Worth Buying off-lease? 2020 Taco

Hi all - I leased a 2020 double cab, long bed sport - The buy out is 30k in 6 months, and has about 35k miles on it.. Is that a decent buy out these days due to the crazy car market? I have kept the truck stop, but will start mods if I keep it.. Thanks for your input !

 

Sounds like a decent price to me. You’d most likely pay more for that truck otherwise

 

That is a pretty great price. Here's a list of 2020' TRD's for sale in my area, the average price is over $35k, and that's for an SR/SR5. You have a Sport LB model.

https://www.autotrader.com/cars-for...eBanner=false&sortBy=mileageASC&numRecords=25

 

in addition to what is a good price as others stated, there is value in knowing the history of the vehicle.

 

It will probably be a bit more than $30k OTD with the fees and taxes that will get added on, but in general you will definitely do well paying the residual on a lease you did 2-3 years ago than buying the same truck in today's market. I would say go for it.

 

^^ And this

 

Go for it, but shop around now for your best finance. The dealer will count it as a used car sale, which means their interest rate will be about 1 point higher than if it was new.

Edit: in fact, with rising interest rates, I'd consider calculating the cost of buying it now.

 

No shit. People with "excellent" credit are getting quoted for 6 - 7% APR. When I financed my truck over 18months ago, I got 2.17% (before things started getting out of hand). Buy that truck ASAP and lock in the low rate/lowpayment/low price.

 

If you own a truck stop, buy out the lease and pay cash.

 

Same. I bought my lease 24 months ago at 2.4, which was one full percent higher than the going new rate. Still sore about it, but my hope is that I won't need to open up a new line of credit for a long, long while.

 

That doesn't sound bad. I bought one lease out many years ago, but as others have stated I knew the history of the vehicle and really liked it. Go for it!

 

What is the value of your truck right now on KBB or whatever other site/s you wanna use? Anything over the 30K buy-back is yours to keep. If it's a substantial amount, you might want to use that for a down payment on a '22 model. If not substantial then it's a good idea to keep the truck.

DISCLAIMER: On a lease - if the vehicle is worth more than the buy back price the leasee is entitled to the difference in the value! When I turned in my leased Highlander back in 2015 I was offered $6K over the original buy back amount. I used that money for a down payment on my new RAV4.

 

Go to kbb.com. It can estimate the value for your location.

 

I would buy out the lease. I did that on my RAV 4 and it pissed the dealer off big time! They tried so hard to weasel out of it. I paid it in cash too! I then turned around and traded it in on my Taco and got 31 grand in trade in at a different dealership. That was same price as it's original sticker. I was sure to let the old dealership know what I did when my former salesman called to see if I wanted to buy their over priced Taco. They were suck ass dealership and I reveled in sticking it to them cuz I am slightly evil! New dealership is awesome btw and I only paid msrp for my Taco. Jeez I can't believe that I am saying it was awesome to pay msrp. What is this world coming too?

 

Definitely check and see if you can buy today, 6 months we’ll be pushing, or maybe in, double digit interest rates if we keep in the same path.