It what State do you pay “Smog” in a lease?
Why would I CPO a vehicle that has 6 months of warranty left? Smog fee is in CA when you purchase.
If you bought it out you i assume that your original waaranty will go away in 6 months or so since you already extended. I would have CPO’d the car to extend dealer warranty for the extra years that you are keeping it.If you are “+$8k”, which is paper only using $2500 to CPO it still leaves you to the good.
I personally would have negotiated the positive equity into my next lease. I actually did going from my BMW '19 M550 to my '22 M550.
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Rally hope that it will not take more than that as 800 a month over a year and you lost all your “equity”
Are Lexus NXs known for being particularly unreliable or expensive to repair?
I don’t see it like that, I needed another car anyway and would have spent a minimum of $500-$600/month + $100 for insurance
So it’s costing maybe $150 per month more using this option, and I can get out of the deal next month if I choose with no fees.
I left the dealership with a legit check for $10k over what I owed there is no truer definition of cashing out “equity”
Going out with 10k is very nice and I agree that’s real equity.
Issue that I have, Is what will happen next because of that…
For me, if leaving with a 10k but because if that I don’t have any back plan, and now I need to spend more for a different car, I will prefer to secure myself with a different car, maybe the next 4X or similar deal (that personally I wish to happen sooner than later) and in the mid time buying out the NX.
That’s my situation, my wife car that we owe, I just checked and I have 8.5k NET equity inside (meaning after what the cost that we put inside the past 2 year’s) but I told her, we don’t sell it till we don’t have a replacement, because no one really know for how long this craziness cost of replacement will be … so doesn’t make sense to me to sell it and then be stock with a sucker.
Except if we find a deal like the 4x that I missed the train …
I agree, no one who leased 3 years ago thought there would be any equity so all this is really just a bonus. If you buy it out you run the risk of warranty issues, the market going back to normal, etc. If you lease now you are spending way more on a lease than anyone thought they would. I like that your choice gives you an option and you aren’t locked in at a higher lease for the next 3 years.
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This is a Lexus not a MB, BMW or Audi.
Lexus IS a quality brand. I believe the NX shares the RAV 4 chassis.
It’s your car. Best of luck. You are confused on the temporary positive value as opposed to real equity.
That’s so true it is not a German car. The point?
More reliable on average
I just joined this and added some common sense business facts.
Other than my classic 911 Turbo I roll out of my cars every 30 mos.
I never have an issue.
As for Lexus, are some of their parts still stamped “Toyota “?Which is a great brand.
Ironically the Lexus dealerships in South Florida are indeed carrying the least amount of Inventory. It’s a nice soft ride for sure
Leasing and working a deal is way more fun than buying it out.
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Why would that be ironic? Lexus sells extremely well among the retirement crowd in Florida, so it’s expected that dealers would have low inventory given the high demand and low supply (at the moment, at least).
OMG. There is no inventory for them in the northeast either. It’s an origin issue.
Enjoy your Lexus’s. It’s a car.
Which, IMHO, would be that a car that isn’t that old and shares a chassis and lots of mechanical bits w/ a RAV4 probably isn’t going to need a major, unexpected repair in the next 2-3 years and thus probably isn’t worth the cost to CPO, esp since the OP has been living w/ the car for the past 3 yrs, probably has a good sense for how reliable it’s been, and since the cost of the CPO itself would probably pay for a large portion of any unexpected repair…
Porsche is the top ranked reliable and cistomer satisfaction. Also I have garnered REAL investment equity buying, keeping, enjoying and selling the correct year of a the badge.
My BMW M550 and X5 for a daily drivers are NEVER off warranty and I have never paid for a repair and get my choice of what I would like to drive when in for a simple oil service.
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Exactly what I would have done. As of a few months ago (have not checked recently) you could still do third party buyouts on Toyotas. I did through another dealership and ended up with a better deal than in 2019 using the inflated equity in my Toyota. Could I have done better selling to CarMax? Probably yes but for various reasons (personal) that was not an option. Still, 24K is a fairly reasonable buyout price for an NX. I had another Toyota last 14 years so once I owned it, I would probably keep it as trade ins are a hassle but to each his own
As for the chip shortage, here is what I do not understand, the chip makers were not getting orders for a few months in 2020 so they switched over to making laptop and iPhone chips or whatever. That situation lasted maybe 6 months total. Meanwhile how is that creating a global 2 year shortage?? Simpy asking, it does not make sense to me which makes me think the shortage will be over sooner rather than later but am not betting my commute on that. Also my crystal ball has not been great lately
Saphire,
Going back through the dealer is a great move. Especially if you have a relationship with them. I tell them to hit a single off of me and save the homeruns for someone else…like who the will sell my trade toafter they CPO’d it. Which they did but I got my piece of the pie and no markup. People falling for that are crazy. First of all there is ALWAYS another car, house,pencil to buy. If it’s not right then walk. There are new players starting to make chips and come up with alternatives. It’s the raw materials that may be a cocern which. … all just my opinion.