As your car lease deal finally comes to an end, you have to decide your next step. At this point, you will still need a car. Examine your needs first before you inform your dealer what you want to do with the car lease. These are the options and the advantages of each.
Return the car and not renew the contract
You can evaluate your experience driving the vehicle within the term. If you did not enjoy the experience, you could return the car at the end of the contract. You can fully close your partnership with the car lease company if you also did not enjoy your collaboration with them. You might feel dissatisfied with the terms you signed up for. They might also have asked you to pay for hidden charges and other penalties upon returning the vehicle. If you had a generally unpleasant experience, you can end it right there.
Renew the lease
Another option is to renew the contract for the same vehicle. You can do it if you liked the car and it is still the same vehicle that you need for your needs. This time though, you can renegotiate the terms. You can ask for a lower monthly rate. You can also reduce the contract period if you think that you will need the vehicle for only a few more years.
Purchase the car you leased
It is an option only if the car lease dealer is willing to give you the car at a significantly low price. You have already shouldered the cost for the past several years with your monthly fees. If the car lease provider wants you to buy it, you need a good offer. Besides, it is best for the dealer to let you buy it instead of finding another person who will lease the vehicle. It is already an old model and the dealer cannot put a high price on it.
Lease a different car
The beauty of leasing a car is that you will not have the vehicle forever. You need to follow the terms of the lease, and at the end of it, you are free to return the car. If you still need a vehicle and you felt satisfied with your partnership with the car lease provider, you can still partner with them. This time though, you need to find a different car model. Evaluate your needs and find a suitable new model from among the best cheap car lease deals available since you are not a first-time client anymore.
Purchase a brand-new car
You can end everything with the car lease company and look for a dealer who can offer a brand-new car. You should only do this if you can afford to buy a car and you are sure about the model that you want to buy.
Determining the right option
You need to choose the next step based on what you need and how much you can afford. Whether you renew a lease or buy a different car, you will shoulder the financial burden for many years, and you cannot afford to go wrong.