Did you buy or lease, and why?

Bought. I log too many miles to consider leasing.

 

real good question stan I was waiting for it...........surprisingly residual is roughly 26 and some change. My thought was at the end of the lease I can see what the value is and either turn it in or buy it out.

 

I tend to keep my vehicles for at least 5 years, so I bought it.

 

2 year lease here. Was watching used trucks & trying to get into a good one, but they weren't much less than a new one with zero miles. My '04 Dakota was on it's last miles before major organ failure at 250K, was in a bind & couldn't swing buying at the time so leased. Never thought I'd lease, but for my situation, it's the means to an end. I might buy it at the end of the year or put whatever equity it has towards a new Taco with a lower interest rate. As long as CR quits smacking the Tacoma's around and praising the Ridgelines it might build some equity. Rode in one of those Ridgelines, didn't like it, anybody out there remember the old Plymouth Rampages, that's what the looks remind me of. LOL

 

That is incorrect. At the end of his lease term, there is a buyout price (called residual) On a Tacoma, it's something like 70% of the trucks value. So for example, if the negotiated price of the truck at lease start is 35K, then the price to buy out the truck at lease end would be 24.5K

At that point, he can buy out the truck for the residual price, sell it private party, or trade it in.

Since Tacoma's hold their value so well, you'll always be right side up (truck's value is worth more than residual)

You only have nothing to show for it, if you turn in the truck at lease and and walk away - which I do not recommend.

 

that's a little bit more clear.. thanks, if I was into leasing I'd look more into it. I tend to drive too much for a lease though.

 

Bought because a lease is a waste of money.

 

The mileage restrictions would only be a factor if you turn in the truck at lease end (which on a Tacoma you should never ever do!)

Say your lease ended and you wanted to turn it in. Instead of turning in the truck, just trade it in at any dealer, like any other car.

Also, at any point during the lease, there is a 'buy it now' price. You're never stuck with the lease terms like some people think. There is always a way out.

 

I used to think this as well, but for certain cars and situations leases make absolute sense.

For cars that lose crazy amounts of value in the first three years, leases make sense if they are well structured.

For people who don't keep cars more than three or four years. There are plenty of scenarios.

That said, there are a lot of people who shouldn't lease too.

 

Lease with intent to buyout. Keeps payments low, and my commute is 14 miles per day unless my wife drives. Truck should last a long time. And if in fact my current awesome truck turns for the worst I can get rid of it, but I really hope to keep it.

 

Yeah for me it's a waste of money. I'd likely end up with hefty mileage overages since I totally expect to drive our camper across multiple states several times. If I only drove it for my commute to work it would be 12,480 miles a year.

 

Not that I don't believe you, but something doesn't sound right.

The lease money factor, or interest is dictated by Toyota Financial; the dealer has no control over MF value outside of padding it.

The current money factor is .00190 -- which is across the board for all dealers, and anyone leasing a Tacoma with AA credit.

.00190 x 2400 = 4.56% (which is the current interest rate for a Tacoma lease)

Take another hard look at your lease contract and look at the Money Factor.

 

Again, no one is forcing you to turn in the truck at lease end.

Just trade it in at any dealer--like any other car. There would be no mileage concerns.

Or better yet, just sell it private party like any other used car.

 

bought and intended to keep mines until it doesn't run anymore. didn't want to bother with doing more paperwork in 3 years.

 

^^^this.

^^^and this.

I was 2 weeks away from the lease end on my Forester, fully intending to finance the remainder when it came up with a warranty issue requiring an engine block replacement. I had the opportunity to walk away no questions asked so I did. Leasing to me is basically lemon-proofing your purchase.

I drive my truck like I own it, as it's fully my plan to. Even if something comes up and I don't finance, I'm happier to pay mileage overages than to own a truck with a problem. That said, I have 100% confidence in Toyota trucks so for the reasons above, it made sense to lease.

 

I will do this.

 

Whether you buy or lease the bank/mfg will get their money.

Two weeks ago I spoke a dealer. The 36 month term had 70% residual, the 24 month had a 77% residual.

Financial people will tell you to buy things that appreciate and rent things that depreciate.

Jeep Wranglers and Tacomas may be the exception to that rule.

 

Im leasing my 528 bmw well because maintaining it would way to.expensive ... also buying my tacoma for the same reason if i ever do sell im sure i could get top for it

 

Heres a question for you who leased it.. when your lease is up and you go.ovwr your miles to do have to.pay for the miles even if you intend to buy it out?

 

Maintenance also I forgot to mention. My uncle bought a 2005 745 BMW. Needless to say it didnt last long after he paid it off and he lost an ass load of money because of depreciation. Reason he sold was because every time his car decided to fart he'd have to pay 1500 plus at the dealership. He had countless problems with it everything from speakers randomly going out to transmission and every time it was an arm and a leg to get it fixed.