Need advice! 2019 Tacoma - keep it or return it....

It’s nice, we took it cross country. I bought this after it had some mods done to it. Level kit, bigger wheels, exhaust and a new head unit just to name a few.

When I was looking to get my truck, I didn’t look at runners, because they all have automatic transmissions. We bought this to travel cross country. If we keep it, it will be the wife’s daily. It’s a solid ride, loves gas stations maybe even more so, as it’s supercharged and loves 80 mile an hour.

 

If you aren't the type of person to drop large sums of money on a car or drive a hoopty leasing is fine if you don't drive a lot and stay under your allowed mileage. Especially a Tacoma or tundra since they hold their value so well. But I wouldn't be worrying about what you're asking till feb/march of 2022. By that time the redesigned Tacoma will be in the news and hopefully with a Turbo 4 cyclinder

 

It doesnt sound like the lease itself is the problem. The real issue is when leasing a car you should never add stuff to it after you bring it home cause it's a lease and you should never trade in a car with negative equity either cause that will never just go away. People that trade in car with negative equity either have a pretty new car and are upside down,or they made a bad deal on that car. Adding negative equity into a lease doesnt protect you on your lease if its totaled, not even gap insurance will eat your negative trade in. And you must have alot of stuff in your garage cause there is no reason a Tacoma wouldn't fit in your garage. My opinion is if you let your lease go when its due that negative equity trade in wont dissapeare. If it were me I would keep it and finish paying it off cause it will last you along time. The question is what will the bank loan you at the end of the lease cause you will still have your negative equity trade wrapped up in the loan and the bank will not loan you 30k on the truck if it's worth say 25k they will probably want 5k down on that deal. And other factors are in play as well like credit score and that would determine your interest rate. Hope some of this gives you something to think about. Just food for thought

 

Thanks for your insight. The negative equity was my stupidity - urge to change the car and get something new before its paid off. I FULLY understand that the negative equity stays with me and willing to put substantial down payment if I make that choice of keeping Taco. I live in a condo so trust me - the truck will not fit there. Its a little - one car garage.
As a matter of fact, the fact that the truck is not garaged might be a deal breaker - I am supper obsessed with condition of my vehicles...

 

He should be paying off the negative equity throughout the life of the lease, but I agree if you are one to modify your vehicles you should never lease.

 

Hey man coming to TW for financial advise I'd reccomend you talk to your credit union (or bank) or with a financial advisor. They can help lay out the good, the bad, and in this case the ugly.

At the end of the day the money has been spent. Sit down with a professional to gain an insight into YOUR financial situation. They should be very helpful. Do a touch of research before hand to know what terms they will use ect.

It's never too late to take control of your finances. Yes people make mistakes. Not saying this one was. If you don't gain experience from your mistakes then it was a wasted lesson

 

I believe the dilemma in my case is not about finances - I am not wealthy but financially strong. It is more about whether that car is worth the $30k in 3 years. ( I can get a nice used - certified, 3 year old Lexus for that money)

https://www.cars.com/vehicledetail/detail/814919813/overview/

 

I'd still reccomend a meet with an advisor. I'm sure taxes, fees, and whatever the hell else can get tacked on at the end would happen.

 

I know where you coming from. If I give it back, I pay I think $500 termination fee but if I buy, they will probably add sales tax making the total price more of a $32k thanks for suggestion!

 

Hey - in my opinion, 29k is not a bad buyback price, for a Tacoma. I say this because I had a 2016 SR5 4x4 double cab (not a TRD or anything). Bought it for $34k in 2016. Traded it in exactly 3 years later in 2019 for $27,500. The dealer immediately sold it (without even listing it) for $31k.

My point is, you will be buying it back for probably the trade-in value, maybe less. Anyone else who buys it after you will be paying more.

We can all argue that you made a bad choice to lease it, yadda yadda yadda....yes. In hindsight you'd be way better off having just bought it to begin with But if you do decide to keep/buy it, your situation is better than most.

Just my thoughts on what you actually asked.

(PS - try to negotiate that buyout price down some, when the time comes. Doesn't hurt to try)

 

EXACTLY - I really wish I had more answers to my actual question/dilemma instead of explanation why leasing is bad or not recommended.....its like telling happily married man that marriage sucks....for MANY do for me is an awesome ride......

 

Might have to look into the contract for buyout and then taxes as well.

I got my OR in 2017 for 33.4k plus taxes. Taxes are brutal here.

 

wait, when the lease is done, you need to pay a fee for it ending, or is that if you get out early?

 

keep the truck, that looks fun, but keep the truck

 

i dont know what ' DAVE ' has to say ......??????

i cant see how U will come out ahead monetarily
sounds like U will be out closer to 50K out o pocket

look at the TOTAL amount o $$$$ U will spend against a depreciating item ( not talking armor all & elbow grease)
from the time U walked into dealer until the time U take it back

had U traded the car with a small down pmt ( dealers are making gooood deals ) U would OWN Same vehicle LESS $$$

loookin good in the neighborhood obviously has a great EXPENSE ....

having a great lookin truck in the garage aint $$$$$ in the bank

good luck

 

Oh nooooo - it does not matter if your car is like new - you still have to pay reconditioning fee...... joke! On the good note - if I decide to buy it I can pay $300 and they will certify the car offering additional 5 years warranty. But I have to pay taxes then....

 

300 for 5 years not a bad deal.

You have to decide what you want, it doesn't sound like its a money deal. What are your needs? How often do you need a different ride?

 

That's why you don't need to use mods on a leased vehicle unless you bought it at the end of the lease. If you don't want the truck, you can restore everything back to stock and you keep the mods.

If I were you, keep the mods on side until you are done with the lease and ask them that you want to keep the truck.. Then you can take the truck home so you can start adding mods to your truck.

 

its probably disappointing for many to hear this TRUCK will be used as a Lincoln - to slowly ride enjoying surroundings, admiring country side.... Once in a while (not very often), something will be put on a bed-liner but it will NEVER be used as truck is meant to be!!! On the other hand - it is nowhere written that it has to be.....
If I would have a clean slate today - 4Runner off road premium would be my unquestionable choice. If that is the direction I am heading, I am looking at $47k car vs keeping my Taco for $30k. So even financially it does not make a sense.
SO Taco is really 4Runner with bed liner