There are many reasons why people lease a truck. As your lease draws to its end, you have a lot of things to think about. The leasing company will contact you a month or two before the lease expires. You will get an offer for leasing something else. It will also give you a sense of where you are in the decision-making process. Leasing is more complex than most people think and it is best to end a lease to your advantage. Buying lease return trucks is more sensible for most people. Here are the reasons why.
Avoid the hassle of shopping
Shopping for a new truck takes not only a lot of time but also consumes much energy. Buying your leased truck can save you several weekends. You do not have to undergo the frustration that comes with shopping. Although you still have to do a bit of researching and negotiating, it will be less than buying a new one.
When you lease a truck, the leasing company estimates the worth of the car at the end of the lease. This is what you call the residual value. The company also sets a limit on the number of miles you can drive the car. The limit varies but is usually 12,000 miles a year. If you have a 3-year lease then that would be 36,000 miles for the whole duration of your contract. The leasing company will charge you for every exceeding mile. Your contract includes how much the penalty is for every extra mile. It can go as high as $0.25 per mile, making it $250 for every thousand exceeding miles. There is a way for you to dodge these penalties. Buy the leased truck and you no longer have to pay.
It would seem logical to buy a leased truck if it is in great shape. Buying a leased truck in terrible shape may seem puzzling to most people. But it is actually a sensible thing to do. The leasing company will penalize you for excess wear and tear on the car. The greater the damage, the bigger the penalty will be. Those dents, dings, and scratches may seem unnoticeable for you. The leasing company will consider those significant and will charge you. To avoid those penalties, you can buy the car and enjoy it for more years to come.
Handing the truck back to the leasing company may seem easier but negotiating a deal to buy is more sensible in most cases. Make sure you do your proper research before coming up with a decision. You do not want to make hasty decisions and regret later on. Once you decide to buy the truck, you cannot undo it.