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Buying that car we leased



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Petra




 
 
    
 

Post Wed, Aug 15 2018, 8:24 am
My DS wants to lease a car then plan to buy it at the end of his lease. He thinks it’s cheaper that way as opposed to buying a car outright at the start. I’ve never leased a car myself because I prefer to own a car and drive it until it’s dead. So, from what I can tell, buying a leased car really all depends on what the dealership says the car is worth at the end of the lease. So, it can’t be negotiated now. Is that true?
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Maya




 
 
    
 

Post Wed, Aug 15 2018, 8:33 am
Yes I believe that is true. I don’t have a lot of knowledge but from what I’ve heard I think it’s actually the least efficient way to buy a car.
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amother
Yellow


 

Post Wed, Aug 15 2018, 8:33 am
I've leased five or so cars so far. From what I understand it's best to buy a certified preowned car. From what I understand, the buyout value on the car is predetermined by the lease. I don't think they negotiate the sale price once the lease is up (though I may be wrong). However, if returned and then up for sale as a certified preowned (obviously after inspection and such) the prices may change and potentially go lower. The upside of buying out his own leased car is that he knows the car and knows there are no hidden damages.
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Amarante




 
 
    
 

Post Wed, Aug 15 2018, 9:36 am
It may or may not be cheaper so really the best way is to research the actual net cost of a car both ways and different places. So go to various car internet sites like Edmunds and you can find out the price people are paying in a geographic area.

In general leasing a car is not the most economical way to get a car. People lease cars because they can't afford to purchase a car or because they like to keep trading in cars every three years. Or rarely, they do it because they truly do use the car for business purposes and it's easier to track the tax deduction.

In general, the buyout cost for a car is determined at the time of the lease and the better a car holds its value, the more expensive it will be to buyout. That's why you don't see the same kinds of deals on Honda Accords and Toyota Accords.

As others have posted, you can get a good car that is two or three years old and just buy it as a new car depreciates when you drive off the lot. On the other hand, I have always bought a new car and driven it for as long as it is reliable - which is quite a long time with today's well reviewed cars and so the depreciation the first year is moot since I don't plan on selling in three or even five years. I like knowing exactly how the car has been maintained from inception.
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rgr




 
 
    
 

Post Wed, Aug 15 2018, 11:06 am
How about financing?
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ladYdI




 
 
    
 

Post Wed, Aug 15 2018, 12:57 pm
Definitely finance!!
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