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Thoughts on leasing??

Discussion in '2nd Gen. Tacomas (2005-2015)' started by Drouse, May 27, 2010.

  1. May 27, 2010 at 9:31 AM
    #1
    Drouse

    Drouse [OP] Well-Known Member

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    Hey guys just wondering if anyone here is leasing or what you thoughts are on leasing? I'm currently considering trading in my 1st gen for a 2010 DC TRD Sport but was thinking of leasing since I like to jump cars a lot. I currently pay $443 for my 04 and I could get into the new one for $498 w $1g down and then trade in for a new one in 3 yrs rather then be just paying off my current vehicle. I've never leased before so was just looking to get some input from those of you who may have before good or bad - Thanks
     
  2. May 27, 2010 at 9:37 AM
    #2
    MAXTacoma

    MAXTacoma Well-Known Member

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    My truck is a 5 years lease thru Toyota Motor Credit. I put 2500 down, and pay 345 per month. I think you could get a better deal than what they are offering you. $498 per month seems like alot for a lease. I went into my lease planning on buy it at the end, sometimes you can loose alot of money by not buy it at the end. GL!
     
  3. May 27, 2010 at 9:46 AM
    #3
    Jigzor

    Jigzor Well-Known Member

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    Hopefully you are staying away from Motorworld. It's operated by multiple ass-hats. I bought mine at Toyota Scion of Scranton, they weren't bad and I don't have any complaints.

    As for leasing, I would stay away from it. If you don't plan on buying it at the end, you just spent X amount of cash and have nothing to show for it.
     
  4. May 27, 2010 at 9:49 AM
    #4
    Rudbwoy7s

    Rudbwoy7s Well-Known Member

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    waste of money!
     
  5. May 27, 2010 at 9:51 AM
    #5
    28Gauge

    28Gauge Well-Known Member

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    I have never leased since I keep vehicles at least 10 years or more. If you are in and out of vehicles every 2-4 years, then leasing seems to make the most sense. The only problem that I see in leasing a truck is the condition that it will be in when you return it to them. If you use it like a work truck, then they are bound to charge you for damage for all the dents and dings. The charges can get quite big. There is also the mileage factor and whether you put a lot of miles on the truck.

    Something else to consider are mods. I wouldn't want to put a bunch of money into mods on a truck that I don't own. There was some guy on the TW site recently that was stuck with a bunch of high dollar mods on a truck that was due to be turned back in soon. I wouldn't want to deal with having to uninstall and sell stuff so I wouldn't lose my a$$ to the dealer upon vehicle return.

    Just my 2 cents.
     
  6. May 27, 2010 at 9:53 AM
    #6
    Drouse

    Drouse [OP] Well-Known Member

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    Hey - yeah I'm not a huge fan of them either but I did go there just to see what they would offer and there the ones that offered 498 - Scranton was at $491 w 2g down. I've also been against leasing as well but I constantly get bored with cars - i've only had my current tacoma 1yr and cant really say im sick of it or dont like it just wanting a 2nd gen. Decisions decisions...
     
  7. May 27, 2010 at 9:55 AM
    #7
    Jigzor

    Jigzor Well-Known Member

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    That how I was with my Subaru. it was a great car without problems but I couldn't mod it. After I got the tacoma and seeing how many different things I could buy for it.. I'm happy.
     
  8. May 27, 2010 at 9:57 AM
    #8
    MAXTacoma

    MAXTacoma Well-Known Member

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    Just b/c you lease doesn't mean you cant keep it in the end. You do have a buy option and you can do mods to the vehical if you are planning on keeping it. I would only recommend leasing if you plan to buy at the end your your lease. Otherwise as waste of money. These trucks hold there values so well that you really cant go wrong with whatever buy/lease. At the end of my lease the value is supposed to be 10k. I know I could buy it for 10 and then turn around and sell it and make a profit.
     
  9. May 27, 2010 at 10:00 AM
    #9
    TACOMA TRD

    TACOMA TRD Well-Known Member

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    Just leased my wifes Corolla S, sticker was 18500, got it for 247.00 a month, with the 2 maint plan. 0 down.....36 month lease @ 12k per yr
     
  10. May 27, 2010 at 10:01 AM
    #10
    28Gauge

    28Gauge Well-Known Member

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    True! But by the time his lease is up, the next generation will probably be out and it's doubtful that he would want to keep/buy the older generation vehicle.
     
