Do I buy out my car lease?

[Marshall Tucker]

That's too simplistic. The question is more along these lines:

Which is a better buy?
a) 2015 car, 40K miles, $17.5K.
b) 2018 identical car, 0 miles, $20K.

No, its' not. in five minutes I found online at the mega toyo dealer down the street Toyota cameys that are virtually indical, other than one is a 2017 with 8,179 on it and the other a 2018 new. The asking prices were $18,080 and $23,458 (cheepest). there were no used 2018s yet.

the first 30k miles of ANY car are the most expensive. BY FAR. having someone else eat those high cost miles is the smartest thing you can do in owning a car. Peirod. Trying to justify it by running out the miles is just void on it's face.

Again, if you've got the money to own new, and want/like to, more power to you. but don't try to prove to me that it makes sense $$ wise. It just simply doesn't.

Car ownership and money. it's simply a cost-per-mile excersise.

[The Tortoise]

The asking prices were $18,080 and $23,458 (cheepest). there were no used 2018s yet.

For sure asking prices will be cheaper on a lightly used models. You also have to factor in interest costs if the manufacturer is offering cheap rates.

[Marshall Tucker]

For sure asking prices will be cheaper on a lightly used models. You also have to factor in interest costs if the manufacturer is offering cheap rates.

Gotta be one hell of an interst rate to make up 5.5k. but if you're gonna go that far you also have to understand intrest amortization policy and pre-payment penalties. Look, I'm trying to be argumenative, but I've been down this road with fellow CPAs many times, and it's just hysterical to me.

ok I'm going to get off the soapbox now.

[WaistDeepGroomers]

Okay folks, thanks for all the CPA advice, curious on thoughts on this new gameplan:

1) Take out some money on my as-yet-unused home equity credit line to buy the VW out for about $16.7K.

2) Sell the VW privately, maybe get $15-17K depending.

3) Buy used Prius for around $10K.

4) Put the difference towards paying off the credit line, and will have two years interest-free to pay off the remaining $10K. Very doable in my current savings rates and while I may take some sort of loss on what I pay for the VW now v. what it's worth in sale, the lease alone in the next year will still cost about $6K.

In Maine the Prius batteries, which are the biggest maintenance headache price-wise, get an extra 50K mile warranty (up to 150K) compared to most other states, which is a bonus too.

[jackstraw]

Buy the mercedes. Everybody in Rye does.

[The Tortoise]

What kind of Prius can you get for $10k (year and miles)?

[WaistDeepGroomers]

What kind of Prius can you get for $10k (year and miles)?

2012-2013 with 80-100K miles on it. 2012 was the last year they made significant upgrades.

[PNWbrit]

What kind of Prius can you get for $10k (year and miles)?

One that makes you look like an Uber driver?

[Ted Striker]

In Maine the Prius batteries, which are the biggest maintenance headache price-wise, get an extra 50K mile warranty (up to 150K) compared to most other states, which is a bonus too.

You can buy a junkyard battery for < $500, and a re-con w/warranty for < $1000.

[WaistDeepGroomers]

Ah shit,messed up. Only have to pay interest on the line of credit for th first three years, NOT be free of payments of any kind for two years

Sent from my Nexus 5X using TGR Forums mobile app

[Mazderati]

Attachment 234277

Not sure I want to own it but do like this body style.

[stfu&gbtw]

The "Toyota tax" on used vehicles doesn't apply to Camrys afaik. When we bought our 4runner, the lower end models followed more traditional used car pricing. The one TRD Pro they had on the lot was a year old with 14k miles and they were asking $10k over new msrp.

I've only leased once - the '15 Honda Pilot I had a while ago. Realized after six months that I didn't like constantly thinking about the return... Ended up though that Honda sold out of the '15 Pilots, and with a month left until '16s would arrive, my Pilot with 12k miles was worth more than the lease buy out. So I sold it, paid off the lease, and rolled the cash into my Golf R.

So, I think that would be my recommendation... Lease a new car, drive the wheels off it, sell it for more than you owe, PROFIT!

[LHutz Esq]

No, its' not. in five minutes I found online at the mega toyo dealer down the street Toyota cameys that are virtually indical, other than one is a 2017 with 8,179 on it and the other a 2018 new. The asking prices were $18,080 and $23,458 (cheepest). there were no used 2018s yet.

the first 30k miles of ANY car are the most expensive. BY FAR. having someone else eat those high cost miles is the smartest thing you can do in owning a car. Peirod. Trying to justify it by running out the miles is just void on it's face.

Again, if you've got the money to own new, and want/like to, more power to you. but don't try to prove to me that it makes sense $$ wise. It just simply doesn't.

Car ownership and money. it's simply a cost-per-mile excersise.

I was a firm believer in this until my wife’s Subie. I mean I was evangelical. Made it well past 40 without ever buying a new car.

The subie-
- one year old, 12,000 km and significantly cheaper than new (20%ish)
- turns out it had been in an accident and repaired privately
- someone replaced the windshield improperly. It was potentially deadly.

If I hadn’t known a good lawyer I would have been on the hook for the repairs. If I hadn’t known a good mechanic I could have killed my wife and kids driving that thing. It is something I probably wouldn’t have noticed except they pinched the windshield washer fluid line.

Anywho - the new plan is buy quality and keep it till it turns to dust. Make the dealer do the recalls, make the mechanic keep it safe. Any savings is inconsequential.

I plan to pass my tundra onto my girls in another 9 years or so.

I plan to drive the Subaru into the ground out of spite.

[Kenny Satch]

Drive the devil you know if you are considering something else at the buyout price.
If its been good, then keep what works unless it's a money pit.
A well maintained one has the potential of lasting a very very long time.