Buying after lease

No matter what a person pays there is always a handful of people claiming to have paid less. I'd just do what makes you happy. If you love the truck, keep it.

 

You can’t negotiate the residual!

 

Buying after leasing is known as paying twice for the same vehicle. Leasing is like renting a place to live. In the end you have nothing to show for the money you spent.

 

Three years too late for this comment. The truck was already leased; the dilemma is whether to purchase the truck or get a new vehicle. OP, if the math works, buy the truck and end the lease cycle.

 

The 29.3k is better but still a little high to me. My 17' V6 Sport DCSB with premium and tech packages, sunroof, and TRD exhaust (just about everything but no JBL audio and leather, would have gotten a Limited but I did not like the baby shit colored leather for 2017) was something like 42k. Leased for 60k miles (paid for 15k extra millage) and the balloon payment is due this coming October for $24.5k. I would say the extra 50k miles compared to yours would probably account for the $4k diffrence but since yours didn't have premium and tech package it cancels out. That day Toyota Financial had the best deal on rates so I used them and they set the balloon payment at 24.5k. I am wondering if the finance company you used screwed you on the lease so that you would go back and lease another vehicle instead of buying out your lease.

 

It’s already been stated but wanted to reinforce that the lease buyout is absolutely negotiable and not written in stone.

For reference, I bought a loaded 2020 TRD Sport (Advanced Tech, Premium, LED headlights) in January before COVID for 37.9k + $115 dealer fee + TTL (gov fees).

Make sure you know your options and negotiate them so you can make a fully informed decision without regret.

 

Residuals are high for Toyota products. Keeps the leases cheap but expensive to buy it out. Better to just give back the keys and finance a new one.....only downside is without longer term financing or a bunch of money down your payments will be 3-4x more than the lease.

 

Leasing is a bit of a bet. Historically I've traded cars every 1-3 years (I know, bad habit), and so leasing seemed to make some sense at the time. I've not had problems with other leases, but I estimated wrong on mileage with this one.

I am thinking I will not be in a great position when my lease is up in 1.5 years. I have a summer car, and this was my winter vehicle, so I thought I would keep it well under the mileage.

But I drive a lot for work, and use it to haul a camper once a month or so in the summer, so I'm about 3-4K miles over my limit so far.

I guess I could just pay the penalty and move on. On the other hand, I DO love this truck, and I am thinking I will buy it out. I guess I could turn around and sell it if something caught my eye, but right now there is nothing that fits my needs better, including the new Bronco. Might trade it in on a newer one if they come out with a major update by that time.

 

I was afraid of that happening and paid in for an extra 5k miles per year (20k miles a year for 3 years) and I'm glad I did. At the time I didn't see myself going over unless I sold my motorcycle that I use for commuting. I didn't sell the bike but the last 2 years has been mandatory 72 hour weeks on average three weeks out of four. I won't ride the bike when I'm tired as fuck so that means almost no bike commuting for two years. I'll be around 51k-53k miles when the lease is up this October.