  11. May 27, 2010 at 10:03 AM
    #11
    floridaoccifer

    floridaoccifer Civil Servant

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    I leased my first Taco in 2006 and purchased the extra damage coverage (THANKFULLY). Make sure you get something within your mileage range and cover any variables.
     
  12. May 27, 2010 at 10:04 AM
    #12
    knayrb

    knayrb Well-Known Member

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    You asked for opinions so here goes. I leased one vehicle in my life and that was my '97 4Runner, which I still have. It was the worst financial decision I ever made. Period. You are basically renting a car. Any down payment is nothing more than prepaid rent. You have zero equity when you turn it in.

    I don't want to get into how they figure a least payment since you can google that. It makes more sense to me to lease a Chrysler product or something that really depreciates fast. Toyota makes a killing because they charge you for fast depreciation yet the vehicle holds so much value that the can sell it for high dollar when you turn it in. I don't think it's right.

    I ended up buying the 4Runner at the end of the lease because I was barely over the allotted miles and it was worth $5000 more then to just give it back option. Essentially I paid for the truck on a 6 year payment plan. 3 year lease and 3 year buy. "Stupid is that stupid does." This did teach me to save up and put large down payments next time which I did on my Tacoma.

    Now if you can claim it as a business vehicle and deduct that whole thing then it may be to your advantage. Leases are demanding lower and lower yearly miles and you get raped on excess miles so watch that.
     
  13. May 27, 2010 at 10:10 AM
    #13
    Rocky

    Rocky New Member

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    When I turned this in the lease company gigged me
    for a scratch on the hood cowl from a snow brush.

    It was a 4 x 4 vehicle that went through a few New England winters.

    No dents or any other blemishes.

    Then they wanted me to pay full price if I wanted to keep it.
    I told them now you can keep it jerk.

    Now you know why I bought my 1999 Tacoma.

    Rocky
     
  14. May 27, 2010 at 10:13 AM
    #14
    Husker_in_KC

    Husker_in_KC Well-Known Member

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    Car companies love to push leases because they make a ton of money on them. Lots of gotchas with them. If leases ares uch a good deal for the consumer I don't think the dealers would be offering them.
     
  15. May 27, 2010 at 10:19 AM
    #15
    ChompsterTacoma

    ChompsterTacoma Well-Known Member

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    498 a month with 1 g down is kind of high. You should check into financing it instead because it is not that much higher depending on your credit and interests.
     
  16. May 27, 2010 at 10:22 AM
    #16
    MAXTacoma

    MAXTacoma Well-Known Member

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    Thats true, I really hope the 3rd gens dont come out soon. I was hoping to buy my truck after the lease and pay cash, therefore not having a payment. I know that as soon as the 3rd gens come out i'll probably buy a new one.
     
  17. May 27, 2010 at 10:24 AM
    #17
    Viet2100

    Viet2100 Well-Known Member

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    That is a lot for a lease. If you lease, you might as well cancel your membership here at TW :facepalm:
     
  18. May 27, 2010 at 10:24 AM
    #18
    Jimmyjohn

    Jimmyjohn Well-Known Member

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    No way unless you can write it off
     
  19. May 27, 2010 at 10:25 AM
    #19
    Drouse

    Drouse [OP] Well-Known Member

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    You guys all make good points about leasing which is why i've never considered it until recently. Maybe I'll just save up a few more months and try to sell my truck solo and then try to get a good deal before the 2011 rolls out. Thanks guys for all the feedback - pretty sure leasing will go back to being the devil in my head
     
  20. May 27, 2010 at 2:08 PM
    #20
    scottri

    scottri Well-Known Member

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    The only way I would ever lease is if it were a company car and I was writing it off. I bought my truck with $9000 down and my payments are $350 a month for 5 years. If I had put much less down I'd still have less than a $500 payment for 5 years and I'd own the truck at the end of it.
     
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