Car Prices Blogs


Buying Your Car When the Lease is Up

July 14th, 2010

When your car lease term is up, you may decide you want to buy the car and keep it. Keep in mind that it may or may not be a good deal, depending on the buyout price and your specific circumstances. There could be a number of good reasons for you to buy the car:

  • You really like the car and the buyout price is fair.
  • You don’t want the hassle of starting a new lease or buying a new car.
  • You’ve exceeded the number of miles allowed and want to avoid penalties.
  • There is excess wear and tear on the car, and you want to avoid the fees.
  • You know the car’s mechanical history and know that it’s reliable.

    • The first thing to do is to find out the buyout price of the vehicle and if it’s negotiable, and how far you can negotiate it down. Keep in mind that the leasing company ultimately wants you to buy the car. Check the current blue book value of that vehicle and also take into consideration the current condition of the vehicle and anything that you may owe, such as extra mileage fees.

    Don’t mention if you are over the allowed mileage limit or that there is excess wear and tear on the car. If they know this, they will realize they have you over a barrel and might be less willing to negotiate on the price. Allow several weeks to negotiate the final price for the car and assume that the negotiations will probably go right up to the return date for the car. Just make sure you have reached a fair price and that you are aware of any other related fees before you agree to the deal.

    Posted in Automotive News

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