As your car lease is about to come to an end, you have to decide whether you will renew it or find another car to lease. You also have another option which is to purchase a car. Either way, it might be a tough choice. You need to be smart in making your choice.
These are the signs that it might be best to renew the car lease.
You have the same needs
If your needs haven’t changed after many years, you might still be comfortable with the same car. You also don’t need to change plans any time soon. For instance, you don’t think about using your car for business. If things are pretty much the same as before, having the same lease would be fine.
You’re already comfortable with the car
When you have to lease a new car model, you need to get used to it. You also have to practice driving a different vehicle. You will adjust for a while before you get comfortable driving it. If you don’t want to start from scratch and you’re already happy with what you have, there’s no reason to change cars.
You don’t have an additional income source
You decided to opt for cheap car lease deals before because you didn’t earn a lot. You worried that buying a new car would bury you in debt and that you wouldn’t be able to pay the car loan and would end up losing the vehicle.
Since the monthly fees for a car lease were cheaper, you decided to lease one. If you still face the same financial issues, you have to stick with the same vehicle. You made it until the end of the lease without any problem. Now isn’t the time to mix things up.
You had a good partnership with your car dealer
If you already feel comfortable with the relationship you have with your car dealer, there’s no reason to change. You will continue to have a good partnership moving forward. It’s better than starting over again.
You got a discounted rate
Since you have already paid the value of the vehicle for a while now, you can request a discount if you continue the lease. Your dealer will probably agree to it if you’re asking for a reasonable discount.
Besides, you have helped maintain the quality of the vehicle or even replaced some parts over the years. You deserve to receive a discounted rate. Talk to your dealer about your plan to continue the lease and negotiate an agreeable offer.
Take your time to determine the best option. There’s nothing wrong with renewing the lease if you think it’s best for you and your family. Eventually, you might have to buy your own car. Until then, the vehicle that you decided to lease is good enough.
There’s no reason for you to change it. As long as the car is still working well and you still enjoy using it, you can stick with the same plan.