So, your long-term lease is up now, and you are wondering what to do. First, you need to understand the options available to you at the end of your lease. After that, make the decision that benefits you and your business more. This article will help you make the final decision about whether should you buy the van after the lease is over or not.
Types of Finances and Available Options
At the end of the lease, you will end up with different options. However, it depends on the finance option you chose at the time of leasing the van. If you choose the hire purchase from the best van leasing company, you have full ownership at the end of the lease. You are free to sell it or use it for as long as you want. You will be responsible for its disposal as well. In the contract hire option, you will have to return the vehicle to the company at the end of the lease. Be aware of the excess mileage and damage charges that can be applied when you return the van. The third type is a finance lease. After the end of this lease, you can decide to get ownership, sell the van, trade-in, extend the lease, or go for the new business van.
Should you Buy an off-Lease Van?
Yes! Buying a van at the end of the lease is a good idea. If you are looking for a used vehicle or even a new one, you should consider buying a van after the van lease is over. Buying an off-lease van is more cost-efficient than buying a new one. No matter how much you have used the van, your well-maintained off fleet van will cost you less than the new one. Also, the sales tax is less due to the lower purchase price. Also, tagging a car used for few years is much cheaper because the rates drop as the van ages.
Why should you Buy an off-Lease Van?
Depreciation is the main issue when it comes to buying a new car. When you buy a brand-new van, it becomes used right the moment you drive it. At this time, depreciation of the brand new vehicle puts you in worry. The savvy buyers know that the rush of owning a brand-new car will leave them throwing money into depreciation. It is the primary reason many people prefer to buy a well maintained off fleet van than a brand new one. Low price is another point that attracts many buyers at the end of the lease.
Conclusion
Whether you are a consumer or a small business, leasing a van is a good option. However, buying the car at the end of the lease is the best option. Why spend lots of money on a new one when you have a well-maintained van on hand. Aside from the display of luxury, there is very little that an off-lease car cannot do. So, if you were confused with the idea of buying an off-lease van, hopefully, this article will clear your worries.
Must Read: Why car leasing is a good idea?
