Buy out my lease, or do something else?

I'd keep it. Your truck is better than average and worst case you'd own it outright so you can sell it anytime, probably make a nice profit. Worst case you break even so you had it 3 years and drove it for nothing in a way.

I would get some kind of frame protection as well, there's people who do it reasonably.

 

Sounds like one bad financial decision after another. Who does a 39 month lease?

Add up what you've paid over your lease plus the buyout and I guarantee you'll have paid more than had you just financed the truck or purchased it out right in the first place.

31k+$1400 for an extended warranty plus the interest you'll pay on the loan of 33k is a quite a chunk.

What's it going to be worth after you pay off that loan or when the 2024 4th gen Tacoma's hit dealer lots?

$3k-4K equity if you sell it to a dealer or find a buyer private party isn't going to buy squat these days or help you much should you buy or lease another.

Sell it, invest the 4k in something like a CD account or high yield savings where you won't lose it. Drive your other vehicles and save for a time where you can pay cash for a vehicle.

Or, wait for it........









buyout your lease, buy the extended warranty, and in 5 years or more when your rusty Tacoma is paid off reflect on all the money you flushed down the toilet that could have gone to a Roth or 401k.

 

Cuz stonks only go uppppp

 

OP's already has a company vehicle and Bronco which likely has a payment too. Why take out a loan on a third vehicle? Use the company vehicle and save for retirement. Unless you want to work till you drop.

 

Hey suburbia!

 

Some people can afford to have multiple cars and not work ?

 

yes, some can.

 

Only fee my dealer charged was a document fee. I did add an extended warranty to cover the truck for the length of the loan but that was my choice.

 

I paid my lease off right through TFS.. I overnighted a check, they mailed a title... no fees, just some BS only because TFS lost the title, but thats another story. the transaction should have been seemless

 

Yes, in today's world they call there parents for more money.

 

seems a little harsh... given that the OP was just asking a simple question

 

Wasn't directed at the op.

 

fair enough

 

Use it and don’t question the miles. Mine was bought new Dec 2022. Just rolled 80k. I’ll be well north of 135 when I get home in April. I leased once, never again.

 

Those attacking leases crack me up. Now is a great time to lease with manufacturers subsidizing them like crazy.

Especially if you like going through vehicles quick. You’re also not responsible for most of the sales tax which can be huge in places like Cali.

buying with cash at the moment is an automatic 5.5% penalty given how much money treasuries are giving away with 0 risk

 

I kinda look at like this if add the bronco and the Tacoma. It’s plus/minus a 100k on cars you really don’t drive.

 

I picked up a used 1st gen Leaf in July and have driven my Tacoma every other month on trips. I have spent less on charging over 6 months of daily driving the Leaf compared to one tank of premium in my supercharged truck.

Buy yourself some time, drive something cost effective for a few years and then pick up one of the new Land Cruisers then.

 

Financially I’d turn the truck in and save/invest the money. Living life frugally until 45 or so with good money sense can have you retiring very early in life.

 

Some people are financial trainwrecks, I’m not. My 401K is healthy and mostly Roth, my house purchased in 2023 has a mortgage of about 35% loan to value, I paid cash for my boat and Bronco, the Tacoma lease is the only vehicle payment we have currently. If I keep the Tacoma I’ll be buying it outright without a loan.

A subsidized lease for $14,500 all in on a $42K truck isn’t that bad. I understand your point about the lease plus buy vs just buy, but I made the decision eyes wide open. We leased when moving across the country for new jobs, so we didn’t know how things might shake out. I wanted to keep the bills low during the transition. We’re settled now.

 

Buy it if you can sell it for more, then buy the 58