Should I Buy My Leased Vehicle or Lease Again?
Leasing is a great way to drive a new vehicle at a lower cost compared to buying it. However, all lease terms eventually come to an end, and you’ll have some options when your lease comes to a close. Should you buy your current lease or just upgrade to a newer lease? Learn about the advantages and disadvantages of both options with the finance center at Ray Brandt Kia near Harvey, and visit us when your lease is almost over.
End of Lease: Buy or Lease Again?
So, which should you do at the end of your lease: buy your current lease or lease a newer vehicle? Let’s go over the pros and cons of each option to give you a better idea of which option might be more suitable for you:
Leasing a New Vehicle
One of the more common options at the end of your lease term is to lease a newer model. There are pros and cons to this option, including:
- Allows you to have lower monthly payments compared to taking out a loan
- Flexible options
- No commitment to ownership
- Easy process
- Mileage restrictions
- Customization limits
- No full ownership of the vehicle
Buying Your Lease
Buying your lease is a great option if you like the vehicle you’ve already been driving, so consider the pros and cons:
- Ownership of the vehicle
- No shopping around Marrero for a new car
- Ability to sell the vehicle at any time
- Possible higher monthly payments than leasing
- Possible purchase fee
- Less room to negotiate for the price
If you’re ready for ownership and don’t want mileage restrictions, then it could benefit you to buy our lease at the end of your term. However, if you don’t plan on putting that many miles on your car and only driving around New Orleans for the most part, then it could be better to lease a newer vehicle.
What Else Can I Do at the End of My Lease?
When you return your vehicle to the dealership at the end of your lease, you don’t have to only choose between buying your lease or leasing another vehicle. Another option you have is to walk away and shop for a new or used vehicle to buy. To see what your options are, reach out to our expert finance team at Ray Brandt Kia. They’ll go over all of your options with you so that you can make a confident decision.
Learn More at Ray Brandt Kia
So, when your lease comes to an end, should you buy your lease, lease a new vehicle, or just walk away? We’re located in Harvey, but you can contact us to go over your options and see which might be the best for you.