Is it a good idea to buy out my lease with a loan?

I've grown attached to my leased Toyota and I'm thinking of keeping it. Should I purchase it by using a lease buyout loan?

“Every lease is different. It really depends on the current value of the car and the pre-negotiated buyout price.
If the car is worth more than what it would cost for you to buy out the lease, you could actually end up making money by buying out the lease and then selling the vehicle to a private party later. Other factors to consider include any over-mileage fees, wear-and-tear fees, and buyout fees that you might have to pay. “
Johnny Puckett
Answered on Apr 08, 2021
Johnny Puckett is a freelance writer and automotive expert. He has contributed content to a number of some of the largest online publications, aftermarket automotive manufacturers’ sites, and automotive informational sites. His experience in the automotive and information fields informs his writing at Jerry. His automotive interests bleed into his free time, where he enjoys modifying his favorite cars and woodworking.

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