Can I buy my leased exotic car?

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Can I buy my leased exotic car?

If you’re coming toward the end of your car lease, time is running out to decide if buying your leased car before the lease ends to make more sense than turning it in. Since you technically aren’t the owner of your leased car, the leasing company that does own it wants to know if you want to buy the car or if you’d like to return it at the end of the terms of the lease that you agreed upon. If you really enjoy the exotic car you have been leasing, then buying it after the lease is up could be a realistic option for you. In this blog by Pfaff Leasing, we talk about some of the reasons why you would want to buy your leased exotic car.

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You can buy the car for less than what it is worth at the lease end 

If your lease buyout price is lower than the car’s market value, buying your leased car is like getting a discount on a good used car. Estimating what a car will be worth 24 to 48 months down the road is more of an art than a science. But that number, commonly called the residual value, is what the leasing company uses to set a monthly lease payment. In simple terms, the new-car sale price minus the residual value divided by the number of months in the lease equals the monthly payment.

If you like the car and have taken good care of it during your lease

You’ve done everything right while this car was in your care. You’ve maintained it to the manufacturer’s specifications, you’ve driven it responsibly and kept its sheet metal unblemished and it’s interior spotless. There is not another used car on the market that you can have more confidence in than the one you’ve been driving for the last few years. If you still love this car as much at the end of the lease as you did on the day you picked it out, buying out your car lease may be the smart move.

If the car shows excessive wear and tear at lease end 

If you didn’t keep your leased car in showroom condition, you could avoid some fees by buying the car. Buying your leased car if it’s in great shape seems logical, but why would you keep it if it’s in bad shape? If there is excess wear and tear on the car, you’ll be facing some penalties. The greater the damage, the larger the penalty. Those little dents, dings, and scratches that might not seem like a big deal to you will be viewed very differently by the leasing company, who needs to turn the car around and sell it if you decide to return it. One way to avoid those lease-end penalties and charges is to buy the car.

So, should you buy your leased exotic car? It is totally up to you and how you have chosen to care for the car during your lease term. However, if you are seeking more information, we suggest that you get in touch with a Pfaff Leasing representative today.

Click here to find our contact information or speak with a Pfaff Leasing representative.