Should I Buy My Vehicle When the Lease Ends

Historically, it is not always the greatest decision to purchase your vehicle at the end of the lease, at least not when looking at the financial details. There are exceptions to that, for example in 2022 when used vehicle prices increased on all used cars across the country, it made sense financially to buy your lease at that time because the value was much higher than your lease buyout amount. 

The guaranteed purchase price is established the day you sign your lease contact so you always know what you can buy it for. Usually, the leasing company is trying to predict the value of what the vehicle when the lease expires, and often that amount is higher than what you can buy a comparable used vehicle for off a dealer lot. There are exceptions though, there always are.

Three Reasons to Turn in Your Lease

Access to the Latest Models and Technology


One of the greatest advantages of leasing a vehicle is the ability to drive a new car every few years. When you turn in your lease, you can select a brand-new vehicle equipped with the latest technology, safety features, and improvements in fuel efficiency. This continual access to new models ensures you are always driving a cutting-edge vehicle, enhancing your driving experience and providing peace of mind with the latest advancements in automotive technology.

Lower Maintenance and Repair Costs

 
Leased vehicles are typically under warranty throughout the lease term, meaning most repairs and maintenance costs are covered by the manufacturer. When you turn in your lease, you avoid the potential for higher repair costs that can come with owning an older vehicle. This can save you significant money and hassle, as you won't need to worry about major repairs or the eventual wear and tear that all vehicles experience over time.

Flexibility and Reduced Commitment

 
Turning in your lease at the end of the term provides you with a level of flexibility that ownership doesn't. If your lifestyle or driving needs change, you have the freedom to choose a different type of vehicle that better suits your current situation. Whether you need a larger vehicle for a growing family, a more fuel-efficient car for a longer commute, or simply want to try a different make or model, turning in your lease allows you to adapt without the long-term commitment of ownership.

Two Reasons to Buy Your Leased Vehicle

You Love Your Car

 
If you've grown attached to your leased vehicle and it perfectly suits your needs, buying it at the end of the lease can be a great option. You've become familiar with its performance, comfort, and features, and you know its history and condition. By purchasing your leased vehicle, you avoid the uncertainty of buying a pre-owned car from an unknown source, ensuring you get a reliable vehicle you already love, and it is just easier with less to decide on.

Favorable Purchase Terms

 
Sometimes, the buyout price at the end of a lease can be quite favorable, especially if the market value of the vehicle has held up well which can happen. If the residual value of your car is lower than its current market value, buying your leased vehicle can be a financially smart move. Additionally, if you've kept your vehicle in excellent condition and well-maintained, you'll benefit from the assurance of knowing exactly what you're getting without the risk associated with other used cars.

Making Your Decision

When deciding whether to buy your leased vehicle or turn it in, consider your personal circumstances and preferences. Evaluate the financial aspects, such as the buyout price versus the market value, and think about your future driving needs. If you love your car and find the purchase terms favorable, buying it could be a great choice. On the other hand, if you crave the latest features, want to avoid potential maintenance costs, or need more flexibility, turning in your lease might be the better option.

Visit McGrath Chevyland for Expert Guidance

At McGrath Chevyland, we are here to assist drivers from all over Iowa, including: Cedar Rapids, Iowa City, and Waterloo in making the best decision for their automotive needs. Our knowledgeable team is ready to provide you with detailed information about your lease-end options and help you explore the latest Chevrolet models. Whether you decide to buy your leased vehicle or turn it in and lease or purchase a new one, we are committed to ensuring you drive away satisfied.Stop by our dealership or contact us today to discuss your lease-end options. We look forward to helping you make the best choice for your lifestyle and driving preferences. With McGrath, your automotive needs are our top priority!