Lease extension or buyout question

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I am currently leasing a 2019 Toyota Tacoma TRD Sport Premium 4WD Double Cab w/ 6’ Bed. My 24 month/15K per year lease matures in mid-September 2021. Thanks to the shrewd negotiating skills of my talented broker @Bostoncarconcierge (shameless plug, I know), my monthly payments are extremely favorable. Currently I’ve got 36,500 miles. I knew I was going to go over my mileage, but TFS only charges $.15 over contracted mileage. I’ve got a question about my options.

(1) Extend my lease. How long will TFS extend my lease for? Does the buyout at the end of the extended lease become lower with each extended lease payment?

(2) Buyout my truck. The buyout on my truck at the end of the lease is $32,383. Can I buy my truck out straight from TFS or do I have to go through a dealer?

If I go with either of these 2 routes, my truck is going to need a new set of tires.

(3) Trade In or sell to Carvana, Vroom, or AlGo to see if I have equity & lease a new truck. Due to current pricing and supply issues, a new Tacoma similar to mine might not have as hacker friendly of a payment. Maybe I’d have to do a 3 year lease instead of a 2 year lease this time around (I follow @Jrouleau426 's thread). I was thinking about a bigger truck (CrewMax Tundra w/ 5’7" Bed), but I know my payments would increase significantly and the prospect of spending $90 a week to fill it up is daunting.

Thanks in advance everybody for your advice and opinion. I greatly appreciate it.

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  1. See how much equity you have based on all offers from third party dealers.
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  1. 6 Months; Yes
  2. Yes; No

I’m in same boat…

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The first step would be to have your car appraised by third parties like Carmax. This will give you a better idea of where you’re at currently.
Weigh this against what you’d owe such as miles and any damage + the price of new tires.

Keep in mind prices for both used and new are higher with limited inventory across certain areas.

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