Why People Consider Buying Their Lease
Lease agreements give you the option to buy your vehicle at the end of the term — typically for a set price defined in your contract. With today’s used car market still tight and prices holding strong, more drivers are exploring lease buyouts as a practical and even profitable move.
Pros of Buying Your Leased Car
- You know the car’s history. No surprises — you’ve been driving it the whole time.
- You can avoid dealership markups. Some dealers add extra fees or pressure you into new leases.
- Market value may be higher than your buyout price. If your car is worth more than the residual value, you’re gaining equity.
- No return inspection worries. Avoid excess wear-and-tear charges or mileage overages.
- Financing options are flexible. You can shop around for better rates or protection plans.
Cons of Buying Your Leased Car
- You may be overpaying. If your residual value is higher than market value, you’re buying at a premium.
- Sales tax still applies. Even if you’ve been leasing it, most states charge sales tax on the buyout.
- The car is no longer under warranty. Many leases end right around when the manufacturer warranty expires.
- Older cars can mean more maintenance. Especially if you’ve racked up mileage over the lease term.
When It Makes Sense to Buy Your Lease
- You love the car and want to keep it long-term.
- The buyout price is less than what you’d pay for a similar used car.
- The vehicle has low mileage and is in great shape.
- You’ve exceeded your mileage allowance and want to avoid penalties.
- You’ve built equity — the car is worth more than the buyout price.
When You Might Want to Walk Away
- The car’s buyout price is much higher than its actual value.
- You want something new or need a different type of vehicle.
- You’ve had issues with reliability or repairs during the lease.
- You want to avoid post-warranty costs or service expenses.
How to Check If It’s a Good Deal
Compare your car’s buyout price (in your lease agreement) with its current market value using tools like:
- Kelley Blue Book (kbb.com)
- Edmunds
- Carvana / Vroom
- Facebook Marketplace / Craigslist (local resale value)
If the buyout is lower than what you’d pay for the same car elsewhere — or even if it’s close — you might be in a great spot to buy.
Final Thoughts
Buying your leased vehicle can be a great move — but only if the numbers (and your needs) line up. Make sure to evaluate the buyout price, your equity, and your future plans before making the decision.
If you’re ready to buy or just want a second opinion, Lease Solutions can help you review your options, explore financing, and handle the whole process — without dealership hassle.
