Buying My End Of Lease Car
So you’ve leased a car, loved it for the whole 2 years period, but the end of the leasing contract is slowly getting closer. The fact is that you love the car and would not want to give it up. Thankfully, because of that reason car dealers gave the client the option of buying the car at the end of the lease. He would only have to pay for the car’s already depreciated value (basically buy it at used car price). There are lots of reasons for you to keep the car that you leased.
On of the best things is the buy-out price that is considerably reduced (that’s how depreciation value works) which can turn the decision to buy this car into a great deal. First of all you don’t have to pay as much for a car that you already know its reliable and sturdy, heck you were the one driving it for the past two years, so automatically you know it has been taken good care of. You already hold the whole mechanical history so no surprises there, you don’t have to face another grueling hassle with dealers or you simply love the car, got very comfortable in it and don’t feel like changing soon.
The easiest way to purchase your leased car is to have a look at the residual value that’s crossed in the lease contract. Once you’ve found out the purchase price, you can go online and access a system like the Edmunds.TMV (True Market Value) system, or the KBB (Kelley Blue Book) and get an accurate purchase price for it. If the online price for it’s used value is higher than your purchase price written in the contract, than you’re up for a great deal.
On the other hand, if the TMV price is lower than the price you have on the contract, don’t be disappointed. First of all you need to keep in mind that since your car is not longer new, they don’t actually want it back, but they won’t give it up for just about nothing. Therefore a little negotiation seems to be in order. Firstly you should head back to Edmunds or Kelley Blue Book and print the report you have been given with the car’s market value and other pertinent specs. Armed with the technical data about the car and its market value you can head to the dealership and go one on one with the dealer. If you make a convincing case, they might actually drop the purchase price on the car, since they already have their winnings over the 2 years period. Of course there may be companies that have a policy against it. It depends on what kind of leasing company you’re working with and if the dealer needs a sale or not.
One of the best ways to make sure you’re driving YOUR car when exiting the dealership is to “pull” the dealer’s tongue. You have to assume that, once the car is returned the dealer has two choices: either place the car for sale as used, or turn it over to an auction house. If the car is shipped to an auction house, you may have a window since the dealership would have to take whatever prices comes from the auction, and on the plus side, the have to pay the auction house commission plus transport fees. No matter what happens at that auction, the price will definitely be below the car’s residual value, which makes your offer to purchase it the best decision the dealer could make.
Post tags: Tags: edmunds tmv, kelley blue book, Lease Car