So there’s something about your leased car that makes it hard to let it go. In fact, you want to buy the car when the lease runs out?
Hey, it happens. Sometimes the buy-out price on your lease is too good to pass up. Or you lucked into a workhorse of a car that has a great mechanical history. Or you just love the look of your car, you cherish the memories, and you’re just not ready to let go.
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So how do you keep your leased car in your driveway for the best price possible? Simple. Ask the right questions and learn to negotiate.
First, check your lease contract and look specifically for the residual value. Compare that number with your car’s brand (i.e. the same make, model, and mileage as your leased car) on auto web sites like Cars.com or Edmunds.com. If the price in your contract is lower than the value price on the big auto web sites, then chances are you’ve got a good deal on your hands.
On another note, in the current downed economy, it’s a good bet that your car company doesn’t want its leased vehicle back. In most cases, the leasing company has to put the car up for sale when a lease ends. That means sprucing up the car and shipping it off to a used car lot. Those costs can add up for the leasing firm, giving them additional motivation to sell you the leased vehicle. That means they’re likely open to negotiations, with the playing field tilted in your favor.
