End of lease. Lease or buy? Toyota Highlander Hybrid.
My first lease will end in three weeks on 2006 Highlander Hybrid 4X4 (had 20 miles) on a 3 yr for 15K/yr. It has additional options; tinted windows, custom vehicle stripe, moonroof w/sunshade, roof rack, steering audio controls, parking sensors, liquid gel driver & passenger leather heated seats, dim mirror, body side molding, 3rd row seat, floor & cargo mats, cargo net and tray, JBL premium sound and 6 disc changer. I went over 15K miles and the payoff is $20,569 (not incl taxes @6.25%). This vehicle is worth third-party @$21K, retail @23K, trade-in @19K. I tried the following and gone through a lot, please help...
-- Trade-in is worth 15K - 16K at Toyota & Acura Dealerships and via black book online. I'm looking to buy or lease a new 2009 SUV. OR buy my current car.
-- Called Toyota Motor Leasing AND Toyota dealership Finance dept to negotiate on payoff price; UNSUCCESSFUL.
-- Working with lease agent and was told that I have a negative equity due to over on miles. Agent was unable to negotiate with Toyota to come down on the charge per mile (.15 cents) over and buyout price (so I'm told). Lease agent suggested to return the vehicle and lease another vehicle (comparable to what I currently have) for roughly 6% for 48 mos and 42 month trade value based on my driving habits. I have a record of wanting to get a new car every 3 yrs.
-- I have been approved to refinance the payoff price at 3.99% up to 60 mos to buyout this car (backup plan). I can get this same rate and term to purchase a new 2009 vehicle I believe given the fact that I have excellent score.
-- Found out from another (used/wholesale) car resource that my current car would be auctioned for $15K.
-- Currently listing the car for sell, but no leads yet. Lease agent said that banks would not deal with person to person sell; potential buyer would be people willing to pay for cash...
1. Should I do a trade-in to purchase a new SUV (really upside down)?
2. Should I turn in the lease SUV and pay the mileage that I went over? Then purchase a new SUV? Note: Car has normal wear and tear and in excellent condition.
3. Should I buy out my lease for $20,569? Note: Total cost leased and refinance would be $49K. I do like the vehicle, but would prefer one with rear auto a/c instead of my floor vents for the rear seats (a need for my kids seating in the back).
***Looked at leasing pre-owned, but I think the car that I have is far better (I'm the first owner).
In Buying & Selling > Car Comparisons
In Buying & Selling > Car Leasing
In Buying & Selling > Car Values > Trade-In Values
In Makes & Models > Toyota > Highlander Hybrid
1 answer - 166 days ago
Watch this Question | Email to a Friend