Should I lease a new car or keep the old lease

Ask the Hackrs
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1

I currently lease a 2020 ES 350 it was 0 down due at sign-in 1000 with a monthly $438. I did not drive too much the car now is 18k miles I leased in March 2020.
If I paid off the car cost 27.5k and I can sell it to the local dealer for around 37K. which means I can earn at least 8k for the deal.
I planning to move to Atlanta in August. if I ship the car to Atlanta cost about 2k. If i want to lease a new ES350 cost like 0 down 1000due at sign-in and monthly around 700 (roughly, it might go higher price).
What should I do? should I sell the current car and get a new lease car in Atlanta? T=T

2

I prefer leasing a new car. cuz If I sell the old one I got at least 8k and I can save for 2k for the car shipment (Los Angeles to Atlanta) . it means I can save about 10k for the new leashing car. what about you guys think? Thanks!!

3

All comes down to what youre going to replace it with and what thatll cost

4

Ship or drive it yourself. Keep the car as long as you can - if the market cools down, buy/lease a different car. If not, buy out the same car63 and save $$$

5

I was thinking the current used car market is crazy so I can sell the old lease car and earn about 8k to put in on a new lease car and save 2k for the shipment cost. Wouldn’t it be more cost-effective for keep the same one? emmm I not pretty sure

6

This is not what you are asking, you are trying to justify that the Equity means you can get a nicer car for less. I would say your $700 at Zero is probably a bit low and I think you will spend $2000 more to get the newer car.

You are NOT saving money by selling this car and leasing a new one. HOWEVER if you do plan to sell the car, sell in CA because of the no tax rule. Sell in CA, lease new one in GA

7

Given that a new lease costs $9,400 more than the old one, it’s pretty easy to see your equity gets washed out the moment you sign the new lease. I’d just keep the car you have, finance the buyout price.

8

This is a bit of a funny question - I get the new car urge but it’s literally the same car? I mean it might have an updated infotainment, which given it’s a Lexus, I’m sure is actually a big advantage but you’re really gaining nothing but a higher lease payment by getting into a newer version of the same car.

Given it’s probably one of the most reliable vehicles you can buy - I’d buy it out, safe in the knowledge that you’ve just saved almost $10,000 off buying it at retail.

9

Thanks for your guy’s advice all!!! I was thinking I going to sell the car after graduated anyway. If I keep the old one it won’t be worth that much by one or two years later? and the new lease one(2022 es350) maybe worth much more than the old one(2020 es350). but after you guys advice I kinda think keeping the old one is better hahaha

10

or what’s the best current Lexus leasing deal in GA. I’m looking for 0 down and monthly $650 MSRP around 45k or lower

11

that’s way to vague. What kind of car are you looking for?
A Sedan
A SUV?
A truck?
A Uhaul?

12

The new car will have some higher resale value so you have to weigh that in your cost calculation.

13

Sell your ES and finance a brand new NX or RX.

Beyond the current used car bubble, the future of large sedans is probably in terminal decline.

14

I’d say do what @max_g says or just keep driving it. Lexus is pretty much the gold standard for reliability so no risk from that stand point

15

Thanks for the advice! unfortunately, either the nx or rx is higher than my budget

16

I prefer the sedan. just something like Lexus es

17

Are there any changes to get an es350 that is 0 down with under or around 700 monthly? I ask a few, all are higher than that price…

18

keep it 10x

19

Makes no sense to lease an ES at todays prices.

It’s not worth anything more than $500/month and that’s being generous.

20

Look at it this way: if you were shopping for a car and found a 2020 ES with 18k miles for $27.5k, you’d be an idiot to NOT jump on that and haul ass out of there like you stole it.