When you’ve been driving a vehicle for 3 years, getting to know every little detail of it, it can be frustrating to realise that your car lease is coming to an end. This is because, at the end of a car lease deal, you will be required to return the vehicle to the dealership. From there, typically, you would either buy a different car or get a new lease deal on the latest models.
But what if you don’t want to do either of these things?
There is always the chance that you liked the vehicle so much that you want to keep it after the end of your lease deal. So you might find yourself asking whether you can buy the vehicle at the end of a car lease. Let’s take a look at your options.
What Happens When A Car Lease Ends?
After 3 years from the start of your lease, you are expected to return the vehicle to the dealership. This is part of the financial agreement between yourself and the dealership. Because of this, the ability to outright purchase the vehicle at the end of your lease is highly unlikely.
That probably isn’t what you want to hear, but in reality, that is almost certainly going to be the situation.
So, what exactly are you able to do if you really want to keep the vehicle you have been driving for the past 3 years? Well, there are a couple of options available, but not ever lease dealer will offer one of these options.
The first is extending the car lease. This would involve signing another financing agreement with the dealership so that you can continue using the vehicle whilst paying monthly for it. However, this is an option that may not be offered by the dealership so you would need to check with the dealer in advance.
The second is to simply bite the bullet and get a new car on a lease deal. Of course, nothing is stopping you from getting the latest model of the vehicle that you have been driving for the last 3 years. That would mean you get the same car but with all of the improvements made to it whilst you have been driving the older model.
Extending A Car Lease
As previously mentioned, this option may not even be available to you depending on the dealership you took your lease with. However, if it is offered, you should be aware that it could vary in length and at the end of the extension, you’ll be faced with the same issue again.
In essence, getting a car lease extended because you want to keep the car longer is just delaying the inevitable.
Leasing A New Car
Realistically, your best option is to lease a new car. This is also one of the biggest benefits to leasing cars – you don’t need to worry about the car ageing as you can upgrade every 3 years or so.
In fact, you can even get the latest model of the same vehicle, so that you can effectively have the same car, but with the newest technology. Because of this, it is highly recommended that you upgrade your car and get a new lease.
With that in mind, why not take a look at the car lease deals we have listed for your car by clicking here to view them all.