Leasing a new Tacoma

Was wondering what I'd be looking at payment wise if I were to lease a new Tacoma. Been looking to buy a used one for a few months just haven't found anything in my price margin that fits the bill for me. If I were to lease what would the depreciation value be at lease end, which I will most likely purchase the truck at that time. Looking to do this with $0 down but excellent credit. Any thoughts?

Thanks

 

No thoughts?!

 

Advertised lease special here in Charlotte, NC $269 / mo, $269 down, 48 mo lease

http://nextgen.toyotaweb.org/promot...erId=126&sectok=&seriesId=16&IncentiveId=1575

 

On leases, you can't mod and you have a mile limit...and they are almost always more expensive than purchase. Almost everyone I know who has leased a vehicle has a horror story, but my favorite was my ex-sister-in-law. Her father helped her lease a compact chevy sedan on which she failed to properly maintain collision insurance. About half way into the lease, while driving around, killing time during the Thanksgiving holiday period. someone failed to stop at a four way stop, both cars had significant front end damage, but no one got ticketed. Her mother had to shell out for temporary repairs so the car could be driven, and three years later, when the lease was up, back to the body shop to complete the work so the car could be turned in...So, two rounds of body shop work out of pocket, driving a banged up POS for years, at top dollar, plus an extra charge for too many miles. Everyone lost on that one except for the leasing company

 

Years ago I leased a 2006 tundra xsp. Had the truck for 3 years and when time came to turn the truck in to the dealership it was a mess dealing with that. I also had no desire to keep the truck at the time. But was thinking maybe leasing the Tacoma would be a good idea being that I intend to keep the truck come time when the lease is up.

 

the only way to properely figure is to assume you will turn in at agreed on milage at contract completion, if not, purchase and bank loan works better.

Howard

 

If you plan on always having a car payment and don't do anything except gas and oil changes, then lease.

Most of us that love Toyota vehicles plan on driving them many, many years. Any Toyota owner that buys a Toyota expects to have the vehicle for the long haul or expects t top dollar on resale. The same goes for buying out your lease when time comes.

I would be more open to lease feature for other brands, not Toyotas.

Besides, Toyota offers very low finance rates for excellent credit buyers quite often.

 

Leases are great for old people that drive 8k miles a year or less, or companies that don't want to own any physical assets and can write off their vehicle expenses. That's about it. All others should really think long and hard about leasing.

 

So much misinformation here on leasing. I'd step in and explain but that would take effort and I'd then have to argue with everyone who knows EVERYTHING and that would just be tedious.

http://lmgtfy.com/?q=every+thing+you+need+to+know+about+leasing+a+vehicle

TLDR.

Leasing is cheaper than buying because you're only paying the depreciation of the vehicle of the period during the lease. There's a quick and easy formula to convert the money factor to interest rate. If the MF is cheaper than any interest rate you can find, lease it. If not, buy it. Unless you just need to lease for other reasons that a lease would be beneficial. And there are many.

 

Im also on this lease vs buy decision right now. Where i am, there is a lease offer for $210/36 months +$2400 at signing. My alternative is paying cash (no loan).

I hear everyone saying owning the vehicle is a better vehicle, but heres how I'm seeing. When you are when you are making the lease vs buy decision you try to project the resale/residual value of the truck. The reality is, it will be difficult to get the amount you (or bluebook, or random internet site) projected. For example you buy a 30k truck and project it will be worth 22k in 3 years when you want a new one. Realistically though, if you go to trade it in, in 3 years looking for 22k, you know the dealer is going to offer you 16k so he can resell it for 22k, and selling to a private party is a complete pain in the ass.

Basically in short what I mean is that by leasing the resale/residual value risk is on the leasor.

Not to mention if I pay cash I have to pay sales tax on the entire amount. Also the dealers have little interest in a cash buyer.

 

If you can pay cash, then most likely have a good credit rating, thus you can get a great interest rate. Pay a small fee to use someone elses money. keep that 35k someplace to make some money on it.

If you have plenty of disposable money, do what you want. You most likely don't need any money advice.

