Overhaulin'

When my car lease is up, do I have to buy a new car or can I buy a used car?

Our car lease expires 2008. We do not want to keep the vehicle, but would like to either purchase a least expensive new vehicle or buy a used one. My question is can we buy a used vehicle upon turning in our lease vehicle? Our mistake was leasing and also just not satisfied enough with the Freestyle to purchase it when it expires. Thank you.

Public Comments

1. You can do what you want to do. After the lease is up you are not required to do anything other than return it.
2. You can do what you want. Unless you want a car payment the rest of your life and want to drive a new car every other year leasing is a rip off. Make sure there are no hidden charges before you take your leased car back. Mean while save up your money and buy a good used vehicle. New cars are bad investments
3. im pretty sure you can do either one... i dont see a problem with it .. if you got it from a dealership when you go return it then just pick something you like ... they do have used cars on there lots from trade ins
4. Absolutely. The only problem with leasing is you must maintain the car. In other words, you can only put so many miles on it in the time frame your leasing (usually 12k to 15k miles per year), clean interior, no repairs, ect... If all that checks out and your not required to pay for any damages or overages your free to purchase a new or used car. Remember, you were leasing so the car is the dealerships'. You may need to come up with a down payment, take higher monthly payments, or have some pretty decent credit (usually less than a 50% debt-to-income ratio and at lease a 650 FICA score).
5. You can return your used vehicle and buy a new or used one. The pricing is all going to depend on what kind of car you want. Visit www.edmunds.com. It'll give you reviews, prices and ways to get the best price on a dealership. I think warehouse stores like Costco help you find the best deal possible.
6. When your lease is up you're free to do anything you wish.
7. Before you return your car look up what your purchase option price is. If your buyout is less than the market value you can sell your car privately and pocket the differance. If you sell your car the mileage and condition are irrelevant. If the market value is less than your buyout price walk away and congratulate yourself for saving money by not "owning" a depreciating asset. Next time buy a used car still under warranty.
8. Sure, you can simply return the vehicle, subject to the possible charges listed in your lease contract -- for excessive mileage, extra wear and tear, and possibly a "disposition" fee. See your contract for details. After the return, you can do whatever you want about getting another car.
9. Freestyles are very underpowered, so I don't blame you for not wanting to buy it. The new Taurus-X looks cool and has like 65 more horsepower. You can do whatever you want after your lease is done. Sometimes Ford will offer you 2 months free if you lease another Ford, but I would look around and see what fits your needs best. Good luck,