What to Do after a Lease? Choose Wisely!
So what happens when your car lease is about to end? It is said that a month before your lease end your car leasing company will give you a call to tell you that they would be picking up your car and that an inspection has to be done to determine your car's value. They might also be offering you a price for buy-out, a new lease with another vehicle, a trade-in, or a complete brand-new car purchase.
In this case there are several questions that you need to ask yourself before you jump into a new decision:
- Is it best to buy out or return the car when you have exceeded the mileage or if there's car damage? If ever you return the car, can you negotiate for the mileage and damage repairs expenses?
- Would you benefit more when you extend your car lease or trade it in for another one? Do you need to pay for the wear and tear of the vehicle or excess mileage of the vehicle? In that case, would it be better to release yourself from the car lease?
- If ever you decide to purchase, is the purchase price negotiable? If that is so, how much you think is the right amount? Do you still have to pay for the mileage and the damages?
There’s no fixed solution to any of these choices. Like anything else in this world, it’s on a case-to-case basis and requires a wise decision with right timing. You can do this by doing your homework. Again, research on the best options and read and ask credible sources for their experiences and advice. This will get you further than you thought.