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

jmk396jmk396 Member Posts: 11
edited April 2021 in Toyota
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?

Comments

  • MichaellMichaell ColoradoModerator Posts: 209,662
    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.

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    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

  • jmk396jmk396 Member Posts: 11
    Sorry, I was asking if it's beneficial for me to purchase my lease instead of leasing a new car.
  • MichaellMichaell ColoradoModerator Posts: 209,662
    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.

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


    MODERATOR

    2015 Subaru Outback 3.6R / 2014 MINI Countryman S ALL4

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