I’m in FL and my Lexus NX lease is ending soon and would love the experts guidance! I’ve never bought-out my lease and I need help to see if I could make a decent profit if I buyout + resell + release? I don’t plan on keeping the NX–I like a new, upgraded car every few years. If I buyout the lease, I would be paying cash upfront–no financing. I’m not loyal to Lexus–Happy to consider comparable compact luxury SUVs. I know 2021 was a completely different market, but I’d like to keep my monthly payments lowish in my next lease. What would you do?
Current lease details:
2021 Lexus NX 300 Sport package
Terms: 36 mos,10k miles, $360 2.5k down, Toyota FS
$24,725 buyout price today, 28k miles
Only 2 payments left on the lease
I went into Lexus today to discuss options and see photo of what they offered me if I wanted to release in a 250 to keep payments lower. Also they wanted to dock me $500 for a mark I buffered off with my finger I’m also waiting on some numbers on a Audi Q3.
Learn how the LH calc works and use it to come up with a target payment you want based on your expected discount, any rebates, term RV, base MF, DAS, etc. See if dealers will match.
Check current vehicle value at Carmax, Carvana, etc.
It’s not clear what you’re asking for help w/, IMHO.
What do you consider a “lowish” payment? You’re not getting a compact luxury SUV for anything near your current payment (it’s not clear to me if the $2.5K down was actually due at signing?).
You could possibly get that kind of deal on an EV. Or slightly better than that on a Toyota Camry.
Reach out to the lender to see what the buyout is including sales tax, which you’ll need to pay in any state other than CA.
Then see how much you can sell the vehicle for. Here’s a list of places:
If you can sell your car for higher than the buyout cost (inclusive of taxes and fees), then you might be able to “profit.” Bear in mind, used car prices can be volatile and your equity position could change at any time. It may take a while for the lessor to send you the title, which you’ll need to sell the vehicle.
I’m trying to understand if I should buyout > sell > release or just trade in > lease. I’d like to get in the $450-530ish range monthly with a minimal amount down on a new lease. I’ve been reading it could be profitable to buyout and sell my leased car.
I paid 2.5k down at signing in 2021. If I release with Lexus on a NX 250 in the attached offer, I’d pay another 2.5k down.
Other than during crazy times when Carvana, Vroom, and Shift just threw investor’s money at you, you will always get more money to sell to a private party. You need to have title-in-hand. Most people don’t want to give you money and then wait for a title from the bank. You also need to have patience and ignore the lowball offers. When someone goes to the dealer they have a selection of cars. When you’re selling to a private party, you have to find someone that is looking for your car.
I think there is a $1000 incentive on the gas NX, but it’s still a very desirable car, and you’re not going to get a large discount on it like you would a Q3. Have you considered the NX450h+? Brokers have that for like $4500 off msrp plus $7500 lease incentive. With max MSDs, you’re looking at little over $600/mo for a $63k car. My wife doesn’t want it because she doesn’t want to plug it in every night. I’m so sad.
I don’t get the feeling you are going to put the time in to actually learn leasing, etc. and thereby save yourself thousands…so just go to the Marketplace on this site and look for deals that interest you and hire a broker who will keep you from losing thousands.
If I were you, I would just buy out this car and drive it, you probably have about $5K in equity on this today…if not more. You won’t get a better lease deal and your payments will be LOW for that $25K car note Happy hunting but, I would do just that it’s a Lexus-will hold good value in the future for sure.
Have you tried getting some quotes online from 3rd parties??? Do that ASAP so you have a better picture where you stand, as that dealer is trying to pocket your equity in this new “deal” you posted
I have a friend who is in a similar position. Have you looked at whether Carvana or Carmax can buy the car and give you the equity that is in that car?
I have a friend who is in a similar situation with the same car, except it’s a F sport, and Carvana has offered to buy it for a nice premium over the buyout price. However, the issue is whether Toyota Financing will allow the purchase with less than a month remaining on the lease payments. Carvana told her that Toyota won’t allow the car to be purchased outright within 60 days of the termination date, however, she was told that if she called up Toyota and extended the lease then Carvana could purchase it. I have not seen this in action yet, but this could be solution for getting the equity out of that car that you don’t want.
Does anyone know if extending the lease terms allows Carvana to buy the car directly? Since my friend extended her lease terms by 6 months, would she be on the hook to Toyota for the remaining payments due on the lease extension?
Haha. Well, it was a pretty heated debate with my wife, so I’m not going to try to change your mind. I guess I’ve been leasing EVs for a long time, and I find it more of a PITA to stop at a gas station. Whereas plugging my car is not much different than plugging in my phone since I park in the garage anyways.
I’ve gotten online quotes from Carvana - ($27,350) and Carmax ($29,500) and in market it looks similar NXes are selling for around $31k. I would likely have to buyout from AutoNation - I’m in Florida so I can’t buy directly from TFS. Then pay taxes, get the title transferred and disposition before reselling to 3rd paraty. So I’m trying to understand if I’d break even.
I’ve gotten online quotes from Carvana - ($27,350) and Carmax ($29,500) and in market it looks similar NXes are selling for around $31k. I’d also have to buyout, pay taxes, dispo. and DMV fees for title transfer.
That’s what I’m trying to understand. I’m trying to neogiatie with Lexus to see how low they can go on the offer they previously gave for another NX lease with them.
I’m also waiting on some numbers on a Audi Q3.
Happy hunting but, I would do just that it’s a Lexus-will hold good value in the future for sure.