As your car lease comes to an end, you need to know the next step. You still need to keep driving a car, but you also need to consider your finances. Usually, at the end of a lease, most people would return the car and decide to get a new contract. Others who are already financially stable by then, decide to buy a new car. Either way, it is okay if you think you can afford it.
If you think about continuing the lease, it might be the least desirable option. You already used the car, and you might be better off trying out something new. You can continue leasing, but a different model. Do not waste the chance to get a new model if the opportunity is there. The only reason why you would want to continue the lease is if you could negotiate with the dealer and obtain a much lower price for the same model.
Check your car first and see if it is worth driving. If you have fallen in love with the vehicle and you want to keep driving it, the best option is to buy it. Given that it has already depreciated, and you paid its partial value, it is reasonable for you to purchase the car at a low price.
Condition of the vehicle
The first thing to consider is the condition of the car. Through vehicle maintenance is it still in great shape? Are all moving parts working well? Are the internal parts functioning without any problem? Did you have any issue while the vehicle was on a lease? It is crucial that you answer these questions first to decide whether or not it is in your best interest to proceed with the transaction. If you conclude that it is time to return the vehicle to the dealer, you can opt for a new model for lease or purchase.
After five years of leasing the same vehicle, your financial status might have changed. Perhaps, you can afford to buy a new car at this point. You might continue with another option for personal car lease deals, but if you are financially capable, opting for a brand-new vehicle could be the best way forward. However, if you are still financially struggling once the lease is over, you can continue leasing a car. Besides, you might find newer high-calibre models with modern technological features. You will not regret leasing again.
Find the right dealer
You can stick with the same dealer, or you can look for other options depending on what you wish to happen moving forward. If you felt satisfied with the lease and you think the dealer has a lot of different models to offer, you can continue the partnership. If not, you can find other dealers out there who will make things easier for you. Once you have found the perfect model, you can either sign up for a lease or buy it.