My car lease is about to expire. I like it but is it a mistake to buy it for the payoff amount?

The buy-out option is $14k. It's a 2003 WRX with 36K miles only, and it's been great. I wouldn't mind just keeping it. The guys at the car dealer though, want me to lease or buy a new car. I think they're biased though, since kbb.com says they would turn around and sell my car for over $20k, plus get more money from selling me another car. I know it is dumb of me to lease and consider buying instead of just buying it in the first place, but it's too late to look at it that way now. I'm looking at it like I have no car, and I could buy a great used car for about $6000 less than a dealer would charge. Plus private party value is $16.5K. So is that a reasonable decision or would I be making a big mistake?My car lease is about to expire. I like it but is it a mistake to buy it for the payoff amount?
If you have maintained the car well, and you enjoy it, then re-negotiate the purchase price and buy it.



If it has been a problematic car, or you are ready for a change. Then, BUY a new car. Don't lease again because chances are you will be in this dilema again.



By the way, if you do end up buying this car, negotiate with the dealer an extended warranty.

Extended warranties should only be bought when the MFG's warranty is about to expire and you plan on keeping the car for long.
Sounds like you should definitely take the buy-out option. Even if you turned around and bought a car you'd probably get more than $14K trade-in.



Is there a CarMax near you? If so, take your car to them and get them to give you a written offer for it. If they offer more than $14K, then even if you decide to buy another car you're still better off buying out the lease.My car lease is about to expire. I like it but is it a mistake to buy it for the payoff amount?
Blue book is important as a base value. You also have to remember that the value of a car to a dealer is not the same as the value of a car to you. If you are buying a used car, whose history you are totally familiar with, then it is much better than buying a used car from some place and discovering a slew of problems later on.



The car will always be valuable to you as long as it works. You know more about your leased car than most anyone else. Is it worth holding onto? Will it hold it's value? Is the cost of repairs prohitively expensive? Does it use too much gas? Does it have rrom for the kids or future kids? Will it support all of the functions that you would typically use a transport vehicle for?
What I would do would be to re-lease a new car. Why have a depreciating model that is worth less than 14k after you pay it off? then you are stuck with all the failures that are associated with the Subaru. If you lease a new model, and the trans goes out, they pay.. if you purchase the one you have, you pay.. its kind of like insurance.. you pay a lease fee so you dont have to pay for maintenance.. once you own it, it is up to you...



Think of it this way... The car you have is used and is a few years old..The new cars have more power and all of the things they created now (after 2-3 years) have all of the bugs and kinks taken out of it. So the newer one would get better gas mileage as well as better handling and performance. Never buy something that just came out, wait a few years and let others be your test drivers as well as if there is any flaws, they get fixed before you commit to a vehicle.My car lease is about to expire. I like it but is it a mistake to buy it for the payoff amount?
the end of lease purchase is negotiable, they really o not want the car either, try to come in low.



if the buyout is 14k and the car is worth 16.k, and you like it, I say buy it.