Would you buy your truck again? PARTICIPATE IN POLL!!!

What happens to the payments if you choose to buy the truck after your lease is up? Do you renegotiate a new contract/payment plan? Does it affect insurance at all?

 

You can negotiate financing like you would on any used vehicle or you can pay cash. You have to update your insurance as you are the sole owner at that point.

If you need to rationalize it look at it this way; you are basically renting a brand new truck for 3-5 years, have the benefit of the new vehicle warranty, the new car smell, all of that. Then at lease end you get a smoking deal on a clean used truck than you personally know has not been abused or driven hard.

It works out to being close to the same as if you financed from the beginning, perhaps a tad more.

 

I let the new features do it for me..lol
The manual is so much better..Totally different in how you drive. In the manual I let my gears do the work, even with the sport mode on the auto I can’t duplicate the drive ability on the beach and have to wait on the transmission on the dirt!

 

Nope.

For that matter, if I'd spent any real time on the highway with the cruise set i wouldn't have bought it in the first place.

Love everything about the truck except the power train, and one day soon I hope OV tuning it will solve that.

 

I have a 2015 trd sport double cab long bed 4x4 and a 2017 trd offroad 4x4 and absolutely love them both. Best truck around in my opinion. The only thing I would trade for my tacomas is a 4runner. Thats because I have previously owned 2 before. My 2002 4runner had 353,000 miles on the original engine, before we sold it. She still probably running out there somewhere. Gotta love them toyotas.

 

Had my '16 Tacoma DCSB TRD 4 X 4 Sport for 2 years come December '18. Went from a '99 Frontier and decided to move to a Toyota. This truck is just the best darned thing I've owned in years. I call it my "Country Cadillac." Rides smooth, its quiet and has more than enough power for me. My only "gripe" is the stock tires on here, for me, are lousy. In snow I have to shift into 4 wheel drive when normally with different tires on my previous truck I could still drive in 2 wheel. Same for the light off road drives I do. Still they're not all that bad and I'll keep them on the truck until they wear a bit more then replace them with something with a more aggressive tread, but not too aggressive and noisy. Had it out west in South Dakota and Wyoming so far and the tires were fine for the many off road side trips I took.

 

Here's my situation, lease vs own.

Truck cost in 2005 $32,000, trade in value 13 years later $18,500, total cost to own $13,500.

If I had leased. $350 payment (low estimate) times 156 months equals $54,600 just in payments. + 5 lease initial fees due at signing of $3000 equals $15,000.
$54,600+$15,000 equals $69,600 total at the end of 13 years.

$69,600 vs $13,500.

I'll pocket that $56,100. We did and I paid cash for my 18. I think too many people get sucked into leases without putting a pencil to it.

 

Not how leases work though. You only pay $350 for the first 60 months (never seen a lease over 5 years), then you pay your residual and it's yours.

So 60 x $350 = $21K. That + residual which is usually around 40% of the original value so $12,800 and you end up with $33, 800. $33,800 - $18,500 = $15,300. A bit more but not that much.

 

Can I hire you to be my accountant?

 

I'm not even a numbers guy, lol. I just set a retirement date of age 50 and wanted to figure out how I could do it.

 

You said it

 

In my initial conversation I talked about how if I had been on a continuous lease. Everyone I know has the ability to purchase at lease end, but they always walk away with a shiny new vehicle every 3 year's.

 

Would depend if you bought the truck after the lease term or turned it in for another vehicle.

 

Yes. I mentioned that in my initial post, but didn't add that to my math

 

Well yeah. But if you're comparing a single lease + buyout vs. financing it really isn't such a big deal either way.

Most leases are on economy cars and crossovers owned by tired moms or elderly people who really don't care what they drive they just want it to be shiny and new. Truck buyers tend to be more sentimental about their rides and take the buyout option more seriously. Plus trucks do not depreciate as fast as cheap econoboxes and crossovers.

 

I could see that. I was just trying to point out my specific situation. I hope to repeat. If this truck is as good as my last, I'll be stoked. It was bullet proof for 13 years. And gave me $18,500 at the end. Such a great truck.

 

I was initially bothered a bit by the 3rd gen but I have since gotten used to it and don't feel like driving anything else. I love my rig. The only question mark is long-term reliability. I'm hopeful.

 

Yeah well I went from the Tundra to the Tacoma and I miss the roomy interior and the extra power but I don't miss the 14mpg. I also had a black tundra and getting down those trail sure left some nice scuff marks on the side of the truck.

 

TBH, I wish that I had gone with the Tundra. My biggest complaint about my Tacoma is the lack of power.

 

I should have waited the 2 months for the Ridgeline build.