Do you have an Alfa Romeo lease and have been considering switching to financing? Keep these tips from Helfman Alfa Romeo of Sugar Land in mind if you think financing is the best route for you.
Can I Start Financing My Lease?
Typically, switching from leasing to financing is indeed possible, but there are lots of factors to consider when deciding if you want to make the switch.
Keep these factors in mind:
- What are the lease’s buyout terms?
- Is the buyout price higher or lower than market value?
- What are the lease’s termination fees?
- Can you wait until the end of your lease to consider buying your vehicle?
- Will you have excess wear and tear and/or mileage fees?
What are the Perks of Financing or Buying My Lease?
Switching to financing can be beneficial if your buyout price is less than market value. In that case, if you decide to buy the vehicle, you’ll benefit from the profit of your purchase. It can also make more sense if you would end up owing excessive mileage or wear and tear fees at the end of your lease, which aren’t applicable when financing.
Should I Keep My Lease Instead?
There are also instances when you should just continue leasing your vehicle throughout the duration of your lease. Leasing is typically more affordable than financing and it could be a strain to manage your new auto payments. Plus, you could end up paying substantially if you decide to switch to financing with the early termination fees and other penalties.
Still have questions? We encourage you to visit our Alfa Romeo dealership in Houston, TX to chat with our team about your leasing and financing options today!