If you are approaching the end of the lease for your vehicle, you may be wondering, “Should I buy my car off-lease?” Here are the top 3 things to consider when buying off-lease cars.
1. The Buyout Price is Less Than the Market Value
A vehicle’s residual value is the value of the vehicle at the end of the lease term, also known as the buyout amount. In most cases your buyout amount is less than the average retail price, and buying your off-lease car is a good deal.
You can find your vehicle’s residual amount in your lease contract or by calling a D&M leasing agent.
2. Over or Under the Allowed Mileage
Depending on your original contract, you may have exceeded your mileage limits. If you opt to buy your leased vehicle, you will not be expected to pay for any excess mileage. If you didn’t use all your allotted miles, then this should factor into your decision.
3. State of the Car
Similar to exceeding your vehicles allotted miles, you are not held responsible for damages to a vehicle if you decide to purchase your lease. If your vehicle has excess wear and tear, but you can’t part with the car then buying off your lease may be an enticing option.
Leasing companies have to resell the returned vehicles directly to a dealer or through an auction, so in order to avoid the hassle and expense it may be more favorable to sell the vehicle directly back to you. If buying your car off-lease is something you are interested in contact an agent today.