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Seems pretty good to me. Be wary of the mileage cap!

 

Payments are only part of the picture.

All the rest of the terms is where folks really can get bit.

Know what you're signing up for, in full.

 

Everything in the contract. Read it all. Residuals, miles, penalties for various things, insurance requirements, etc.

Keep in mind they are in the game to make money, not help you.

So look carefully for all potential gotchas.

Dont assume a lower payment makes a better deal. It might. Or not.

 

Leases are a bad way to go. The dealers love them because they make more money on them. And people do make bad financial choices when they just ask "how much a month?"

 

If you have no plans to buy, and you're getting a good monthly, then I don't see an issue. I'm leasing a 2017 SR5 with tow package and I'm paying $349/month for 12K miles a year. That's with $3800 in negative equity from my last lease rolled in since my commute fucked me on miles when I went from 12 a day round trip to 65. Frankly, I'm done with leases after this because owning your own vehicle is pretty much headache free as far as worrying about damage and miles. But seems like mileage won't be an issue.

 

Couldn’t have said it better. My wife is a lease hog, I did it once after I met her and never again. I bought my first vehicle before her, leased another while with her, then bought my Tacoma after my first and only lease. I set my own terms. It’s always good to own at least one vehicle if you plan on leasing another...I mean you’re still making payments with a lease and responsible for maintenance, damage and insurance and still dont own the vehicle...for those that have disposable income, need to have the latest and greatest every few years or even can’t afford the payments on a new vehicle due to limited down, I guess lease is the only option...or pre certified used perhaps? For those who don’t want to be responsible for a vehicle outside of warranty, that argument shouldn’t drive a reason to lease when you’re getting a proven trust worthy vehicle. The lease payments you “would have made” on the next vehicle could be the “out of warranty funds” but honestly what’s the most expensive thing that could go out on our trucks, the ECU? How often does that happen? Think about it this way...add up all the payments you’d spend on leasing 3 vehicles for 9-12 years, you could’ve owned one by then...or at least have saved a very generous down in a third of the time.

 

2018 Quicksand SR5 DCSB, I'm in it at $279/mo, 13k/yr for 36mo. That includes some additional packages that I purchased for peace of mind.

 

With leases, it’s not the payment only. Sale price and residual cost also are factors. Are you sure you want 36 months? 10K/year?

Your new best friend... https://leasehackr.com/calculator/

 

Certified pre-owned is the way to go. Me and my wife drive the shit out of a 2015 Hyundai Elantra we bought back in January. Care-free driving is a wonderful thing . Only reason I leased the Taco was to get out of my crap situation with my Jeep lease, and to test the waters with a truck.

 

Are you planning on keeping the truck or getting a new one every 3 years and if you have the money to burn and never own it, then stay with a lease, otherwise leases are one major way dealers make a ton of money and one of the worst things to do. Save that 250 to 300 a month for a year of so and put a nice down payment on a new one and pay if off early..

 

See you have a valid reason then. Each case is unique. Did you consider having them get you out of the Jeep lease to buy the Tacoma? Nevermind that would not have been s great deal either now that I think about it...

 

To add to others... do you plan on modding? If so, you can't lease.

Also, lessors can be very punitive when returning the vehicle. Do the tires match and are OEM quality? Any scratches? Damage? Things they can CALL damage? Any "excessive wear and tear"? They can try to find some. ANY excuse to dock you extra $$$ upon lease return.

Also, look at the contract. Is there a disposition fee? I got nailed with a $495 disposition fee 2 months after I turned my old car in - was in the fine print that I didn't read when I leased the car. (I'll NEVER lease again after THAT disaster).

Think carefully about 10k miles/year - it may seem OK now, but if your life changes you'll be screwed with a contract that will be costly to get out of.

My $0.02 - steer clear of a lease unless you have a business that can write it off, or if you are ABSOLUTELY CERTAIN that you won't exceed the miles, or you'll be in a world of hurt before the end of the lease (ask me how I know...)

 

10k miles a year..... EFF THAT. My commute to work / lunch 5x a week is all of ~150miles total. thats 7800 miles right there and my commute to work is super short (11mi down a backroad). I do another 8k miles a year just in traveling to ski resorts / lake etc.

 

I do agree. 10,000 miles is not really a good idea. As I said above, a life event changed my commute from 12 miles round trip to 65. Blew over my miles by 14,000 and that was with a different dealer getting me out three months early.

As far as lease turn in, I was truly amazed at some of the stuff they didn't notice or waived on my Jeep. Only had to pay for a busted mirror and disposition fee. Still sucks.

 

Tacoma is one of the best trucks you can lease. You are guaranteed to have equity at lease end and can easily either sell it for a profit or trade it in on something else with positive equity going towards it. I'm a big fan of leasing, but I know exactly how they work and what you can or can't do. With mods you can do what ever you want as long as you keep the OEM parts in a rare case that you truly want to give the truck back and walk away. $250 sounds like an awsome deal. I wish we had those kinds of deals up here.

 

Leases arent all bad, it depends largely on terms and on the vehicle. Pulled directly from Toyota's local offers for me.

TRD 4x4 OR AT base MSRP of 37338. Lease payment total for 36 mo: 12814, Remainder of 27257.

Calculate that vs a loan, assume similar APR since after 3 years its possible to get new vehicle rates. 6 year loan vs 3 year lease + 3 year loan.

None of this includes dealer fees and tax, they would be the same for a loan or lease.

Loan total w/assumed 4.5 APR.
37338 + 5336.77 interest = 42674.77

3yr lease/3yr loan
Lease payments 12814
Loan 27257 + 1932.23 interest = 42003.23

Only issue with the 3 year is the loan payment is high. Even if you went to a 4 year loan after lease the payment would be better closer to 550 vs 760 and the added cost would be 609.90, making the loan total 42613.13.

Basically you pay less per month for 3 years then approx. the same per month for 4 years. You would finance for a year longer, but total cost would be the same, technically less. I don't see the down side.

Edit*
If you have any negative equity or sales tax remainder it's possible that the lease wouldn't be desirable simply because the payment for 3 years would be close to a loan, which just adds the hassle of having to finance again in 3 years. This is the only reason I did not lease. I leased my wifes subaru, same basic out come. We are paying 100 less per/mo and total cost will be essentially the same as a loan.

 

Down side IMO is that you are financing the truck for SEVEN YEARS. That's a crazy long time and scary since you'll be upside down for over four years (standard amortization).

What happens if your life changes (lose job, have kids, get divorced, etc) and you need a different ride? You'll be saddled with trying to lose the negative equity. Too risky IMO!

 

7 years is a lot, but it has become much more normal with vehicle prices creeping up.

You wouldn't be upside down for 4 years though. Leases require a down payment and Toyotas leases have 0% interest, at least locally. So by the end of year 1 your would owe around 31700 based on the lease I mentioned earlier. Thats also assuming you dont haggle a price, right now pretty much every dealer is taking 2k off around me. So that would actually be closer to 29700. You could easily sell a 2017 TRD OR 4x4 AT with normal mileage for 30k.

I owned my 4runner for a year bought it for 34k and sold it for 31k, my monthly payment put me positive on it within that year. Thats why the vehicle matters. If your leasing a high depreciating vehicle I wouldn't recommend it.

 

Lease is not bad .In general. I used to leased civic. Mazda... For work. If OP needs a truck for work is good thing that you don't have to worry after contract. Just change the other car. You can have a plan that own it finance 4 years is the best time. I did my previous 2007 Suzuki grand vitara and trade a 2017 taco