Purchase the lease of 2018 RAV4 XLE Hybrid or new lease?

jmk396

I'm almost at the end of the lease on my 2018 XLE Hybrid.

The payoff (3 payments remaining) is $19,500 which I would need to take a loan out. It also needs new tires ($800 - $1000?) and brakes ($500?).

The trade-in values (Carvana, Vroom, etc) is $24,000 which I could put the difference on a new lease. However, I can't afford a new hybrid (extra $3000 - $4000) so I need to downgrade to a gas model.

Can anybody give me any advice?

Michaell

jmk396 said:

I'm almost at the end of the lease on my 2018 XLE Hybrid.

The payoff (3 payments remaining) is $19,500 which I would need to take a loan out. It also needs new tires ($800 - $1000?) and brakes ($500?).

The trade-in values (Carvana, Vroom, etc) is $24,000 which I could put the difference on a new lease. However, I can't afford a new hybrid (extra $3000 - $4000) so I need to downgrade to a gas model.

Can anybody give me any advice?

What advice are you looking for?

You have positive equity in your current car, which is good.

Just a matter of finding the right car to replace it with, based on your budget.

jmk396

Sorry, I was asking if it's beneficial for me to purchase my lease instead of leasing a new car.

Michaell

jmk396 said:

Sorry, I was asking if it's beneficial for me to purchase my lease instead of leasing a new car.

Given the buyout price is $19,500 and the car is currently worth $24K on the open market, I'd say it makes sense to buy it out.

If you like it.