Have you been thinking about buying your leased car? It is a perfectly legitimate way to keep a car that you have enjoyed driving for the past three years. You may even be able to get a good deal on it. Let’s talk a little bit about the process of purchasing a vehicle that you are currently leasing.
Contacting The Lender Regarding Buying Leased Cars
The first thing that you want to remember is that you never want to sound too excited about keeping the car. Simply ask for the buy-out price when you get in touch with the leasing company. It may even be a better strategy to let them contact you when your lease is about to expire. Keep in mind that the lender doesn’t want the car back. If they get it back, they then have to deal with selling it to a dealer or an auction.
Negotiate A Price For The Car
Make sure you get a residual price for the car the reflects its actual worth at the moment. The residual price is the amount that your car is worth today. Cars with a higher residual price will result in a higher monthly payment. However, they will also bring you a higher trade-in or resell price when you are in the market for your next car. If the residual value that you are quoted is more than the actual market value, you should negotiate a lower price. It is very similar to negotiating a typical car deal in this regard.
Give Yourself Time To Negotiate
The leasing company wants to get as much money as they can from the car. This means that they will negotiate with you right up to the end of the lease date. They are hoping that you will give up and accept whatever is being offered to you. Therefore, don’t worry too much if the negotiations go right up until the last minute. It is simply a negotiating tactic. Keep in mind that you never tell the leasing company that the car is over the mileage limit or that it has any significant damage to it. Not revealing this damaging information is the trickiest parts of buying a leased car.
Enjoy Your Car
The final step is to sign any applicable paperwork and enjoy your car. There is no reason to give up your car if you like to drive it and you know it runs well. Buying leased cars can be one way to ensure that you have a reliable vehicle at a reasonable price.