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Dear Terry,
I am considering buying the car that I am now leasing, a Volvo S80 with very low mileage (under 18,000). The lease ends
Oct. 27 of this year.
Is that a smart thing to do? If so, how should I approach the dealer about this?
-- Nadia
Dear Nadia,
You should be in an excellent position to bargain with the leasing company for purchasing that Volvo. Right now, leasing
companies are swamped with lease returns that are worth less than the agreed-upon value when the lease began.
Start by offering 10 percent less than the amount in your contract and go from there. It's not a guarantee
that the lease company will budge, but it's well worth the effort. Even if you buy it at the residual price in the contract,
it may still be a good deal given how few miles are on the car.
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