I have a Toyota Tacoma that I lease. I still have a few months on it. But I’ve been going back and forth about buying it out. So I’ve thought of a few options, so any feedback would be appreciated.
Get a loan from my credit union and buy it out now?
2.Buy out the truck and sell it and with the crazy used car market. Make a couple bucks and get a new truck.
Just wait until my end of lease and decide buy it out or turn it back in.
If anyone has any insight or experience love to hear it.
I will echo the above. You need to retrieve all of the necessary figures to be able to make an informed decision. You’re asking us to complete a puzzle which we have no pieces to.
Find out exactly what your payoff/buyout is.
Determine what the truck is worth.
Don’t forget that you have to pay sales tax if you purchase the truck yourself, whereas “trading in” you won’t have to. Generally selling to a third party (i.e. Vroom, Carvana, CarMax, Algo, etc.) or trading is the best route.
Toyota is generally a very good solid resale value above other brands.
Remember, trying to get into a new lease now is tough on the wallet.
If you are happy with your lease, then keep it.
I checked with my CU and they said they can buy out 6 months early (I would end up paying more because I will pay sales tax on the residual PLUS 6 months of payments that are already taxed).
My CU said the best is to wait until end of lease.
Hmm…35 payoff and 36-40 k sale.
It’s close but as long as you can float a loan for about 45 days it’s worth 5k for the 40k offer.
For the 36k offer? nah.
25 months into a 36mo lease on a 2019 Civic EX. Dealer keeps calling trying to get me to trade in early. Payoff amount is $17,400 through Honda Financial, CarMax is offering $20,400. It’s a tough decision as 3K is not low but not high.
If I can find a new lease for around what I pay now (299/mo, zero down) on a Mazda 3 2.5T hatch I’ll sell the car to CarMax and keep the 3K.
You can buy it out at the agreed upon residual value.
Or a Honda dealer can buy it out, but that price is between HFS and the franchised dealer.
You can try to get more out of the sale to the dealer, but they already get preferential pricing with HFS.