There are all kinds of decisions to be made when buying a new car. In addition to the make and model, you have to decide whether it makes sense to purchase it or to rent it with an option to buy. If you purchase it outright, you will own it in three to five years. If you decide to rent, you make payments for three or four years, and then decide whether to return it or buy it. The lease buyouts NY auto dealers offer are good ideas some of the time.
People like leases because the payments are normally lower than if they had purchased the same car outright. With the savings, a lot of drivers decide to trade up and get a more luxurious car than they could have afforded otherwise. If you decide to purchase the vehicle at the end of the leasing period, the payments can go up.
Some drivers keep leased vehicles just because they love the car. It's not unusual for people to get attached to cars. After they have driven them for a few years, there are memories attached to them as well. If you're leasing a vehicle that is a make and model you've never owned before, you might be so impressed with its performance and safety features, you decide to keep it.
Some people keep leased cars because of wear and tear or excessive mileage. Leased vehicles have mileage limits. When drivers exceed the allotted mileage, they are subject to extra fees. Those will add up very quickly. Calculating the excess mileage charges may determine whether a driver keeps the vehicle or not.
By the same token, a vehicle you've leased may have a few dents and dings or some wear and tear on the seats. If so, there may be penalties attached to it. At some point it makes more sense to buy the vehicle than to turn it in and pay all the fees and extra charges.
Your leased car may be nicer than any used car you might replace it with. If you have treated the leased vehicle well, and haven't driven it over the allotted mileage, it may make sense to buy the leased vehicle instead of a used car with fewer amenities, especially if the payments will be comparable. Turning in the leased vehicle and replacing it with a brand new lease is always an option.
The automobile may be worth more than the dealer calculated it would be at the time the leasing agreement ends. Dealers can only estimate what the value of leased cars will be in three or four years time. Sometimes they're wrong. If the car you leased is undervalued, buying it is a good idea.
Sometimes buying a leased vehicle isn't such a good idea. If the car isn't what you need anymore, you don't want to spend any more money on it. If the interest rate you're going to be charged is too high, buying the car isn't a good deal. If the vehicle was ever involved in a traffic accident, it won't be worth as much as a vehicle without an accident history.
People like leases because the payments are normally lower than if they had purchased the same car outright. With the savings, a lot of drivers decide to trade up and get a more luxurious car than they could have afforded otherwise. If you decide to purchase the vehicle at the end of the leasing period, the payments can go up.
Some drivers keep leased vehicles just because they love the car. It's not unusual for people to get attached to cars. After they have driven them for a few years, there are memories attached to them as well. If you're leasing a vehicle that is a make and model you've never owned before, you might be so impressed with its performance and safety features, you decide to keep it.
Some people keep leased cars because of wear and tear or excessive mileage. Leased vehicles have mileage limits. When drivers exceed the allotted mileage, they are subject to extra fees. Those will add up very quickly. Calculating the excess mileage charges may determine whether a driver keeps the vehicle or not.
By the same token, a vehicle you've leased may have a few dents and dings or some wear and tear on the seats. If so, there may be penalties attached to it. At some point it makes more sense to buy the vehicle than to turn it in and pay all the fees and extra charges.
Your leased car may be nicer than any used car you might replace it with. If you have treated the leased vehicle well, and haven't driven it over the allotted mileage, it may make sense to buy the leased vehicle instead of a used car with fewer amenities, especially if the payments will be comparable. Turning in the leased vehicle and replacing it with a brand new lease is always an option.
The automobile may be worth more than the dealer calculated it would be at the time the leasing agreement ends. Dealers can only estimate what the value of leased cars will be in three or four years time. Sometimes they're wrong. If the car you leased is undervalued, buying it is a good idea.
Sometimes buying a leased vehicle isn't such a good idea. If the car isn't what you need anymore, you don't want to spend any more money on it. If the interest rate you're going to be charged is too high, buying the car isn't a good deal. If the vehicle was ever involved in a traffic accident, it won't be worth as much as a vehicle without an accident history.
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