Buying after lease

That is how I feel as well. You already spent that money and it's gone. Doesnt make it any less gone buying a newer one, or even buying your current ride.

You really just need to sit down at the dealer and run the numbers. See what the better deal is and not focus on what you spent 3 years leasing

 

How much money did you pay upfront?

 

Leasing will always cost you more..With the stupid high residual you will only sink more $$ into this abortion of a deal.

Cut bait and get a new one, but this time save up some $$ for a downpayment and buy it. Otherwise, you will be in the same position 36 months from now.

Unless you have a business, buy your truck and don't rent it.

https://www.investopedia.com/terms/s/sunkcost.asp

 

I would turn the truck in. Go lease from a different company that would give you a better end of lease deal.
or if you can afford it buy a new vehicle from somewhere you get a reasonable deal.

 

Thanks again for all the suggestions. Nothing rude at all, no worries. I was just struggling between giving back a perfect condition truck vs a high buyout/high overall cost (leasing past 3 years plus now financing). I only put tax and title down on the lease originally.

 

Man. I say buy your truck after lease. $32k seems about right to me. You’ve added a few things to make it work for you and you know it’s been taken care of I assume. Only hesitation is if there’s something you don’t like. Rattle you can’t fix. Want a different model. But if you’re happy with the truck, buy it. Anything else is somewhat of a risk. But I understand the appeal to something shiny and new.

 

I would gauge this vs a new Taco with the current low loan %. They might be close in payments. Either way, you'll laugh when you smartened up and didn't buy a Ford......

 

32k? That’s almost what I paid for my 17 OR brand new. Who took you to the cleaners?

 

OP, I feel for you. I don't lease but I completely understand why people do and don't judge how people make the decisions they do because I don't find it helpful in moving forward and fixing the problem in front of you now. As some other folks have said, and I agree with them, what is done is done. You can't get that money back and you can only move forward.

It seems to me you have a simple math challenge to be solved. The good news is that you have a bit of time to figure it out. But you need some data. If I were you this is what I would do:

1) Call the least company. Tell them you might be interested in buying the truck. Ask them if they have any flexibility. I know you have a lease agreement and that it is probably locked but in my opinion you don't get what you never ask for. See what they say. Then document that number. That is known #1.

2) Do a bunch of research and get a sense of what an exact model truck that you have (or close to it, less your modifications) and document what you think you could buy the truck for if you went in that direction. I would suggest looking in CT since everything on LI is ridiculously expensive (I know because I live in NY). Known #2 is what would the truck cost if you try to replace it. That will tell you a lot.

3) Start shopping a new truck with the kind of specs that you want. Look at an SR5, by the way, which I think is good value (I wanted one but couldn't find one and ended up in an OR, which I like). Document this number as Known #3.

Put those three numbers on a sheet of paper and the answer on what to do next will be more clear to you.

Hope that helps ... and please take the time to report back what you decide to do. Lots of good folks here and it would be valuable to learn what you decided, why and if there is anything we can all learn from your experience.

 

On the bright side, I think 2020 is an ideal year to move from your lease into a new vehicle (at 0% APR if the payments can work for you). I agree with averagejp that the SR5 is a very good value. If I had waited until 2020 I would have gone SR5 over OR. Good luck!

 

My 2017 lease is up in august as well and my buyout is only 25k. New ones here are $38k. (Also did $4k down with $289/MO)

 

how much have you spent on the lease? down payment and monthly

 

just spoke with my dealership. They are offering me the same exact deal as what I put down and paid on the 17' for a more loaded sport with premium sport package. DECISIONS!

 

Same exact deal wait, you're considering leasing again? Do what fits you best, but you sounded unhappy with your decision and loss earlier.
Just trying to be a voice of reason

 

Go to KBB.com and find the used truck price. In San Diego the trade in value would be 27.6-29.5K. Sold outright by a person value would be 30-32.5k.

• The major positive about keeping yours is you know how it's been treated and driven it enough to know how much you like it.
• A new lease would require another down payment? That would be a big no for me.
• Go to Costco and/or a credit union or other place that has vehicle buying programs, and price out what you want through them. Last year I purchased a '19 Off Road 4x4 for not much more than what your residual is.

The more you know what you want, the easier your decision will be.

 

If you are considering going with another lease on a 2020 (which is legit) make sure to negotiate your residual early and often along with overall price of the truck and how much the payments will be. Stand up for yourself and at the very least make sure your residual is a number that you feel comfort with while taking into consideration what your situation may be like by the end if you plan to buy.

On my 17 OR the residual is $25k which in my mind is reasonable under the following logic; if I was shopping for a used 3 year old Tacoma with 30,000 miles on it how much would that cost? In my area they go for $27k - $34k. So I can live with that residual when I go to buy it out. If you don’t like what that dealership is giving you go to another one; make sure the deal works for you and not just the dealer.

 

Similar to my 2019 lease. Do you plan to purchase the truck? Trade for a 2020? Different vehicle?

 

all good points thank you. I'm not heavily considering a new lease but I wanted to get a compare. The residual they told me would be the same issue in years...$33k. Good call about Costco I will check that out!

 

I agree. I was originally looking to get a 2-3 year old truck but the prices they were asking didn't make sense. Just went new instead for not much more money and you get a little better financing options.

 

I so wanted an SR5 but there were none to be found. My plan was get the SR5 and upgrade the shocks and eventually the tires. That would have saved me a good chunk of money as compared to the OR and for my situation been perfect for the off roading that I do (which is more trails and not true overlanding). Got a good deal on an OR but freely admit it is overkill. My 2005 SR5 took me everywhere I wanted or needed to go.