Buying the car you are leasing (lease, vehicle, truck, mileage)
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I didn't see any posts regarding buying the car you have been leasing so here it is: Has anyone here ever purchased the car they have been leasing? Were you happy with your decision and if not why? My lease is up in August and I have less than 19K miles on this 3 year lease. I'm considering buying it rather than continue leasing since I put so little miles on my vehicles each year. I am also going to check to see if any dealerships offer a better lease for low mileage lessees and while I don't love my Kia Forte, it's good enough for my daily needs.
I have been leasing for the last 7 years because the payments are lower and I know my car won't leave me stranded but since I don't put many miles on my cars I'm thinking I might be better off just buying this car so I won't have payments after a while and the car will probably still have less than 50K miles on it when it's paid off.
After the 3 years are up I will have paid $10,764 on it. It's a 2017 Kia Forte and Kelley Blue Book value is between $11901-$13,272. So if I buy it would I wind up paying more for the car in the long run since I've already dumped $10,764 into it or does any of my lease payments decrease what I would pay if I bought the car at the end of the lease?
The key to any lease is the "residual value " of the car after the lease period is up.I lease a car and dont consider it an investment but more of a monthly business expense.
I didn't see any posts regarding buying the car you have been leasing so here it is: Has anyone here ever purchased the car they have been leasing? Were you happy with your decision and if not why? My lease is up in August and I have less than 19K miles on this 3 year lease. I'm considering buying it rather than continue leasing since I put so little miles on my vehicles each year. I am also going to check to see if any dealerships offer a better lease for low mileage lessees and while I don't love my Kia Forte, it's good enough for my daily needs.
I have been leasing for the last 7 years because the payments are lower and I know my car won't leave me stranded but since I don't put many miles on my cars I'm thinking I might be better off just buying this car so I won't have payments after a while and the car will probably still have less than 50K miles on it when it's paid off.
After the 3 years are up I will have paid $10,764 on it. It's a 2017 Kia Forte and Kelley Blue Book value is between $11901-$13,272. So if I buy it would I wind up paying more for the car in the long run since I've already dumped $10,764 into it or does any of my lease payments decrease what I would pay if I bought the car at the end of the lease?
The Blue Book value doesn't matter. What is your lease-end buyout price?
There are two things here. If the residual value as specified in your lease is comparable to the blue book value of the car, then it might be worthwhile, since you know the car and it's low mileage.
If the residual is less than what you can sell the car for, then buy it and flip it to someone else, and pocket the difference. ie, if the residual is 10,000 and you can sell it for 12,000, you can make a profit on the deal.
I just bought my GMC Sierra at the end of the lease. I absolutely love the truck, it has what I consider decent mileage after 39 months (32k), and from what I see the same truck is LISTED for on used trucks lots, mine is about $2,500 lower on the buy out. I could probably negotiate the $2,500 off any used on the lot, but what better used vehicle to buy, than the one you've driven every mile on. I'm looking at retirement in the coming years, and wanted to break the Lease circle I was stuck in, some may not agree with the decision, but I'm good with it.
I didn't see any posts regarding buying the car you have been leasing so here it is: Has anyone here ever purchased the car they have been leasing? Were you happy with your decision and if not why? My lease is up in August and I have less than 19K miles on this 3 year lease. I'm considering buying it rather than continue leasing since I put so little miles on my vehicles each year. I am also going to check to see if any dealerships offer a better lease for low mileage lessees and while I don't love my Kia Forte, it's good enough for my daily needs.
I have been leasing for the last 7 years because the payments are lower and I know my car won't leave me stranded but since I don't put many miles on my cars I'm thinking I might be better off just buying this car so I won't have payments after a while and the car will probably still have less than 50K miles on it when it's paid off.
After the 3 years are up I will have paid $10,764 on it. It's a 2017 Kia Forte and Kelley Blue Book value is between $11901-$13,272. So if I buy it would I wind up paying more for the car in the long run since I've already dumped $10,764 into it or does any of my lease payments decrease what I would pay if I bought the car at the end of the lease?
The main advantage of buying is that you get out of the cycle of paying for the rapid depreciation that occurs in the first 3 years of a vehicle's life. In the long run, you'll very likely be better off buying than leasing. If you keep leasing, you have a monthly payment forever and still don't own anything.
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