How To Get The Best Deal When You Decide To Buy Your Leased Car

You like your leased car so much you want to keep it?

No problem, here’s what you need to do to get the best deal. Call your leasing company and ask what the buy-out price is for the end-of-lease date. Your security deposit will be deducted from this amount. Find out whether you will also have to pay a purchase option fee if you buy your leased vehicle, and how much it will be.

Once you have their number, it’s time to establish yours.

Step 1: Check the residual car value.

Step 2: Factor in your car’s mileage and condition to determine its true residual value. If you’ve exceeded your mileage allowance, or there’s excessive wear and tear on the car, don’t mention that to the leasing company yet. Declaring this can significantly raise the final cost.

Step 3: Determine the current market value of your car, which tells you how much the car is selling for in your area. You can find this number at Kelley Blue Book or Buying Advice Guides.

Now you are ready to bargain with the leasing company. Naturally the leasing company is going to want the highest of these three amounts and you, of course, want the lowest. Remember that the leasing company would generally rather you keep the car and save them the trouble of reselling it or taking it to an auction, so they should be very willing to hear your offer.

Negotiations may continue till the end of your lease. Consider the several advantages in buying a leased car if you get it at the right price. The car will be more affordable than equivalent options. Also, you will be getting a car you’ve tried out for some time and can trust on how reliable it is. If it has good mechanical records and a history of reliability, then you can rest assure it will become a faithful companion for a long time. You can also avoid paying penalties for excessive mileage or wear and tear if those apply and if you’ll look to sell in the future, you can still advertise your vehicle as a one-owner car.

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