My lease is up on my truck..Should I buy it out or trade it in for a new upgraded model ?

Answer 1

The amount of money required to BUY the car after a lease is usually stated from day 1 on your lease-contract. It's a pro-rated amount.

Go to http://www.nada.com and/or http://www.kbb.com and price your truck, then compare that figure to the amount that you need to pay in order to purchase the truck now.

Balance the figures, weigh your options, and see if you're going to end up with a car that costs more than what it's worth.

Your decision will be based upon common sense after all these facts are examined.

Good Luck.

Answer 2

9 times out of 10 your better off getting a new truck. the whole idea of leases is for the manufacturers to get return customers. so they usually make the residuals high so that the payments are lower, they also very often will give you special lease rates. in doing so it helps the customer during the lease, but.....it means that often the vehicle you leased is not worth what is owed in the end. what you need to do is look up the value of the truck compared to what you owe on it. if you like it enough and want to keep it and the value is still "in line" then buy it. but as in most cases the value isnt "in line" so therefore its not a good idea to purchase the vehicle.
leasing is set up that way to help the dealers and manufacturers sell more cars and it works in the customers benefit as well to get a nice vehicle for less money than what it costs to purchase. you also dont have to worry about negative equity because when your lease it up you can walk away.
i lease all my vehicles, and i have no plans in buying them in the end. yes ill always have payments...but im also not going to keep a car 5 or 6 years.

as far as offering less for it, ive heard of it, but in the 7 years ive worked for daimlerchrysler and toyota, neither has ever haggled on the final residual value.

Answer 3

Buy it. If not, all the money you spent during the lease goes up in smoke. You also already know how good (or bad) of a vehicle it is.
Contact the bank that you lease from, and offer a price 20% or so BELOW the residual price. You might be surprised at their counter offer. And, the offer also means they are willing to finance it for you. Just ask them to send the papers in the mail.

Twice (93 and 98) I have purchased F-150's after lease at well below residual. The 98 res. value was $18,700, I offered $12,000 (all they could do is say no) and they countered with $13,800. At 5 years, the payment was slightly less than the lease payment. Of course, you still need full coverage insurance.

Answer 4

Find out what you would owe to buy out the lease. It is the residual value listed on your lease agreement. It is probably more than the vehicle is worth but there is some value to knowing the history of the car. Then decide if it is worth it to you to pay that price for your truck.

Answer 5

You will end up paying way too much if you buy it as you can buy the same vehicle off the lot for 3 or 4 thousand less, personally if you liked leasing I would lease a new model.

Answer 6

well, it depends on how good of shape the truck that you have now is in and how much money you can afford. If the truck is not in that great of shape, I would trade it in. If the truck is still in good shape and you have the money, buy it out. If is a Dodge Ram, you should give it to me (ha ha.)

Answer 7

I would re-finance it and pay it off, we did that with ours, we had way to many miles on it according to the lease,they wanted to charge us some outrageous price per mile, so we decided to purchase it and its still a great truck, well maintained, so were paying it off, besides they offered us a price that we couldn't resist

Answer 8

Get a more fuel efficient truck immediately.