Should You Buy Your Leased Car?

If you’ve chosen to lease your car, you might wonder what’s next at the end of your contract. For some people, buying a previously leased car can offer time- and money-saving benefits that can help them get back on the road quicker. Buying a car is a big decision, though, so make sure to consider all of your options first.

In this guide, we’ll describe what happens when you lease a car and how you can buy it after your contract ends. We’ll also explore situations where it might be highly beneficial to purchase your leased vehicle and provide tips to help you complete a successful sale.

The car-buying process can be long and complicated, so if you’ve found a vehicle you love for a great price, you should act quickly toward purchase.

Thinking of buying out your lease? Easily compare rates from lenders below.

What Does It Mean to Lease a Car?

When you lease a vehicle, it essentially means you pay a certain monthly amount to a leasing company to drive a vehicle for a specified amount of time. A type of car financing, this arrangement allows you to use a vehicle for an agreed-upon period and then return it to the dealer. If the option is available in your contract, you can purchase the ride at the end of your lease term.

You might choose to lease a vehicle rather than buying for a variety of reasons. For example, monthly payments on a lease are often smaller than car loan payments from a bank or credit union. It can also be a great option if you’re not sure you want to keep the car for a long time.

Before you decide on any lease agreement, read over the terms carefully to make sure they match your goals. Leases often run for