers.
If you’re interested in leasing a vehicle, whether or not you potentially plan to buy it after your lease is up, make the process easier by placing your trust in the Orange County auto brokersat Below Invoice. Give us a call today at 949-630-0303.