Renault ultimately wanted to keep the Dane under its banner, but the one year contract was trumped by Haas' multi-year deal.
Pundits were surprised by Magnussen's decision to turn his back on a full works drive to join a less experienced outfit, but the Dane argues that Haas' environment and potential are on an equal level to that of Renault when it comes to becoming a Grand Prix winner.
"My contract with Haas is not five years, and who knows what Haas can do?,' Mahnussen told Motorsport.com.
"And then after that the opportunities are… there are no limits. It’s up to me really. I haven’t put myself in a situation where it would take longer. It’s the opposite.
"I could have stayed [at Renault] and hopefully stayed until they win the world championship, but there is no guarantee they are going to win the world championship.
"I think it’s going to take some years before they will be able to fight for it. So I don’t think it’s longer."
While Haas spent most of its maiden F1 season learning the ropes and fighting off small problems, the US outfit, which started early on the design of its 2017 challenger, is now ready to move its performance level up a notch, according to Magnussen.
"Next year will be their second year. They will have learned more. They focused on 2017 quite early.
"They’ve said it in the media as well, that they actually had their main focus on 2017, even before their first race. That’s enough."