Here’s Why Buying Your Leased Car Makes Sense

Leasing a car comes with its fair share of problems. The entire process is complicated, you can’t customize the car, and above all, you often end up paying more than what the car is worth.

As you reach the end of your car lease, it’s natural to wonder: Should I just buy my car and take a step towards car ownership? The answer is: It depends. Let’s review five situations in which buying your leased car makes sense.

Your Love Your Car

Suppose you put considerable time and effort into leasing a car model and type that matches your driving preferences. In such a situation, you might not want to part ways so soon, and that’s totally fine!

You can buy the car, either by making a balloon upfront payment or entering into a lease buyout loan agreement with RefiJet. In both situations, you can keep driving a familiar vehicle and skip the exhausting process of leasing altogether.

The Vehicle is Well-Maintained

So, your vehicle is in good condition. You’ve regularly topped off fluids, changed oil filters, rotated the tires, and promptly repaired minor damages. All of these efforts can increase the resale value of your car.

Owning a well-maintained car is quite cost-effective. You don’t have to worry about frequent breakdowns or hefty mechanic bills. Instead of moving heaven and earth to find a used car in good condition, simply buy your leased car and enjoy its extended longevity.

The Buyout Price is Less Than the Vehicle’s Market Value

Preventive maintenance, car manufacturing policies, and economic changes — the market value of your car can be higher than the lease buyout price for several reasons.

For instance, if the lease buyout price is $15,000 and your car is worth $18,000, buying out the lease is an excellent choice. You will not only save money, but also have the opportunity to sell the car once you have gained total ownership.

The Car Has Excessive Wear and Tear

Most lessors specify that the car should be returned in a condition similar to when it was leased. In simple terms, if your car has excessive wear and tear, you’ll have to pay additional fines.

Normal wear and tear, such as scratches and scuffs, doesn’t cause much of an issue. But substantial damage like dents, large scratches, cracked glass, or mechanical problems will likely incur penalties.

In such situations, buying out the lease agreement is more financially sound than paying for the damages.

You’ve Exceeded Mileage Limits

Most leasing contracts impose strict mileage limits. If you exceed these limits, you’ll be responsible for paying the per-mile charge for excess miles driven. Buying your leased car is an excellent way to avoid such costs.

You can purchase the vehicle either at the end of the lease term or, in some cases, before the end of the lease. Most lease contractors mention the predetermined price on the agreement. Before you reach out to your lessor, do the math and make sure you’re not paying more than the car’s worth.