Do You Need to Rent to Own a Car in Brisbane?
In Brisbane, cars are not just a source of independence, but a
way of life. Whether you are commuting to your job or doing the
school run with your children, you need a car that you can rely
And when it comes to looking for a car in Brisbane, you might be wondering if renting to own a car is your best bet. After all, rent to own cars have a variety of contract length dates, from as little as one year to as long as five years, and these contract allow you to leave your car behind should you move across the country or abroad.
But there are some concerns to the rent to own a car strategy which could have severe legal and financial consequences for you if you fail to research them. You ought to take them into consideration before making your decision.
Rent to Own Car Concerns
Many people believe that renting to own a car is quite a lot easier than buying a car outright, but the opposite is true. There is a perception that the repayments on a leased car might be lower. This is not normally the case. Also you do not own the car, therefore it is not your property. It is essentially a long-term rental plan that allows you the services of the car for the term of the contract.
In many places, the car you have rented to own may not even be in your name. This is important to remember, as this means that the car can be taken away from you for any number of reasons. If you go to court to recover your car, chances are that the fact that the car is not in your name will count against you.
Make An Offer to Buy Your Car
For most people, the above concerns do not weigh on their minds until the end of the contract. When your contract is up, you will have options that include returning the car to the dealership or making an offer to buy the car from the dealership under new terms.
If you decide to return the car to the dealership, you should review your contract. The contract will tell you the requirements of the condition the car must be returned in. Many dealerships have terms that state if the car has been in an accident or has suffered major cosmetic damage you will have to buy the car outright. This can severely affect your financial situation. Therefore you must read the fine print before you sign any contract to ensure you understand the terms.
Making an offer to buy, which can be a term in your contract that you agreed to, is another option. However, unless the set amount you would be willing to pay for your car at the end of your contract is negotiated before you sign the lease, you may be shocked at how much you will end up paying for your car.
In fact, the majority of car dealerships will inform you that the price of the car cannot be estimated until the end of the contract, as the condition of the car is the best indicator as to how much you ought to spend to own it. When dealerships talk about the condition of the car, they are most often talking about the normal wear and tear of the car plus any upgrades you may have done or accidents you were involved in.
When a dealership rents to own cars, it is imperative that the car, from boot to bonnet, is in excellent condition. If the car has been damaged and is in need of repair, you will be held responsible for any and all of these costs. And keep in mind that these costs are separate from the actual cost of the car itself.
While rent to own cars can seem like the more convenient choice at the outset, the truth is more complicated than it might first appear. With all the legal and financial concerns, it can be easier to own your car than to rent to own a car.