Leasing a car is an attractive option for some because it allows you to get a cheaper monthly payment for the car you want. At the end of the lease term, you may be tempted to buy the car because you have grown attached to it. In this situation, you may have the option of buying the car.
Value
Buying a car after leasing it is not the most economical way to buy a car, but it can give you access to the car you really want. When going this route, you have to make sure that you do not overpay for the car. When you signed the original lease, you may have agreed to pay a certain amount of money for the car if you decide to buy it after the expiration of the lease agreement. If not, you can negotiate the price of the lease with the dealer.
Residual Value
When you lease a car, you essentially pay for the portion of the value of the car that you use. After your lease is over, the remaining value of the car is known as the residual value. The residual value plus an option fee is what you typically have to pay to buy the car after a lease. Although the residual value may be outlined in your lease paperwork, this does not necessarily mean that you have to pay the full amount when buying the car.
Negotiation
When you want to pay less for the car than what the residual value is, you have to negotiate with the dealer. If you know that you are interested in buying the car, do not get too eager to call the dealer and make an offer. Let the dealer contact you toward the end of your lease. If you call the dealer about the car, the sales representative will know that you want the car and will be less willing to negotiate.
Closing the Deal
After you negotiate with the representative from the car dealer, you will have to wait for a decision in most cases. If you lease from the manufacturer, the manufacturer will have to be the one to make the decision as to whether you can buy the car at the price that you have offered. If the manufacturer accepts your offer, you can pay for the car and be on your way. If not, you may have to make another offer or decide to let the dealer keep the car.
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