Lease-End Buyout Guide: Evaluating How and When You Should Purchase Your Leased Car
Our Buick finance department should be your destination if you have questions about a Buick lease. Leasing a vehicle is similar to entering into a long-term rental agreement, at the end of which you’ll return your leased car to our location. Of course, you may want to purchase your leased car instead. To see if buying your leased automobile is the right move, contact Peruzzi Buick GMC.
Factors to Consider
There are several factors you should consider if you’re thinking about purchasing a leased car. Each factor is important and will play a role in your final decision. Leasing companies often contact lessees to discuss their lease-end options about 90 days before their contracts expire, so make sure you give yourself enough time to consider all the factors at play.
Your Affection for Your Leased Vehicle
As you look at new Buick SUVs, it’s easy to imagine falling in love with them. If you’ve developed an affinity for your leased automobile, you may dread the thought of surrendering it. Buying a leased car that you love might be a good idea as it will prevent you from having to shop for an alternative vehicle.
Accrued Mileage and Wear and Tear
Every lease includes a limit on the number of miles you can drive every year without incurring a penalty. Similarly, lease contracts include a requirement that you care for your leased vehicle. If you’ve exceeded the mileage cap or your car has experienced excessive wear and tear, you may want to purchase the automobile to avoid hefty penalties.
Buyout Price vs Market Value
Comparing the lease buyout price to your vehicle’s market value is a must to determine if purchasing the car is a smart choice. If the buyout price is less than the automobile’s value, buying the car could be a smart decision. You may want to return the vehicle if its market value is less than the buyout price, particularly if the difference between the two is significant.
Credit Score
When they visit our Fairless Hills, PA Buick dealership, many drivers opt to finance their purchase when they buy their leased car. If your credit score isn’t good, you might be better off returning your vehicle. By contrast, you may want to buy your leased car if your credit score has improved.
Make Your Choice in Fairless Hills, PA
Are you ready to finance your leased vehicle or a different Buick model? You can do it at our Buick dealership. Apply for Buick financing now.