 

if your going to lease a vehicle, a Toyota is an excellent option due to lower depreciation. As someone already said, you pay the depreciation amount based upon the mileage that you are allowed over the number of months your term is for with the down payment factored in. People say you may get screwed leasing, but the plus side is your payments will go up slightly you decide to purchase at the end - if you are diligent, you can stash away the excess payment amount during your lease and have a good chunk or money towards the payment afterwards. You know the history of the maintenance, how the vehicle was cared for, etc....

The tough part of leasing is that you are restricted in what you can do to it. Mileage limits hurt sometimes, and at the end of the day, its just not your vehicle. My wife used to lease cars, but I got real tired of paying a hefty excise tax every year and never got to enjoy the benefits of owning a vehicle

 

My thing is this, I'm trying to keep my payments as low as possible. Also, I plan on most likely purchasing the truck at the end of the lease. I don't have money to put as a down payment.

 

What are you driving now?

 

2011 jetta. Was supposed to be a temporary situation. Sold my 2008 1500 Silverado LT. In search of a Tacoma/runner at the time. Wife got pregnant with our second child and here it is 2 yrs later and I'm ready to get the hell out of the car and back into a truck!!!

 

There's NO restrictions to what you can do to your leased vehicle including mileage. You can ALWAYS buy out your lease at ANY time, not just at the end. You can also trade your lease ANY time. You'll get fair market value for your trade and you may or may not end up paying to get out of your lease. Just the same as being upside down in your loan.

1. NEVER put down money on a lease. This is one of the few downsides to leasing. IF you total your lease pulling out of the lot you'll lose the entire down. Your insurance will ONLY pay the value of the vehicle to the leasing company since they technically own the vehicle. You'll be off the hook for the lease but you'll also be out your down payment.

2. My rule of thumb is to NEVER lease more than 36 months. 39 is fine if there's some sort of incentive or special. Unless you're leasing for business/write offs, leasing beyond 36 months doesn't make sense to me.

Some advantages to leasing: You know exactly how much the car is worth at the end of the lease before you even sign any paperwork. This is the residual value. If at the end of lease, your vehicle is worth substantially less than the residual, turn it in and walk away. If it's worth substantially more, which is usually the case with a Tacoma lease, buy it out at the end of lease and sell it for more. You'll have to pay tax on your purchase at the end of lease so you need to factory this in.

You only pay tax on your payment, not the entire sale of the vehicle which is usually rolled into your loan hence you end up paying interest on the truck AND taxes. And since a lease is based on depreciation and NOT the sale, you're only paying tax on the depreciation NOT the entire sales price.

There are some tax advantages/write offs available with leasing and the IRS. Your accountant can fill you in on the details and if they apply to you.

Also, you are responsible for the sales price of the vehicle. You go in to the dealer just like you're buying. But you're negotiating for the leasing company instead of yourself. The cheaper you buy it for the leasing company the cheaper your lease payment will be. Residual is based on MSRP. Your lease payment is based on 1. time 2. the difference between the actual sales price and the residual.

You can get leases for 1,2,3, etc. years with as many or little allowed miles per year. The more miles, the higher the lease payment because more mileage = lower residual value.

 

Too bad you don't live closer to me, I'd buy you a couple beers to go in and negotiate a sweet deal for me.. I hate the back and forth games with car salesmen.

 

I could go either way on this. At least in a lease to buy term. If I were to just lease a vehicle and not purchase it, it would not be a tacoma.

Leasing is a slight upfront cost for the down payment but cheaper monthly payment. If you plan to keep the vehicle you can drive however many miles you want and even upgrade but that's IF you definitely plan on purchasing the vehicle after the lease terms. If you do lease make sure you plan in the lease to buy price at the end of the term. Do all the calculations and negotiation and it can come out in your favor.

Buying with the same down as the lease can easily have twice the cost of a monthly payment. This is the downside to buying and not leasing.

 

Call or email the fleet salesman. They usually have pre-negotiated prices for fleet purchases. He won't care, he still gets paid.

 

If you don't negotiate mileage, that is where a dealer will screw you. Unless your buying it outright, usually its 10k or less a year.

Leasing is also a great option if you want a new vehicle every couple years.