Should I Buy My Leased Car?

If your car lease will be coming to an end soon, you’ll have some decisions to make regarding whether or not to purchase your car or simply turn it in. To help you decide, we’ve come up with a list of things you should consider, as well as advice on what to do if you can’t make up your mind:

The car is not in great condition.
If you’ve been hard on your car and it shows, you may be faced with excess wear and tear fees at the end of your lease. To avoid paying them, you can purchase the vehicle and make any repairs and custom modifications you want over time, rather than rushing to get your car or truck repaired before turning it in.

The car is in great condition.
In this case, turning in your car lease will be simple and you can get into another lease or choose to purchase a different vehicle if you'd like.

On the flipside, if you know that your car is in great condition, you’ll have more confidence in purchasing it outright, since you know it’s been taken good care of.

You’re attached to your car – or not.
You’ve gotten to know your leased car well over the last few years, and actually really enjoy its features and performance. Keeping it for the long haul sounds satisfying, in fact.

Or perhaps, there are some things you’ve been wishing you could change about your vehicle. The great thing about leases is that when you encounter this feeling you’re not stuck with the car for the next five or more years. You can just turn it in and lease a new car if you want.

You don’t love the process of car shopping.
You want to make a long-term investment in a vehicle at this point in your life, but the idea of shopping around to buy a new or used car sounds daunting. Purchasing your leased car may be the easy way out, especially if you love the vehicle you’re currently leasing. You could also get into another short-term lease, with the objective to buy the vehicle at the end if it better meets your needs.

You’ve driven way over your estimated mileage.
If the annual number of miles you drive every year is predictable and fairly unwavering, you shouldn’t have to worry about this. However, if you’re nearing the end of your lease and know you’ve driven way over the allowable mileage, get ready to do some math.

Take the number of miles you’ve gone over and multiple it by the excess mileage fee disclosed in your lease agreement. You may want to purchase your car to avoid paying these extra charges if they’re pretty high. However, for most drivers these fees won’t be much at all; still it’s something to calculate before your lease ends.

What to do if you can’t make up your mind…
Weigh your options and look at the numbers, like how much it would be to buy the car, assessing the car to determine potential wear and tear fees, etc. If after doing these things you’re still not sure whether or not to buy, there is another option.

Ask for a lease extension.
If you really can’t make up your mind, you can request a lease extension from Toyota Financial Services or the bank that you leased your vehicle through. This will give you more time to make a final decision.

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