Buying Car Lease

Keep your car

When you lease a vehicle, you're essentially borrowing it from the dealer or lender. If you're interested in keeping the vehicle after the lease agreement has run out, it's referred to as "buying out" the lease. Most lease agreements allow for a buyout, however, you should always check your individual agreement.

There are two ways you can buy out your lease. You can wait until the end of the lease agreement, which is referred to as a normal buyout, or you can try to purchase the vehicle early, which is referred to as early buyout.

An early buyout can be a good option if you've gone over your allowed mileage or if there is excessive wear and tear on the vehicle. As long as you're not subject to an early buyout charge, or your lender doesn't consider it an early termination and charge additional fees, you can end up saving some cash on penalties or fees.

Buy Out Costs

Buying out your lease is just like buying a used car - except it's your car. The great thing is, you know exactly where the car has been and how it's been treated. The price of your lease-end buyout should typically be negotiated at the beginning of your lease and should be included in your agreement. However, this price is usually negotiable, so you might be able to save additional money if you've got some bartering skills.

Paying for Your Purchase

You have the same options for paying for your lease buyout as you would with a simple vehicle purchase. Of course, the best way to pay for a vehicle is always to pay cash, if you can. This saves you financing fees and interest, so you're only paying the actual value of the car.

If you're unable to pay for your lease buyout outright, you can take advantage of financing options. Many lease dealers will offer financing for buyout, or your can get a loan from a bank or loan company. The important thing to remember when you're getting financing for your buyout is to pay attention to fees and interest rates - you don't want to end up spending thousands of dollars more than you need to!

It used to be we could depend on the reputation and reliability of North American cars to meet our standards - but could it be the times are changing? Here in the U.S., overseas models are continuing to rise in popularity. Find out why!

If you love your car, you’ve got treat it right – stock will never do for your hot wheels! Whether it’s for performance or just for the look, aftermarket parts can turn that car you just brought home into your own pimp ride.