Should You Buy Your Leased Car?

  1. Emily B says:

    I’m trying so hard to get OUT of my lease! It’s thousands of dollars and another two years to keep that due to changing circumstances we can’t really afford but haven’t stopped paying. The dealership guy literally told us to total the car because that was the cheapest way out.

  2. Dr. Karen E. Vigmostad says:

    I did buy out my leased car and I am really happy with my decision. It had very low mileage compared to what the lease covered, it has been an extremely reliable, great in the snow, well cared for by me as I do for all my cars, and I liked the payout amount of $14,000 for my three-year/old Subaru Impreza. With my good credit, I qualified for 2.49% interest rate.Since January when the balance was $10,000 I’ve been paying extra so now I owe $5999. I would like to pay it off by January 1 although it might not be possible. Regardless I will easily pay it off in May 2021 which would be 2 1/2 years early. The engine in this car is rated for 200,000 miles and I plan to keep it at least 10 to 12 years total, maybe longer. I only have 45,000 miles on it now and of course I am rarely driving due to sheltering in place. I’ve only driven 403 miles since March 4:) So yes financially and emotionally buying my leased car has been phenomenal.

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