Can I Buy My Leased Car?
Have you fallen in love with your lease vehicle? You might be wondering whether at the end your leasing agreement you could hold on to it for a bit longer.
It’s easy to fall in love with your lease car and not want to hand the keys back when your agreement finishes. Buying your car at the end your lease will not be an option written into the contract but can sometimes be possible depending on the circumstances and funder involved.
What happens at the end of a lease?
At the end your lease contract things couldn’t be simpler, you hand your keys back and then either walk away or choose a brand-new vehicle and fall in love all over again! Sometimes customers ask about either extending their lease agreement further or purchasing their lease car outright. Whilst this will usually not prove cost-effective, we understand it can sometimes be hard to let go. If that sounds like you, pick up the phone and have a chat with one of our expert account managers, they will be able to outline your options and find out what’s best for you. To discover more about the leasing process, including what happens at the end of a contract, read our helpful guide.
Should I buy my leased car?
Unlike some other arrangements, Personal Contract Hire and Business Contract Hire do not have the option to purchase the vehicle at the end of the agreement. This makes things even easier at the end your contract, all you have to do is hand the keys back, without the complications of residual values or balloon payments to worry about. Whilst it can sometimes in certain circumstances be possible to buy your lease car when the contract ends it rarely makes financial sense when compared to other options.
Can leasing be better than buying?
If you want to drive a brand new car every 2-3 years, or even just fancy getting behind the wheel of a car you love for the next few years, then leasing can often be the best option.
- Cost effective
Because vehicles tend to be depreciating assets (they lose value over time) leasing a car rather than buying brand new can often prove great value for money over the course of the agreement.
- Worry free
Choose a maintenance contract and be comfortable knowing that if anything goes wrong with your vehicle you can get it sorted quickly, easily and not have to pick up the bill.
- Easy to budget
During the course of your leasing agreement all you have to do is pay one regular monthly payment. The amount never changes and you know the full costs up front, it couldn’t be easier!
- No more dealers
When the time comes to say goodbye to your car there’s no messing around comparing part exchange deals or having private buyer tyre kickers visit your house at all hours. Simply hand back the keys to your car and choose a brand new vehicle you love.
Start your leasing journey today and find your next car with one of our fantastic offers.