Need some advice if this idea works as planned or not! We currently have a 2015 bmw 320xi lease over mileage and 8 months of payments left to go with our other vehicle a 2015 BMW X1 with 64,000 miles already… our circumstances changed and the lease miles screwed us and we had to put the miles on the x1 while still going over the lease miles. We really would like to purchase a Toyota Tacoma or 4Runner but they are so very expensive and we need low payments for just a bit longer financially.
If we were to takeover a lease of a Tacoma or 4 runner for a year or two for the lower payments and a newer reliable vehicle would it make sense to ignore the miles put on the lease and purchase it at the buyout price? They have high residuals but getting a random used one off the lot seems to cost even more than the lease buyout. I understand that it costs more in the long run to lease first than just used purchase from day 1 but we really need a year of the lower lease payments. Are there any factors we are missing to see if this financially makes sense? We are in Colorado and would have to find one in another state - no one wants to give up their Tacomas or 4runners over here! Currently paying the bmw lease overage fees in advance at .16 per mile. Any other options are much appreciated!