Should You Buy Your Leased Car? Your Best Deal Could Be Sitting in Your Driveway!
Do you have a leased vehicle nearing the end of its contract, and you’re wondering whether you should enter into a new lease or buy out the car? With the current car market and chip shortage issue it may be the better option. We’re here to share a few reasons why now is the perfect time to buy out your current lease.
Car Prices Have Skyrocketed
As mentioned earlier, the chip shortage is a real problem globally, and finding a good new or used car can be difficult. Because of these reasons, pricing on vehicles is higher than ever. The good news about your lease is that the buyout price was established 3-4 years ago when you started your lease, and that means the already agreed-upon deal on your lease is probably the best deal you’re going to find.
Leasing Has Become More Expensive
The cost of leasing a new vehicle is almost the same price as getting a loan, and interest rates for a lease are nearly triple the loan rate, making your payments almost identical. The biggest draw to a lease is cheaper payments, but that is no longer the truth.
Your Lease Is Worth More Than You Think
Maybe you don’t like the car you’re driving anymore, and it’s time to move on. You can probably buy your car out on the agreed price and flip it for even more money. Buyout your car and sell it for a profit. Then use that money towards purchasing your dream car.
If you’re interested in purchasing a new car and need help in getting an auto loan, S2S is here to help. Call or stop into a branch today to see how we can help you.
« Return to "Archived Blogs"