Leasing new Tacoma?

How can you possibly have negative equity in a vehicle that you own???
Sounds like the lender still owns it?

You are heading down a very slippery slope my friend...Your negative equity will be rolled into the lease and your payments will be higher because of it. But to answer your question, "which model will lease better?" is well, meaningless. What do you mean by "lease better"??

Lower payment?
Little or no down payment?
Residual at EOL for possible purchase?

Not trying to be an @ss but it sounds like you are looking for the cheapest way into a Tacoma. Nothing wrong with that! I would suggest hanging on to the Chevy another 6 or 8 months which should eliminate your negative equity problem.

Then, trade it in on a purchase of an SR-5 (not a lease). You can then mod it to your liking and not have to worry about what happens when you turn it in, paying the $500 EOL fees, or going over any mileage limitations. My SR-5 payment is way under $500/mo (60 mo loan) and at a crazy low rate.

EDIT: I put zero cash down. Walked into Prime Toyota without a nickle in my pocket and a few hours later drove my 2019 4x4 home. SWEET!!!

 

How can you not? Negative equity driving it off the dealer lot. Especially a Chevy.

 

r/I'm14AndThisIsDeep

TIL there was no mortgage crisis in 2008, I mean how could all those people be upside down in their homes they didn't own

$2k updside down is also not enough to determine when you should buy your next car. Whats the difference between waiting 6-8 months for his tacoma vs buying now?? Sure no more negative equity but he'll have 6-8 months more payments on the Tacoma lol.

The negative doesn't just magically disappear, he pays it off either way, the only question is would he rather be driving a Colorado or a Tacoma while he pays it off?? Sounds like he'd rather be in a Tacoma

Its not YOURS!! The bank owns it!!

 

Doesn't Toyota have an online lease calculator? Use it to model the various payment scenarios. You can also wait a couple of months for end of year discounts and low interest rates to appear.

Last time I looked at the lease calculator, the residual values of SR5 and TRD models were similar (not necessarily reflecting reality but it's what they use to calculate leases). That makes the SR5 the least expensive to lease.

 

Leasing is the most expensive way to operate a vehicle.


Sell the Colorado, get into a used Tacoma you can fork up the cash for.
1st and 2nd Gens are better anyways

 

Yes, with the death of the FJ and higher sticker of JL Wranglers, the Tacoma SR5 depreciates the least over typical lease terms of 3-5 years.

 

$174/month 2019 Tacoma lease with no maintenance costs isn't so expensive...

https://leasehackr.com/blog/2019/5/...s-to-lease-and-its-all-down-to-residual-value

 

With the resale value in these trucks the way they are, a buy is the way to go. Normally yes, you want a lease to have good residual value as it keeps the payments low. However, Tacos have ridiculous high resale values, the highest of any car on the road right now I think. I actually found mine used, a 2019 TRD Sport, in December 2018 (Guy's wife didn't approve from what I heard and made him get a Camry so he basically paid the "drive off the lot fee" for me) I got an excellent fair deal on it with 1900 miles and paid it right there. Looking at some identical models, 3 years old, they sell for only about 4K less than what I paid for it. Ill keep it for 3 years and maybe get the new one around then or whatever. But selling it for say $4K less than what I paid, plus about the $1950 for tax I paid, so less than $6K to drive a basically new truck 3 years. Thats about 165 a month for a TRD Sport by buying. Good luck pulling that off with any other vehicle that sells new for what it does.

Just food for thought.

 

Since you've found Tacoma World, I bet you get the itch to start modding your truck. So I also recommend financing if you can haha.

The 2020's should be coming out in a few months. They'll have new features including Apple CarPlay/Android Auto. Maybe wait until then and evaluate your options? And if you don't care about the new features on the 2020s, maybe the 2019s will be a little cheaper at that point.

 

Leasing is the most expensive way to operate a vehicle.

That article is assuming a payment and zero down I bet isn’t realistic to get.

 

Still making payments I bet, I payed cash and actually own my truck.

 

And the pissing contest continues.

 

I think you are confusing the terms "equity" and "depreciation". They have different meanings.

Equity is the amount of money (either a positive number or negative number) that is derived by taking the current value of the asset (not the purchase price) and subtracting the outstanding debt. To wit: A truck worth $20,000 that has an outstanding loan of $25,000 means you have a negative equity position of -$5,000.

$20,000 (asset value) - $25,000 (encumbered loans) = -$5,000 of negative equity

If you own the asset, then obviously there is no possible way to have a negative equity position since there is no loan.

$20,000 (asset value) - $0 (encumbered loans) = $20,000 of equity

Hence my question to the OP.


You are correct that depreciation hits as soon as you drive off the lot. But, depreciation is related to the original purchase price and the asset's current value.

 

???? The only way you can be upside down in real estate is to not own the property and have a mortgage or other type of lien on it.

If I owned a $400,000 house even if the value dropped 50% I still wouldn't be in a negative equity position. Why? Because there is no loan against the property.

But, if I had a $400,000 house with a $350,000 mortgage on it (I don't own it, the mortgage company does) and the value of the home dropped 50% I would have a negative equity position of $150,000 (!).

In which case I'm probably screwed ;-)

Again, "equity" is the number that is derived by taking the value of the asset (in your example above, a home) and subtracting from that number the outstanding mortgage principle.

Anyone that owned their home in 2008 (no mortgage lien, no mortgage principle) couldn't be upside down since to be "upside down" means that you owe the mortgage lender more than the home was worth.

 

I did the same thing. I traded in my GMC Canyon Duramax diesel. I put $3000 down. I had negative equity. I leased mine for 501 a month. I have a 2019 Toyota Tacoma off-road four-wheel-drive with premium package. Leather and sunroof and eight JBL system

 

I also went with US bank too

 

Me leaving my GMC Canyon at Toyota and driving off with a new Tacoma back in March.

 

New here, just leased a 2019 Tacoma TRD Sport for ~$350/month, rolling everything into the monthly payment.

Including "wear & tear" coverage (non-TFS lender, they like to hit you at lease end for every nick & ding otherwise)

Was tempted by the MT TRD OR for ~$50/month less but no one else in my family can drive a stick.

 

I really appreciate all the advise from you guys! I’m visiting the dealer tomorrow to check out some numbers so who knows maybe I’ll have less than $2k negative (going off of KBB).

I’m open to buying the truck instead of leasing but just depends on how the numbers shake out.

I won’t be moding the truck much. Maybe a bed cover and some nice running boards but I’m not going to doing much else.

We camp a lot and defiantly need 4x4 but not anything extreme. I’m leaning towards a TRD sport bc I like the look but I like the idea of a rear locker in the off-road too!

I’ll keep you posted as to how my visit goes tomorrow! Hopefully it makes sense and I can say bye to my Colorado

 

Hopefully this is me tomorrow!