Should You Buy Your Leased Car?

Leasing a car can often seem like an excellent investment. You get a new car to drive, while not having to worry about depreciation or a long term loan. However, you may fall in love with your leased vehicle and want to purchase the car. There are several factors you should consider when determining whether to purchase your leased vehicle. First, how much is the purchase price of the vehicle once the lease is over? Does this include the purchase option fee? Second, you should know the retail value of the car and be able to determine whether the lease purchase price is higher or lower than purchasing the same vehicle from a local source. Lastly, it is important to consider how well you have maintained the vehicle. Have you kept within the required mileage, is the interior and exterior in good condition? These will help determine if you will owe additional fees.

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