GENX Groupe Automobile
Greater Montreal Area & North Shore

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Should I buy out my lease?  

Your car lease is coming to an end. Of course, you're tempted to go see your advisor and make the leap into a brand new ride. We get it, new stuff is always exciting.   

But then there's the other option of buying out the car you've been leasing at the end of your contract. What to do? 

The answer depends on a multitude of factors and a number of questions that only you can answer. 

What to consider? 

The first and most important thing is understanding if you still enjoy the car you've been leasing and if it's still fulfilling your needs.  

Maybe that sporty sedan you've been driving won't be able to handle the trails for your new outdoorsy hobby, and an SUV would be better suited. 

The other reasons are also economic. So, if the buyout value of your leased vehicle is lower than market value, you're not just getting a good deal, you're also avoiding the hassle of finding a new vehicle and going through the leasing process again. 

Watch out for the contract 

Then there are the contract terms. If, for example, your vehicle has far exceeded the allowed mileage, or if it's taken more than normal wear and tear, the penalty fees might be too high. You're better off just keeping it until the end.   

The opposite scenario is also true. If you have low mileage for instance, the real value of your vehicle could far exceed the residual value. So you'd have an occasional vehicle on your hands at a more than reasonable price. 

There's also one important detail: you know the current owner well! So you know precisely what kind of maintenance has been done and how you've taken care of it. That means you're in the best position to know if your leased vehicle will need repairs in the short or long term and if it'll last you a good while. 

Consult the financial experts 

Finally, you also have to consider your income level. When you signed the lease, maybe you could only afford a subcompact. But now, with experience, you can look at getting that SUV or mid-size you've been dreaming about for ages. Or maybe you feel like exploring new avenues like an electric or plug-in hybrid?   

In any case, you have to ask yourself first: do you want to buy out your vehicle? We strongly recommend consulting our financial advisors and sales reps, who can provide detailed explanations and offer expert guidance. Because our advisors are the experts, and they're here to offer you the very best, whether it's a purchase or a lease. 

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