Buy a Lease Return Vehicle

The advantages of buying a lease return vehicle are numerous and include acquiring a vehicle with low mileage that has undergone regular preventative maintenance. Leased vehicles usually specify within the original contract an annual allowance for mileage. If the individual leasing the vehicle goes over that mileage there is usually a fee. As a result, many leased vehicles that are available for purchase by consumers tend to have low mileage and wear. Buying a lease return vehicle is a good value as you will be saving a substantial amount of money versus the cost of purchasing a brand new vehicle. Here are some helpful tips on how to buy a lease return vehicle.

Steps

  1. Conduct some initial research on the process of buying a lease return vehicle so that you will be an informed consumer. You want to be aware of and understand all the details and fine print before you purchase a lease return vehicle and sign the sales contract.
  2. Realize that there are several ways in which to buy a lease return vehicle. Your options include acquiring a vehicle from a company that specializes in leasing vehicles and then offers them for sale to the general public. Leasing companies will generally inspect and provide maintenance for lease return vehicles that are being offered for sale to the public.
    • Consider companies that provide daily and weekly vehicle rentals to customers. This type of business differs somewhat from a typical leasing company as the rentals are usually on a short-term basis for customers that may be on vacation and just need a vehicle rental for a few days, a week or longer. Rental vehicles undergo regular, preventative maintenance and are usually offered for sale to the general public when they are a few years old.
    • Many automotive dealerships also offer leasing services to their customers and may have lease return vehicles available for purchase. Large dealerships also have access to many financing resources and may be able to offer you a better deal on the purchase price due to their large volume of business.
  3. Read through automotive review guides to get an accurate assessment of the approximate retail values of lease return vehicles. If you do your research and homework beforehand you will be in a better position to bargain with the salesperson for a lower purchasing price for the lease return vehicle.
    • It is usually a good idea to research possible financing sources before your trip to buy a lease return vehicle. You may be able to work out a loan agreement with a bank that offers you a lower interest rate than the company that you will be buying the lease return vehicle from.
  4. Visit several companies that offer consumers the option of buying a lease return vehicle. Look at several vehicles and test drive those that you are interested in. Make a note of the features on the vehicles, mileage and asking purchase price. Do some comparison shopping before you make your final purchase.
    • When you are ready to purchase a lease return vehicle carefully read through the sales contract. Scrutinize all portions of the sales agreement to make sure that there are no hidden charges or fees. Make sure that everything is in order, particularly if you are financing the purchase through the company that you are buying the lease return vehicle from.



Sources and Citations

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