Well ladies and gents, I think I’m throwing in the towel for now- times is tough for a gangster. The market just isn’t supporting any kind of lease deals.
So, what are your thoughts about rolling around in a hand-me- down 2003 Lexus ES300? It’s relatively low mileage (probably like 85k on the odometer), and it’s probably in pretty good mechanical shape.
My worry is unforseen maintenance/repairs as well as the low MPG figures. But, the monthly payment will be Free.99.
Do it. Wait out the market. Next year things may be back to normal. You don’t want to lease right now.
It’s free. Can’t complain. Cheap tags. Cheaper to insure. If it breaks. You can sell it for scraps and start the lease hunt all
Over again
It’s free and the tech is relatively current (by Lexus standards), so a win-win !
Lexus vehicles have a reputation of being extremely reliable. I would definitely just get it inspected (if it hasn’t been done already) by a trusted mechanic to see what should be done to keep it running.
85k on a v6 Camry? Hell, it is a baby. Change all the fluids (including transmission), plugs, and hoses, and she’ll be good to go. Timing chain on that, so now worries there.
Entirely up to you and your situation. I drove around in a beat up Jeep for like 10 years, spending at least one weekend a month fixing my Jeep. Then I had kids and don’t have time to deal with car issues, so I lease every three years. If i had the choice, I would lease a Kia Niro EV premium for around $300/mo because I actually like things like CarPlay, keyless entry and start, adaptive cruise, LKA, automatic breaking, etc. and those things are kind of important to me.
Yeah an almost free car (maybe some maintenance required) to ride this thing out… that’s like a Willy Wonka golden ticket.
BMW Loyalty applies for 12 months after turning in a lease so as long as you get a new lease within a year afterwards you’ll still get the best incentives.
But you lease new to avoid breaking. I suppose automatic is better than having to manually break it, though. Fewer tools needed.
Not to be that guy, but we have all kinds here, and I’ve received a lot of great advice from women here. (/soapbox)
I would definitely rock the ES300, as long as the brakes and tires are good (tread depth does not always mean safe).
Between my first and second lease (2007-2009), I went back into a hand-me-down 2002 Accord that my parents sold me cheap. No regrets, banked some money, got exactly what I wanted on my next lease, 36 months of bliss driving the new lease I waited for.
Yours is free, and as others have said it’s got lots of good years/miles ahead. Enjoy it in good health.
That’s kind of where I’m at. I have a 1-year old, and transitioning from a career into a 3-year graduate program. Would love to not have to spend time on maintenance, and would appreciate more modern safety features.
But we’re trying to save money and I’ve set a really meager budget for a lease ($200) which just don’t seem to exist right now.
Yeah, sorry about that- you’re right
The likelihood of this costing you more than a lease is slim to none. Drive it until market normalizes. As a bonus you can spend your savings for upgrade(s).
Funny cause I’m in the same exact situation as you in that I am driving my wife’s old 2004 ES 330 that has 65k miles until a good lease comes around again. I definitely recommend driving your free car as long as you can. Not having a car note even if its 200-300 a month is great plus given it is a fairly old car, you can probably just get the cheapest insurance (liability coverage) since it wouldn’t be worth much if you totaled your car.
Well, the calculus changed… the “relatively clean” car my father-in-law offered me needs about $3000 to get back to being a daily commuter.
Back to the drawing board
Eh, if you have the cash, if that’ll get it back to pretty good condition, and if you’re fairly confident you could drive it for 12 mos, I still might consider it personally.
$250/mo for 12 months of utility is a steal right now.
It’s not guaranteed it won’t require repairs after that. Those “free cars” or cheap used luxury vehicles can end up being money pits, especially for the less mechanically-inclined. Since it’s a Lexus it shouldn’t be as bad as the alternatives though.
They can be. Knowing this cars particular history would help (for OP, not me, I’m an internet stranger). If it needed fluids, filters, tires and brakes, battery, alternator — I’d be all over it. If there are mystery leaks or the engine/transmission are fussy, I’d want a much more thorough threat-assessment on it.