Car Lease is coming to an end. What to do moving forward?

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If your vehicle is worth around 17k, and you can buy it for 12k, you are going to cost yourself about…..5k if you do not buy it. If you like the car, the best option is to just buy it. You have a few months to line up financing. If you finance over 5 years, without putting anything down, you can lower your payment (by a little bit), plus know you are driving something that you have the complete history of, and you have not touched your down. Good luck.

Last_Stop4

20 years in automotive finance here. Buy the car. It’s a heck of a deal and you already know the vehicle history. Get a warranty through the dealership too, not anywhere else. You can roll it into a new loan, finance at 0% or pay cash, your choice but if you’re looking to keep long term expenses down, I’d highly suggest it. You can refi right now. Go to a credit union and just roll in the last 5 payments and buyout fee. You’re not paying any more for doing this and can lower payments immediately. If you want to put $ down for even lower payments, they can go over all the options with you when you discuss the loan with the banker. Also, for a first time buyer and college student, you didn’t necessarily get taken advantage of at the dealership, especially now that you’re sitting in a fantastic equity position. Different lenders have different programs/apr rates and every single loan varies by the situation. Look at it this way, you’ve established car credit, have a great deal on this vehicle and will be able to refi and lower your payments. They really did help you, just the benefits aren’t always seen in the immediate present.

baileygirl300

check carvana, vroom etc. to see if they will buy out your lease and you can buy a used car form them…

2mnyq

If I could buy a 2018 Civic with 21k miles and clean history for $12k right now, I would.

3_HeavyDiaperz

>Should I get my car all nice and detailed, sell it, and use that money to buy out my lease and then finance a car? Depends on the market value of the car compared to your buyout price. >Should I buy my car after my lease is up and try to get the lowest monthly payment possible? Depends on the buy out and model. > Really trying to get a lower car payment as soon as possible as I am a broke college student living on my own. Give your limited need for transportation, you may be better off buying a cheap civic or corolla, although if your residual is low, it may make sense to buy out the lease. What is the residual/buy out and what are similar cars selling for in your area?

Werewolfdad