Signs that Renewing Your Car Lease is the Best Option


The good thing about leasing a car is that you have lots of options once the lease is over. You do not need to keep the car if you did not like it when you were using it. If you did, you might want to purchase the car. Since you already paid a part of it during your lease term, you do not need to spend a lot more to own it. The car has also undergone depreciation since you used it. However, if at the time, you still cannot afford to buy it, but you do not want to let it go either, the best option is to continue the lease. These are the signs that moving forward with the contract is best for you.

The car is still in excellent condition

You will not regret moving forward with the lease when the car is still working well. You also have not had any problems with it while driving it. Repairs and replacements were minimal. Hence, even if you decide to move ahead with the lease, it will not cause any problem.

You still cannot afford to buy a car

Leasing is a lot cheaper than buying a new car. Even when you find an excellent financing option for a new car, you will still end up paying a lot. Check your finances and determine whether or not you can afford a new car by paying the loan over a long period.

You are uncertain of your long-term needs

When you check your current vehicle needs, the car that you leased is still suitable. Hence, there is no need to change. You will not have a hard time if you continue driving it. However, if you are uncertain of your future needs, now is not the right time to buy a new car. If you buy one and you realise you need a different vehicle after a year, you will regret the decision. When you continue the lease, and your needs change once it is over, you can opt not to have another contract.

You are willing to renegotiate

Once you decided to continue the current lease, you have the chance to renegotiate the terms. You do not need to pay the same amount for your monthly rental anymore. However, some dealers are quite challenging to deal with and will make renegotiation a lot tougher. If you can talk them round and agree to a new deal, it is a sign that moving forward with the lease is best for you; otherwise, you need to consider other options like leasing an entirely new vehicle.

Check your needs and ask a mechanic to check the car that you intend to continue leasing. If everything is okay, you can move ahead with the plan. If you are no longer doing well with the current dealer, you can find other cheap car lease dealers out there. Go to for more information.

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