Buy out lease, or turn it in?

[AzScorpion]

My lease is coming up in less than a month and I'm going in tomorrow to buy it out. I love the truck so will be keeping it but even if I wanted to sell it I could probably make 10k+ if I were to buy it and then turn around and sell it due to the crazy market. The problem is that I'd have to buy something else and most likely pay some inflated price.

Plus yours (like mine) has been pretty much trouble free and we still have all items that were deleted over the years. Even if I could get into a 2022 free and clear I think I'd still keep mine because I feel comfortable knowing it was built pre covid.

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[RedlandRanger]

Plus yours (like mine) has been pretty much trouble free and we still have all items that were deleted over the years. Even if I could get into a 2022 free and clear I think I'd still keep mine because I feel comfortable knowing it was built pre covid.

Agreed -I've only got about 28k on mine and I've had zero issues other than a stupid leaky mirror light, which was quickly fixed under warranty.

The only thing that will get me to trade this truck at this point would be a hybrid Ranger, and I've got at least a few years until that appears.

 

[Todd Chapin]

Bought my 2019 early. No sales tax , 2% interest, resale value was higher than I originally paid. Added mods, totally happy with my truck. It wont be going anywhere any time soon.

 

[THLONE]

If you really like the truck I would buy it out. Like Mark @NTXTremor said you wont find a price like that today and you already know the history of the truck. My girlfriend will be going through this next summer with her Honda Civic. Her lease ends next August and she really doesn't need the car but I want her to buy it. WIth these crazy prices today she could turn around and sell it for a profit if she decides not to keep it. It's better than giving it back to the dealer and letting them flip it for more money.

Besides the damper will be worth $20K of that lease buyout. ?

Hey Dave, are you talking about your girlfriend or the Honda. Or maybe she will drop you lease because your muscles have all atrophied.

 

[cburson]

For the most part they have to. There are also "open end leases" where the buy out is determined at the end. I've never had one or sold a car on one but I've heard of them. With the open lease you might get a refund at turn in if the wholesale value exceeds the turn in price or if it tanks you have to pay.

On a lot I'm sure your truck would sell for over 30K so I'd buy it.

Just FYI, I am almost positive that open end leases were outlawed in the US now. You are correct they gave leasing a well deserved bad rap. Now with the contracted residual they make a lot more sense for those of us that can handle the low miles.

I used to sell cars and never saw an open end lease. My wife and I are currently leasing her Subaru.

 

[Langwilliams]

Just FYI, I am almost positive that open end leases were outlawed in the US now. You are correct they gave leasing a well deserved bad rap. Now with the contracted residual they make a lot more sense for those of us that can handle the low miles.

I used to sell cars and never saw an open end lease. My wife and I are currently leasing her Subaru.

I sold cars briefly many years ago. Way out of my price range but I read where Ferrari got pissed people were buying their limited edition cars like the F40 an F50 an turning around an selling them for triple what they paid. Their response was to only offer leases on certain cars to stop the flipping. I don't know the details or anything it's way beyond my means but they had an application process just to buy one.

If open leases are gone that's probably good. I couldn't figure out where it would be helpful. I have read where leasing new models was a struggle because they had no residual value basis to base the lease on. The manufacturer guessed an if he guessed high you got a great deal with low payments if you turned it in an if he was low you got a great deal to buy it out.

 

[Wisertyou]

I just bought my 2019 with 14k miles for a lot more than that. Given the current price of cars that's probably the best deal you will find.

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