Dear Driving for Dollars, My lease is almost up on a car that I love, but the buyout price seems high. Should I buy it or should I lease another one? -- TobyDear Toby, If the automaker is currently offering a subsidized car lease, you may be hard-pressed not to lease the new model. Keep in mind that if you do, you are essentially renting the car. You don't own anything at the end of your payments. There's much data that shows that buying a car is cheaper in the long run because you end up with a car that has a value after you've completed your payments.Buying your leased car is essentially buying a used car whose history you know. If you've taken good care of the car and you are ready to buy instead of lease another, it makes good sense to try to buy your car. Follow these tips to get the best deal on your lease buyout.Ask the adviserIf you have a car question, e-mail it to us at Driving for Dollars. Read more Driving for Dollars columns and Bankrate auto stories. Bankrate's content, including the guidance of its advice-and-expert columns and this Web site, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Please remember that your use of this Web site is governed by Bankrate's Terms of Use.This week:Free maintenance on some luxury carsShould you buy your leased car? Create a news alert for "auto" advertisementRelated Links:Free maintenance on some luxury carsNational auto loan rates for June 17, 20104 factors to consider in car leasing Related Articles:Certified cars offer peace of mind6 car-shopping mistakes5 great used cars for bargain hunters
Dear Driving for Dollars, My lease is almost up on a car that I love, but the buyout price seems high. Should I buy it or should I lease another one? -- Toby
Dear Toby, If the automaker is currently offering a subsidized car lease, you may be hard-pressed not to lease the new model. Keep in mind that if you do, you are essentially renting the car. You don't own anything at the end of your payments. There's much data that shows that buying a car is cheaper in the long run because you end up with a car that has a value after you've completed your payments.
Buying your leased car is essentially buying a used car whose history you know. If you've taken good care of the car and you are ready to buy instead of lease another, it makes good sense to try to buy your car. Follow these tips to get the best deal on your lease buyout.
Bankrate's content, including the guidance of its advice-and-expert columns and this Web site, is intended only to assist you with financial decisions. The content is broad in scope and does not consider your personal financial situation. Bankrate recommends that you seek the advice of advisers who are fully aware of your individual circumstances before making any final decisions or implementing any financial strategy. Please remember that your use of this Web site is governed by Bankrate's Terms of Use.
Create a news alert for "auto"
Bankrate wants to hear from you and encourages thoughtful and constructive comments. We ask that you stay focused on the story topic, respect other people's opinions, and avoid profanity, offensive statements, illegal contents and advertisement posts. Comments are not reviewed before they are posted. Bankrate reserves the right (but is not obligated) to edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.
By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
A little research could save you BIG on interest.