Buying a lease before lease is up...

[oh6SR5]

Have any of you ever purchased your 4runner before the lease was up? Here is my scenario. I got into my 2006 SR5 4runner because my old roommate was the finance manager at the local dealership. I owed on my previous car, so my payment is about $450 and I am 1 year into my 3 year lease. I was looking at the payoff estimator on the Toyota Financial website and if i bought it outright right now, i would be paying $500 for 60 months. I plan on having this vehicle for a while so I thought it would be worth putting equity into it now. Any thoughts?

 

[nauticalniremor]

I know nothing about that stuff, but my brother is a GM for a toyota dealership. I used to lease all the time and once thought of purchasing it - I remember distinctly my bro telling me NOT to do that. He said it is like having an eight year loan!!

If you are paying 450 now, you could probably get into a new one for a bit more than that and buy it instead. I bought my 2006 brand new and only pay 475 a month. (i have a SR5 v6)...

thats my 2 cents, hope it helps

 

[oh6SR5]

Well, mine was more because i am still paying $3,000 from my previous car. I still have 2 years in this one, so i don't think that i can just get out of this one into a new one...plus, if i buy purchase this, i would pay more on it and have it paid off in less than the term.

 

[Falls]

What is your interest rate on the lease ?

I have a leased 06 that I will probably buy out , but my interest rate is 1.3 % , I'd be foolish to buy it out when I have the money set a side for my buy price invested at a much higher interest rate.

I took out a 3 year 27k per year lease , no money down $510.00 per mo. with 100k mile ext. warranty.

1st and last time I will ever lease. Had to try it once.

 

[Jeff Kleb]

I have about eight months remaining on the lease for my 2005. I can either turn it back in come January.....or I can purchase it for about 19k and some change. If I wanted to buy it now - before the end of my lease - I think it would run me about 21k.

I suppose it would be best to put it up for sale privately for 22k or perhaps 23k some time in November or December (the best time someone might want a late-model 4x4 SUV in great shape), pay off the 19k and put a few bucks towards a 2008 Mustang GT.
:awais:

Seriously, I do love my 4Runner......but think I am having a mid-life crisis and have always wanted another V8 Mustang {as I have owned three of them previously}. The 4Runner is also way, way overbuilt for my needs. I have never traveled over anything more severe than a gravel road; nor have I ever towed anything with my 'Yota.
:bash:

Leasing can be a great way to save money on driving a car you'll never truly own and to save yourself five years of paying interest. However, you'll get burned if you don't do your homework ahead of time or if you exceed your allowable mileage.

P.S. To lease my 4Runner ran me just over $260 per month for 3 years; but I would have paid well over $450 for 5 years in order to own it outright.

 

[kurt1011]

guys, don't assume you have to pay the residual...everything is negotiable. call and shoot an offer, i have many friends do this successfully.