Lease or Buy? Whats everyone doing

No but I can afford to lease a new truck.

 

So I leased a 2017 Tacoma and let me tell you, a truck lease is some scary shit. I used my truck as a truck and every time we took it out somewhere I was always freaked out about damaging it or owing a ton of money in the end. Miles are also rough, so you really need to make sure you will stay under. Also, I obsessed about every scratch or minor dent that happen in the three years. When the lease was all said and done we paid thousands of dollars for a truck we gave back. In the end its the biggest financial fuck up my wife and I have done and we will not do it again. We purchased a 2019 Tacoma OR a few weeks ago and are so glad we have it. Tacomas are crazy reliable so we plan to keep it for many many years and build some memories in it. I'm sure some people have had a better experience with leases but that was mine.

 

I am curious why you turned the truck back in at the end of the lease.

I keep hearing the residual value is good and end of lease purchase option could be less than fair market value.

Was the truck just completely trashed at the end?

Thanks

 

The value vs what we owed was about a thousand bucks off. So we didn't see the point in purchasing the SR5 when we were really wanting an OR. The dealership was also about a thousand off. We put down peanuts on the lease which I think is what hurt us in the end.

 

Purchase what your budget affords. For most of us that’s an 1982 Nissan Sentra. Nothing wrong with that. I had two of them and loved them.

 

Depends on which company you lease from. Some are more lenient than others. I inspected lease returns for banks and credit unions for nine years. Some people took such poor care of their lease vehicle that they owed thousands of dollars at lease end. They either paid or bought the vehicle.

 

You should not put money down on a lease other than TTL if you don’t want that in your monthly payment. The idea of a lease is to go in with as little out of pocket as possible.

 

You do know your first payment is due upon siging right? Plus ttl fees...your coming out of pocket most of the time, unless you want a high payment, at that point mine as well buy it. Most lease's require a down payment.

Its totallly situational...fact is Tacoma has it own wierd resale value, they depreciate the same. You make your money when you buy/or lease the vehicle not when you sell it.

If you think your going to be driving it everyday a lease is probably no good and thats a easy way to decide if its going to work for you. Because your going to be watching your miles the whole time and also lowering the value with maxing the lease miles out.

 

I should have said don’t put money down to reduce the cap cost.

 

Bro you realize you didn't have to give it back to toyota right?? If value was only $1k under what you owed then you could've walked away only paying $1k by TRADING it in instead of giving it back to toyota. Which is a lot less than you would've done if you had financed it in the first place lol, as you never had the taxes on the residual value rolled into your payoff.

No way around it if you get a new vehicle after 3 years then leasing is ALWAYS better in like 45 out of 50 states. The only time its not better is if you're in a no sales tax state or a state that taxes the residual like Texas.

 

Really, it comes down to what kind of a payment you want. The total lease cost is rent charge, taxes, whatever deal fees and depreciation all based on the residual value of the vehicle at the mileage you said you would use. You can do a one-payment lease and drive it payment free for however long the term, you can put $0 into it at the outset and put everything into the payments, or anywhere in between. It costs the same total amount of money, there's no reason not to put money down if you want to.

 

My credit card would tell you otherwise! If I had gotten rid of it 5 years earlier, yes you're right. As long as you can refrain from getting emotionally attached and recognize that it's time (preferably before it's time) to move on, then these trucks will not let you down and you'll come out on top financially. That certainly does not describe me.

 

Shit, my 1st lease, (current lease) is in Texas. I leased with intention to buy my own used vehicle if I was fully sold on the 3.5 and other 3rd Gen changes since the 2nd Gen.

You saying I pay taxes again if I decide to buy it?

I'm so f'n tired of taxes..

 

When you go through the lease, you're paying taxes on that portion of the vehicle (what you used essentially). If you buy out the lease at the end, you are only paying taxes on the remaining residual value. You are only ever paying taxes on the whole value of the vehicle once.

 

I sent you a PM.