I'm nearing the end of my 3 year lease and am considering purchasing the vehicle. To those who have already done this or who have experience in the auto industry, is buying a car out of a lease a worthwhile and simple process? In my situation, I didn't drive the car as much as I thought I would so I'm coming in well under the mileage limit. Therefore the car is in very good shape and is probably worth more than Residual Value amount that's listed on lease. Can the dealership make you pay more in that instance, or are they locked into charging you the residual value if you want to buy it? Any other hidden or unexpected fees that come up when turning in/buying out the vehicle at the end?
question for those who have bought a car out of a lease
- Thread starter menwithouthats
- Start date
It’s easy but i suggest you read your contract.
Small fee usually on top of residual.
My son bought out the lease on his Honda that we leased for him while he was in school. He was over the miles allowed but it was a Honda so it was still worth 6-8k more than the residual. He paid the residual and then had to pay sales tax on that for some reason. He still came out way ahead.
