Does anyone lease a car?

[Jodi1980]

My ex-husband is ready to turn in his Toyota truck and said that they will try to sell it to him for $10,000? I was going to look into it and maybe buy it myself if I can get a loan. Is buying a car after leasing it usually a good deal?

 

[Miss Jasmine]

I would not finance a vehicle that is no longer under warranty because not only are you paying for the vehicle but then you are paying for any repairs as well.

But that's just my opinion.

 

[cindala]

The selling price for the car is negotiated at the beginning of the lease. That's why a good lease also has a low residual value (selling price).

Go to Edmunds.com and look up the value of the vehicle you are interested in. If it is significantly less than $10,000, bring this information with you to the dealer, and perhaps you can negotiate a better price.

While the car won't have a warranty on it anymore, this is a Toyota, not an American car (sorry), so it WILL hold up better and longer. You can always purchase an extended warranty from AAA that is reasonably priced if you are interested.

You also have the advantage of knowing the vehicles history and if there have been any problems/accidents with it. Good luck!

 

[Towncrier]

Our one and only lease experience ended with the leasing company (Wells Fargo) dropping the buyout price to half of the original amount that was in our contract. Unfortunately, we had already purchased another (used) van and really could not afford to purchase our leased van.

Don't be in any hurry to purchase the truck. Perhaps the price will go even lower. I agree that it's a good idea to find out the current market value of the truck from Edmunds or even by looking in the newspaper. Knowing the history of the vehicle is worth something, but not thousands of dollars. Use your brain and not your heart when making this decision. Good luck.

 

[jfulcer]

I was going to pipe in and say that Towncrier just had an experience with trading in a lease - but I see that he's already piped in. I'm going to use his advice when it come to trading in our lease also.

TC, see - yet another example showing your new cooling 'hairdo' hasn't effected the helpful hints percolating out.

 

[Blondie]

We leased my DH's '99 Saturn, and we thought it was a pretty good deal. We decided to keep it, and we're paying 0% on the financing of the remaining balance, which is really next to nothing.

I wouldn't think that all cars are good for leasing and then keeping, but some of them are.

If you go out and decide to buy/finance a car, most of the time the warranty is up before you're done paying for it anyway.

 

[AspiringCindy]

We leased a Nissan Pathfinder 4 years ago with a 3 year lease. According to our contract, the buyout should have been $19,500.
But, 2 months before the lease was due to expire, I started calling to find out if it was negotiable. Well, we did negotiate and I ended up paying 14,500. for the SUV. I felt like I got a great deal! Keep in mind, not all financing(banks) is as flexible. Ours was with Chase, and they really just wanted to unload the car!

 

[FOJMO]

We have leased all of our cars since 1988. We figured, if we bought and financed, we'd always be paying a car payment anyway. So, we've always turned our car in at the end of the lease and leased a brand new one.

We haven't had ONE car repair since 1988. We take the cars in for regular oil changes. By the time we would have paid off a car loan, the car would have been too old and started to have repair problems, so this way, we NEVER have a repair (and I mean NEVER) and we always have the comfort/luxury of a new car every few years.

In fact, I think we're still paying on credit cards that have car repair charges on them for cars that we sold over 10 years ago!!!

 

[gshoemate]

Have you thought about looking into what the payment for a loan would be for the used truck vs you leasing a brand new truck yourself? We lease an SUV and the payments are much lower then what they would be for a loan payment. Just my 2 cents.