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Should I buy out my Lease ??!! Please Help! Long Story but I feel like I must explain myself.

carfanatic95carfanatic95 NYCPosts: 1
edited December 2018 in Ford
Im currently leasing a 2016 Ford Fusion SE - Fully Loaded for 3 years and in 5 months its a wrap up! MSRP when I first got the vehicle was $33,000. My mileage limit is 31,505 Miles and Im currently at 32500 with a rate of 0.20 cents each mile that goes over but the Miles isn't bothering me as much as whether I should release or buy this car out. I love the car but do I want something a bit more sporty? Yes!! Am i looking to spend much not really. I currently pay 312 a month for the car. Buyout Price upon lease end is 17,401 which is NON NEGOTIABLE. My mind is being ripped apart whether I keep this car and do a 60 month finance term and pay the car for years to come while it loses all its value or return the lease, pay for the mileage overage and get another car at ford. The thing is i went back to my ford dealer and they are pushing me into lower trim vehicles which is absurd. What my question is whats the smartest decision now financially speaking. I have a lot of bills so this is really driving me crazy because I need some sense of direction.

Answers

  • MichaellMichaell ColoradoPosts: 107,413

    Im currently leasing a 2016 Ford Fusion SE - Fully Loaded for 3 years and in 5 months its a wrap up! MSRP when I first got the vehicle was $33,000. My mileage limit is 31,505 Miles and Im currently at 32500 with a rate of 0.20 cents each mile that goes over but the Miles isn't bothering me as much as whether I should release or buy this car out. I love the car but do I want something a bit more sporty? Yes!! Am i looking to spend much not really. I currently pay 312 a month for the car. Buyout Price upon lease end is 17,401 which is NON NEGOTIABLE. My mind is being ripped apart whether I keep this car and do a 60 month finance term and pay the car for years to come while it loses all its value or return the lease, pay for the mileage overage and get another car at ford. The thing is i went back to my ford dealer and they are pushing me into lower trim vehicles which is absurd. What my question is whats the smartest decision now financially speaking. I have a lot of bills so this is really driving me crazy because I need some sense of direction.

    My guess is that the market value of the car is a lot less than the $17,401 buyout.

    What is your budget? Will the loan on the Fusion fit in it?

    The cost of money has increased since your last lease - I'm not surprised that the Ford dealer is suggesting lower trims, which are likely to cost the same amount as your current lease.

    I'll get some others to chime in with their advise - be prepared for lots of questions.

    Did you get a good deal? Be sure to come back and let us know! Post a pic of your new purchase or lease!


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    2016 VW Jetta 1.4T SE / 2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • nyccarguynyccarguy Stamford, CTPosts: 13,082

    Im currently leasing a 2016 Ford Fusion SE - Fully Loaded for 3 years and in 5 months its a wrap up! MSRP when I first got the vehicle was $33,000. My mileage limit is 31,505 Miles and Im currently at 32500 with a rate of 0.20 cents each mile that goes over but the Miles isn't bothering me as much as whether I should release or buy this car out. I love the car but do I want something a bit more sporty? Yes!! Am i looking to spend much not really. I currently pay 312 a month for the car. Buyout Price upon lease end is 17,401 which is NON NEGOTIABLE. My mind is being ripped apart whether I keep this car and do a 60 month finance term and pay the car for years to come while it loses all its value or return the lease, pay for the mileage overage and get another car at ford. The thing is i went back to my ford dealer and they are pushing me into lower trim vehicles which is absurd. What my question is whats the smartest decision now financially speaking. I have a lot of bills so this is really driving me crazy because I need some sense of direction.

    Don't keep the car. Turn it in. Pay for the miles you've gone over. Lease a new car when your lease is up (with a higher mileage allowance). Happy New Year!

    2001 Prelude Type SH, 2015 Infiniti Q40 AWD, 2017 Honda Pilot Touring AWD

  • qbrozenqbrozen Posts: 25,600
    Frankly, you got ripped off on your current lease. My brother-in-law had this exact situation but his was up this month. Thing is, he was paying $171 for his 2016 Fusion SE, and paid just $700 at signing. He wanted another Fusion but would have been at $240/mo for another SE. I think that is what he wound up doing but hasn’t wamted to
    confess it to me. Haha. Anyway, I tried to push him to a Fusion Hybrid because those seem to be leasing better right now. About $250 with just first month at signing for a Hybrid SE. 

    Sportier and $300/mo will be tough in the midsize category. If you don’t mind smaller, possibly a Civic Si is worth a look. 

    '18 BMW 330xi; '67 Coronet R/T; '14 Town&Country Limited; '18 BMW X2. 47-car history and counting!

  • Mr_ShiftrightMr_Shiftright Sonoma, CaliforniaPosts: 64,457
    Agreed. Don't buy the car, turn it in. Then snoop around for equal or cheaper leases. Come here for advice when you do that next time.

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