Leasing a car is a great way to own and drive a car you love without having to worry about breakdowns and other mechanical issues. If you truly enjoy driving your leased car, you may have thought about buying it after the lease period ends. Dealerships are more than happy to sell you the leased car since it saves them money on reselling the car.
If you are ready to purchase your leased car, here are a few tips to save you some time and money:
Find Your Cars Value
Often times, the dealership will send you a statement at the end of the lease asking if you are interested in purchasing the car. That same letter will also list the “buyoff” amount to purchase the car outright.
Go online and use a service such as www.kbb.com to find your cars actual market value. You will be required to know your cars options and mileage to find its value. If the actual value of the car online is more than the asking price of the dealer, you may have a good deal in your hands. If not, plan to negotiate with the dealership manager by showing them the cars value online.
Before your lease ends, your local dealership will try to contact you in an attempt to push you into buying out your lease. Do not accept right away. Also, try not to initiate the first contact with the dealership, as you may lose your high ground standing. Tell the dealership that you are shopping around for other options as well.
Before you buy out your leased car, shop around and see if you find any other cars that catch your attention. If you are usually leasing cars, see if there are any other new cars on the market that you would like to test drive. Make it known to the local dealership that you are looking at other alternative options to buying out your lease. This will put pressure on your dealership to give you the best deal they can.
As a business, it’s the dealerships job to sell cars at the highest value they can get for them. Remember that the dealership would rather not have the car back in their possession. Be sure to print out and show the dealership the fair market value for the vehicle. Do not admit from the beginning that you are thinking about buying out your lease. In this situation, you have the high ground.
All in all, purchasing your lease can be an exciting time, as you do not have to worry about going over mileage and any cosmetic damages to the car. If you need financing to purchase your lease, CrediReady can help. Our nationwide network of trusted and verified lenders work with all buyers in all credit situations. Take a moment to fill out our free no-obligation loan search form today to see how much you can save!