Buy out lease or buy 2010???

you can work out a buy out price at the end of a lease.they really dont want the truck back. see how cheap you can get it from them.

 

yah i'm going to try and get them down on the buyout price, which in the end would save me more money, and i'd have more money for mods! On the other hand i'd love to have a brand new truck, and i've always wanted a TRD off road, but we'll see monday after i talk to the bank. thanks for the responses so far guys!!

 

It's really hard to help the OP with this one without having all the numbers to crunch. Also, you don't have to buyout the vehicle or give it back when the lease ends. There is a third option that many don't think about, selling the vehicle before the lease ends. All you have to do is make sure you sell it for payoff or more.

I leased my 2008 Camry (my first lease), and I am more than pleased with my decision. I never planned on keeping the car for that long, basically solid transportation during college. Anyway, I got a 0% interest (or 0 "money factor") lease with no security, no down, and $2400 dollars off the sticker price. My residual value is just under $13k, which is plenty good enough to sell just before the lease ends and have $1-2k dollars to put down on something else.

Basically, if you do want something else, you don't have to buyout the vehicle or turn it back in. You can sell the vehicle whenever you want, you just have to make sure you can pay the payoff balance in the end.

On a side note, which I never thought of when I leased. Tags costs $180 dollars for a leased vehicle instead of $110. Apparently my car is considered a commercial vehicle in the state of Alaska. Just an FYI to do your homework with the DMV.

*Regarding modifying your leased vehicle, iirc my contract states that you are not allowed to perform any permanent modifications. Basically, your leased vehicle has to remain in a condition where it can be easily restored to factory specs. I'll take a peak at my contract tomorrow and post an edit to confirm what Toyota's rules are.

 

I thought about that option, i just sold my 2003 Mustang Cobra, and it was a PITA, the 3rd vehicle i've sold. It is a good idea, but something i don't want to get involved with at this time.

If i leased another vehicle and did all the stuff i want to do, i'd have to really decide that in another 3 years i'd want to keep the vehicle. ARGHHHHHHHH

thanks for all your replies so far, appreciate it

 

Why do you lease your vehicles instead of buying?

 

I'd buy the one you have. 37K is new for a Tacoma. There also isn't much difference between '07 and '10 Tacoma's anyway so I don't see the advantage in buying a new on here.

 

i leased the truck because at the time i was a senior in college. the finance payments are insane and leasing is more affordable and i did it with the intention of buy the truck when i'm done.

When i was looking at the interior of the 2010, i noticed a lot of subtle changes from my 07', some of which i liked and didn't like. Didn't really care for the front cup holers, i like having the expandable arm thingys.

 

I leased because it was a very simple equation for me at the time. I wanted affordable, reliable transportation as I went through a transition from a long term employment to part time employment and school. Here are the numbers

2008 Toyota Camry with a sticker of $24,500:

1) Finance Option: $24,500 @ 4.9% for 60 Months = $461.22/mo

2) Lease Option (using Toyota incentives as the only dealer in 350+ miles won't negotiate more than about $500):

Capitalized cost of $22,100 with a residual value of $12,900 = $9,200 liability. $9,200 @ 0 Money Factor (interest rate) for 36 months = $255.55/mo

Pretty cut and dry for me. Only expecting to keep the car for 2-3 years, leasing provided a surefire way to get rid of the car in 3 years and at the same time I got to use Toyota's money for free. If I had purchased, I would be stuck with selling it at my convenience in a declining market and I would have paid Toyota about $2500 in interest. Believe me, leasing isn't always a better option, but in my case it was.

 

All depends on what it's worth. I'll admit I just skimmed this post so I don't know if you owe more than it's worth, which often happens with leases and makes them not worth buying out. Granted the Taco holds value well. I leased the 07 Impala SS I previously had. Buy out NEXT summer is 16.5k and it was already worth less than that back in July when I opted to get out of it early which saved me ALOT of money. That was a $31k car new too and lost half its value in 2 years. Awesome GM! All I know is I'd never lease again. I drive too much. I would have went over my miles by 10k. Between that penalty and the rest of my payments it would have cost me 4 grand to keep that car til next summer, and it only cost me $1,500 to get out early.

 

My Toyota lease is $.05 for every mile over the limit. That means I could travel an extra 10k miles and it'd only be a $500 fee. Not that bad in the long run. The only issue with a lease that I have is keeping the car in pristine condition in the event you need to turn it back in. I'm not worried so much as the miles, but all the "shopping mall" dents in the door.

 

Well it looks like i'll be buying out the lease on my current truck. I'm happy i can keep my truck, and it will probably be better in the long run. Now i can go mod crazy lol, and get the truck to where i want it to be.

I had someone hit my truck at work about 2 months ago, and leave. Came out after my shift, and saw a real nice black mark going from the front door to the first half of the bed. Left a crease in the door and cracked the paint. Its not that noticeable, but i worry about the paint cracking more and starting to rust.

 

If I were in your shoes, I'd buy out the lease and wait until the Tacoma is redesigned. I would then trade the 07 in on the new Tacoma.

 

Well as far as this decision goes I agree with you opinion and I might get bashed for this but whatever....
My dad has a TRD Sport Long box and I have an Offroad (I have driven both extensively)

I think the Offroad is a much better vehicle overall because of the way the suspension is tuned its good in all situations... additionally the locker is so worth it.

I like the plastic door handles cause with grit on your hands they dont scratch.

Also I think the crome looks kinda nice.

I think the scoop is cool but you can always add one i guess....

Anyway thats my two cents!

The Sport with the LSD is better for long distance towing or driving cross country if thats a consideration. The long bed does track better with a trailer

I kno yours are both access cabs with the same wheels base but thats my experience

 

buy it out and sell it privately. then buy a 10!

 

I'd buyout the lease. The residual seems fair based upon what you have provided. The money factor can't be that great since Toyota isn't advertising any great money factor deals. Sure, the Corollas and Camrys always have incentive to lease (more attractive money factors), but Toyota Tacomas are still one of the hottest vehicles on the market. Interest rates are competitive and it would make more sense to pay the residual and finance it. Just my 2 cents.

 

yah im buying out the lease, got a decent interest rate 5.9%, and the monthly payments are a $2 difference from the lease payments i was making. I think all in all its the right decision to make, in the long run i will save money which is always a good thing. Plus i can do whatever the hell i want with the truck now.

 

but it new!..best thing ive ever done haha

 

I got my truck for 27,150 and with tax's or w.e it came out to flat 30k. =) and its a 2010 double cab sport but off road only has $400 more on it. =)