Leased Trucks?

Has any one leased their trucks in the past? If so, what was trade value compared to purchase price at the end of the lease. I have a company vehicle as a daily driver but need something when off call. Thinking of leasing a SR cheap ($220 a month)and making it what I want as opposed to a $500 or $600 monthly payment. Thoughts and opinions required! Thanks

My 97 SR5 has a rusted out frame and I would also like to rebuild it. Projects cost money so I don’t want to make a large payment

 

Well you can’t make it what you want because you won’t own it. The more cash you put down the cheaper your payment will be....you can easily negotiate 7-10% off the MSRP if you buy.

 

Hmmm, not sure why anyone would want to lease a vehicle and then potentially spend thousands more in modding it.

 

Modding a lease with anything other than OEM accessories is not wise unless you are dead-set on buying it out.

You can negotiate on a lease too. The dealership doesn't really care if you lease or finance they're getting their money from the financing company either way.

They might care if you pay cash because that simplifies the transaction significantly and they'll probably negotiate more just to seal the deal and wrap it all up.

 

I'll go even further and say that modding a lease is not wise unless you're dead set on throwing your money away.

 

I don't understand why anyone would lease a vehicle, unless they can totally write off the expense and are not going to drive over 12k miles a year.

 

Started as a lease take over because I was not sure if I would like the truck. I have 4 cars in the past 10 years. Ended up saving about 13K off MSRP and bought the truck. I'm running this truck into the ground and plan on keeping it for 15 years.

 

I only drive 7500 miles per year but it doesn't really matter in my case because I will almost surely buy the vehicle.

As a younger guy the high payments of the financing rubbed me the wrong way. Ideally everyone would pay cash for the things they want but in my opinion life's too short to drive a beater car around until you have $40k in cash crammed into a mattress.

 

Well this will be an unpopular opinion. If you were to be paying 3% APR this is actually a really good deal, if you have bad credit and high APR ignore the rest.

IMO no need to lock up all that cash in an investment that will 100% loose value over the next 10 years. Invest funds else where to pull in a 7% return on investment such a simple index fund and you will make money instead of just being out the money. Loan rates are really low right now with 3% what we would expect for inflation. THIS IS VERY SIMPLE version of investing 101.

 

3.5% but yeah nothing too crazy. Bad credit is a crapshoot. No idea how anyone signs car loans at 18% or more. It takes way less time to fix your credit and get a decent rate than paying off a high interest loan.

 

It would be all OEM. A set of TDR Off Road wheels and tires(265/75/16) and TDR Off Road OEM Suspension. I figure I could find the wheels and suspension On here fairly easy. I would probably buy the truck in the end. I tend to keep vehicles a while. If the frame on the 97 wasent trash I would still be driving it.

 

Im tuckered out trying to defend the lease in the other thread...

Do what you want lol

 

This is pricey and if you don't buy the vehicle you basically upgraded the next owner's truck free of charge.

Tires, grille, and other smaller mods would be a better bet.

 

All mods can be removed before you return truck. Put on next truck or can be sold. Keep all oem parts.

 

Never ever put money down on a lease, ever. I’ve modded my lease, and have plans for more. You should always buy it out at the end and either trade back in or sell privately, never turn a lease back in.

 

This guy knows whats up

 

Who gives a shit if you mod a lease. I’m leasing mine and will be selling it after lease is up privately or buying it. Or sell it before the lease is up if I decide to combine trucks and get a 3/4 ton. I put 0 down and my payment is $355 a month. To purchase same vehicle payments would be between 5-600. I don’t want that. I don’t keep vehicles long, so it is what it is.
I’d let someone take over the lease for about $1000 cash.
Here’s my mods, what an idiot I am.
Wheels and tires, $1200 sold oem wheels and tires for $950. Net cost $250
Bed mat $100 had credit card reward so free
Rockford fosgate speakers $100
Front lift $340
Tint front windows $60
Exhaust tip $20
Pro grill $73
Steps $270
Roughly $1120 to enjoy my truck to its fullest for the amount of time I own it. Worth it to me, stupid to anyone else? Whatevs!

 

Thank you, someone else who gets it. Mine was similar 0 down and 341/mo. I’d rather have the ~2-300 cash flow each month to invest or put into my business.

 

Currently leasing my truck, the math is rough but I had some negative equity going into it and my purchase payment was the same as the lease payment with a similar payoff at the end. Figured I could ditch the truck if I needed on a deployment. Depends on your situation.. I modded my truck but have everything to return it to stock as well.

 

I pay 3-500 extra on the mortgage a month. Better investment in the long run for the length of time I keep vehicles.