Can I Buy My Lease Car?

Your car is your pride and joy. We all enjoy those day trips to the seaside and lovingly washing, cleaning, shining and polishing it to keep it in a showroom-like condition. But your lease agreement is nearing an end, so it’s time to start thinking about saying goodbye. What if you’re not ready to part with the car you have now?

The only option at the end of the Contract Hire Agreement stated in the terms and conditions is to simply hand the car back and walk away. However, nothing is stopping you from asking the question if you really want to buy your lease car. All you need to do is contact your finance company and ask them for a price they would accept for the car. Remember that it costs the finance company money to send a driver to collect the car and take it to the auction house, so you’re really offering to do them a favour.

There are a few things to remember:

• As there is no “set figure”, the finance company can request whatever value they want for the car, so make sure you’re not being asked to pay over the odds.
• Typically, you can only request to buy the car in the final month of the lease agreement, so it doesn’t leave you much time to arrange a new car if you don’t reach an agreement on the value.
• Don’t forget to haggle! Ask for a lower price if you don’t think the finance company’s value is fair. It’s always worth trying.

If all else fails, you can always take up a new lease agreement with a new car as a last resort.