Takeover car payments are fast becoming a popular option for many South Africans looking to buy a vehicle. Reliable vehicles can be quite expensive and it may be costly to buy one. Fortunately there are different payment options available for prospective owners.
Car leases usually last anywhere between two to four years. Many people opt to sell their lease to other prospective buyers.
These prospective buyers assume the costs of an existing lease on a vehicle from the person who originally made the purchase agreement.
What are the pros?
- This is a cost-effective solution.
- Online networks and trading hubs make it easier to arrange for people to buy and sell car leases.
- The process is fairly straightforward.
- The person who takes over the lease assumes responsibility for the rest of the car payments.
- There’s a greater chance that you will find a specific kind of used vehicle and that this car is still relatively new.
- You get a chance to test out the vehicle for a short period of time.
- The arrangement can be good for people working in a foreign country for a period of a year.
- Buyers can get a financial perk of getting the vehicle at a good deal, due to sellers looking to eliminate financial burdens.
- Buyers may benefit from lower monthly premiums.
- As a buyer, you will be completely advised and informed of the vehicle’s history.
- You won’t have to pay a deposit, like you would with new vehicle finance packages.
What are the cons?
You should check the car for body or paint damage because you don’t want to be held responsible at the end of the lease for someone else’s wear and tear.
As a lease buyer you will also take on responsibility for the car’s maintenance.