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Should You Buy Your Leased Car?

Edmunds.comEdmunds.com Member, Administrator, Moderator Posts: 10,315
edited September 2014 in General

imageShould You Buy Your Leased Car?

In deciding whether to buy out your car's lease, consider not only how much you like the vehicle, but also its residual value and True Market Value.

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  • bassrockerxbassrockerx Member Posts: 24
    did you look into leasing other vehicles first and just couldent find a sports car or a newer miata to lease? or did you just have a special connection with this mazda? buying your leased car just doesent seem like a smart move considering you pay one and a half the money versus financing the vehicle from the beginning. did you get your deposit back after purchasing the vehicle and did that play into your decision into purchasing the vehicle? (lets say you got 3 thousand back then your loan would have been 12-13k instead of 17k making the monthly payments about half what a lease would be? )
  • noclistnoclist Member Posts: 1
    Thanks for clearing up the confusion I had between using the trade in value or private party price when comparing to the residual value.
  • DownsizerDownsizer Member Posts: 1
    Hi, My neighbor lease is expiring soon and I would like to buy his vehicle. How can I buy it at the residual value amount?
  • MichaellMichaell Moderator Posts: 241,289
    Downsizer said:

    Hi, My neighbor lease is expiring soon and I would like to buy his vehicle. How can I buy it at the residual value amount?

    You probably can't. He can only sell it to the dealer, and you just know they will mark up the price to sell it to you.

    Do you know if the residual value is close to the market value? Generally, for leases, they aren't.

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  • AnneM2020AnneM2020 Member Posts: 3
    I checked the buyout amount on my Hyundai Elantra--I had 7 payments left. It showed 10707. I made another payment and checked again. Now the buyout is 10723. How can the buyout be more after making a payment? Can they raise the residual amount that was on the contract? The buyout should be the total of my 6 remaining payments--971.04 plus the residual 8984.05 - plus tax on the 8984.05 which here would be 696.26 total 10651.35. Can they just charge 10723.62 without explanation?
  • AnneM2020AnneM2020 Member Posts: 3
    Above you say to buyout your car to pay for the car and the license and registration--I already have lic. and registration paid on the lease--do I have to pay it again?
  • kyfdxkyfdx Moderator Posts: 237,123
    edited September 2020
    AnneM2020 said:

    Above you say to buyout your car to pay for the car and the license and registration--I already have lic. and registration paid on the lease--do I have to pay it again?

    Depends on where you live.

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  • kyfdxkyfdx Moderator Posts: 237,123
    AnneM2020 said:

    I checked the buyout amount on my Hyundai Elantra--I had 7 payments left. It showed 10707. I made another payment and checked again. Now the buyout is 10723. How can the buyout be more after making a payment? Can they raise the residual amount that was on the contract? The buyout should be the total of my 6 remaining payments--971.04 plus the residual 8984.05 - plus tax on the 8984.05 which here would be 696.26 total 10651.35. Can they just charge 10723.62 without explanation?

    You'd have to ask Hyundai Finance those questions.

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  • AnneM2020AnneM2020 Member Posts: 3
    kyfdx said:

    AnneM2020 said:

    I checked the buyout amount on my Hyundai Elantra--I had 7 payments left. It showed 10707. I made another payment and checked again. Now the buyout is 10723. How can the buyout be more after making a payment? Can they raise the residual amount that was on the contract? The buyout should be the total of my 6 remaining payments--971.04 plus the residual 8984.05 - plus tax on the 8984.05 which here would be 696.26 total 10651.35. Can they just charge 10723.62 without explanation?

    You'd have to ask Hyundai Finance those questions.
    I did ask. The said They are giving you another month to pay it off--instead of Aug 30 it's now Sept 30-so that's why the price went up. Doesn't make any sense at all. The pay off should be the remainder of your payments and now there is one less payment due.
  • kyfdxkyfdx Moderator Posts: 237,123
    AnneM2020 said:

    kyfdx said:

    AnneM2020 said:

    I checked the buyout amount on my Hyundai Elantra--I had 7 payments left. It showed 10707. I made another payment and checked again. Now the buyout is 10723. How can the buyout be more after making a payment? Can they raise the residual amount that was on the contract? The buyout should be the total of my 6 remaining payments--971.04 plus the residual 8984.05 - plus tax on the 8984.05 which here would be 696.26 total 10651.35. Can they just charge 10723.62 without explanation?

    You'd have to ask Hyundai Finance those questions.
    I did ask. The said They are giving you another month to pay it off--instead of Aug 30 it's now Sept 30-so that's why the price went up. Doesn't make any sense at all. The pay off should be the remainder of your payments and now there is one less payment due.
    It is a 30 day payoff quote. Maybe, if you pay it off on September 2nd, it will be lower?

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