Do you think is a good option lease and buy after the lease?

SergioCabrera

I own my car for more than 7 years already but, it is a Honda civic coupe. I was thinking on upgrading to a bigger one to be able to fit my Bikes, and Kayaks.

The problem is that buying a Tacoma 2021 offroad 4x4 could be expensive. I think that montly payments could be over $480.
My idea was to lease the car for 36 months and later buying, so I will have less amount in the payments.

What do you think about that move?
after i get the Tacoma I'm planing to stay with that car at least for 15 more years, if it last that im pretty confident it will.


Thank you all

benjaminh

If the lease terms are good, I think this is a good idea.

Michaell

SergioCabrera said:

I own my car for more than 7 years already but, it is a Honda civic coupe. I was thinking on upgrading to a bigger one to be able to fit my Bikes, and Kayaks.

The problem is that buying a Tacoma 2021 offroad 4x4 could be expensive. I think that montly payments could be over $480.
My idea was to lease the car for 36 months and later buying, so I will have less amount in the payments.

What do you think about that move?
after i get the Tacoma I'm planing to stay with that car at least for 15 more years, if it last that im pretty confident it will.


Thank you all

A few things to note ---

When you buy the car out at the end of the lease, you'll owe sales tax on that amount.

And, when you finance it, you'll be paying used car interest rates, which are generally higher than those on new cars. Plus, nobody can tell you where interest rates will be in 3 years.

Lastly, the residual values on a lease are extraordinarily high on the Tacoma, which makes it a poor candidate to buy out. Let's assume 75%, give or take. On a $40K truck, your buyout price (before taxes), is $30K.

How many years do you plan to finance this? 3? 4?

Why not get a 72 or 84 month loan from the start and finance it?

You have to think about total cost of ownership....