GMC Lease Buyout Guide: When to Purchase a Leased Car
One of the best aspects of a GMC lease is that it gives you a lot of financial flexibility, but before your lease expires, it is important to have a plan in place. So, should this include buying the vehicle? Rick Weaver GMC wants to help you figure this out, and you can start by answering these questions.
What Would the Monthly Payment Be?
Many people opt to lease a new GMC model instead of buy one because leasing is typically the cheaper option. This is because the payment reflects the car’s value during the lease agreement, not its full value
But if you have been driving this vehicle for a few years now, its value has come down. The result could be monthly payments that are similar — or perhaps even lower — than your current lease if you choose to finance the vehicle once your lease is up
How Do You Feel About Your Vehicle?
Finances aside, most people develop a connection to a car that they drive for a while. Think about how you feel about yours. Do you love it and don’t want to give it back, or would you rather turn it in and start leasing something new?
Are You Looking for Equity?
While leasing is a great way to try out a variety of different models or continually upgrade to a new car, you are never the owner. As a result, you can’t benefit from the equity a vehicle has. With ownership, you will have something of great value, and this is yours to do with as you please, including selling at any time.
Going from Leasing to Financing in Erie, PA
If this has given you clarity into your decision and you now want to buy your leased car, the first step is to notify your dealership. At that point, you can begin the GMC financing process, which starts by filling out an application that will get you pre-approved for loan. Any questions or concerns? Feel free to get in touch with our GMC dealership in Erie, PA — we will help you make smart choices that are best for your needs and budget.