LexusLovR

Hi everyone, if anyone could provide me some information and direct me where to look, I would be so grateful. My 2006 GS300 lease is up this summer. I really love the car and would love to renew my lease for an additional three years. My question is how to deal with negotiating a new lease price. There is plenty of commentary out there about what is a fair price for a NEW lexus...but what about for renewing a lease on an old lexus? Just wondering if anyone had any experience in this area...any info or direction would be greatly appreciated! For those that are interested....i currently pay 716 per month total. Thanks in advance for all replies!

kalvano

Why would you renew the lease?

Just buy the car.

Bushwack

I agree. Buy the car. If you can't afford a purchase, lease a new GS. There are also warranty issues to consider (especially if you could re-lease the car).

kalvano

New GS lease = bad. Buy the one you like.

LexusLovR

thanks for the advice but for reasons i'd rather not want to go into let's just say i am dead set on renewing the lease. thanks in advance for any replies in that regard..

mikedozz

you would probably be able to drop your monthy payment significantly if you finance the buyout price, depending what that is, at least this way, when you decide to sell the car, you might have some equity for your next new lease down payment.

Modeler

I don't believe there is an option of "renewing the lease". You can probably try to lease your car again, if Lexus offers leases on used cars, but it would likely be a complete separate transaction.

As far as how to do it: you need to do your research with respect to what your car might be worth after additional three years. Your contract residual minus that amount would be the amount of payments (plus interest).

EyeKutr

iTrader: (5)

you must have intentional or unintentional mods of some sort.....

kalvano

Lexus will let you extend your lease, up to one year, I believe. It may only be 6 months.

You better have some dang good reasons for wanting to pay on a car for 6 years and not own it at the end.

The entire point of leasing is to minimize cost and ownership. Going 5, 6 years defeats the purpose entirely.