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Should I Buy Or Lease A Car In Caledonia?

Should I Buy Or Lease A Car In Caledonia?

Should you buy your lease car? Car leasing is incredibly popular in Canada as it provides the means to drive new cars for low prices. Once your lease is up, the leasing company will usually send that car to auction or sell it wholesale. They may also offer you the opportunity to buy it off them.


Our Caledonia auto loan team has some experience in this very thing so we’ll let them answer.


Buying your lease car


If your leasing company offers you the chance to buy the car at the end of the lease, should you?


Buying a lease car has pros and cons. Quite often, leases will have high mileage and often incur lots of wear and tear. If you didn’t lease it, you have no idea how the previous owner drove it. Just like a used car.


This situation is slightly different as you leased it. You know the condition, its service history, how it was driven and should have a good idea of whether it’s a good bet or not.


Buying your old lease car depends on how much you like the car, its condition and the asking price. Some leasing companies will set their prices too high in the hope that your emotional attachment to the car will convince you to pay.


In those situations, you should not buy your lease car.


If you love the car, if it’s in good condition and the price is fair, it is an option.


Before you buy your lease car in Caledonia


Before you commit, check the wider market first. Make sure you’re actually getting the good deal you think you are before you sign on the line.


Check car websites, check auction websites and look at your exact make, model and colour. Is the price being offered a good one? Does it make financial sense?


Make sure to check the exact model and try to find one with the same colour and any extras that yours has for the most accurate price. Colours and extras can completely change a car’s value so it’s vital to check like for like.


Some leasing companies will also offer finance to help convince you to buy the car. They can often be a good idea but not always.


Car loans in in Caledonia


Just like checking cars like for like, check the finance offer. Sometimes, the deal will be exceptional and make perfect sense. Other times it won’t and will work out more expensive than securing a car loan elsewhere.


Check your credit score, check your credit report, see how much of a down payment you have and get car loan preapproval to see what kind of deal you could get elsewhere.


If the company finance offer makes sense, seriously consider it. If it doesn’t, don’t. You can still buy the car by financing it independently. A purchase is a purchase, regardless of where the money comes from.


While the leasing company would prefer you took their finance as they make more money, they will still be glad to sell the car.


We will use all our skill and experience to deliver the lowest possible Caledonia car loan rates, guaranteed. Contact Car Nation Canada Direct to learn how we can help.


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