Leasing a car is possible. You can decide how long you are going to lease the vehicle based on your agreement with the leasing company. The monthly or annual fee depends on how long you choose to rent the car and the car model.
The good thing with a lease car is that once the contract is up, you have the choice to renew the lease or renegotiate it. However, if you loved the vehicle and you do not want to continue leasing, you have the choice to purchase it. The price of the car will be way lower now because you have already paid a part of it over the years of the lease. Given this opportunity, should you purchase the vehicle?
Ease and comfort
You need to assess your level of comfort in using the car before you decide to purchase it. If you did not experience severe problems while driving it, you could buy it.
You also need to check your current needs. Does the car still address those needs? Also, do you think a different model will work better for you? If you feel the car is still suitable for your needs, you can buy it.
Renegotiate the price
Since you want to purchase the car, you need to ask for a lower price than the original offer. After all, you already paid a part of it while you leased it. You also took care of repair issues over the years. You deserve to purchase it at a reasonable price.
Opt for a different model
In most instances though, it is not a good idea to buy a car that you have already leased. When you have had it for five years, your needs will probably have changed. You deserve a newer and bigger car.
You might also decide to lease the car if you still cannot afford a new one, but a different model this time. You do not have to continue using the same vehicle since you already maximized its use over the years.
Research the choices
Before you finalise your decision, you need to research the options first. Are there new models for sale or lease that are within your price range? Are you running a business that requires a specific model? You need to look at all possible choices first so that whether you decide to buy or lease a new vehicle, you will be getting the right choice.
Stick with the same company
If you decide not to purchase the car, it does not mean that you need to find a different dealer. Perhaps, you still love the service received from them. You also had fair terms in leasing the vehicle. Ask them about cheap car lease deals they can give you since your lease is up. If you still get a fair deal from them, you can continue your partnership; otherwise, you should look for other options.
