Here are four reasons why now might be an excellent time to buy your leased car.
You can buy your leased vehicle for less than it’s worth. Usually, this isn’t the case. However, these are unusual times. With the vehicle supply issues related to the pandemic, your leased car will likely be worth more than the “residual value” written into your lease contract when you first got the car. The older your lease, the further off the residual value might be. Giving the car back at the lease’s end allows the leasing company to pocket that extra gain in value instead of you.
You would be shopping for a car at a terrible time. Your car options are limited with the current supply shortages, making it difficult for you to find the vehicle you want. Right now, a lot of shoppers have to settle for what’s available. Also, if you do find a car, be prepared to wait weeks or even months before getting it.
New and used car prices are higher. The rise in demand and shortage of supply naturally triggered a steep increase in prices of both new and used vehicles.
You like the car and took good care of it. You had good reasons for leasing it in the first place. If those reasons still hold up, and you’ve kept the car in good condition, why replace it?
Buying out a lease is something you can do at any time. All you need to do is ask your dealer for a buyout offer. Many lenders who make auto loans also offer lease buyout loans. Remember always to shop around to get the best interest rate!