AsianGirl007

iTrader: (1)

Yes you can purchase it at lease end but I do NOT recommend you do that. If you do the math you will see that you will be paying much more in the end.

Also, I don't know which bank you leased from but it's most likely Lexus Financial Services. If it is, they do NOT negotiate the buyout.

If you lease.... then stick with a lease, don't buy. That's a general "rule of thumb" for leasing.

15951

The obvious exception is my situation, where I paid for 48k miles of use, but will be at around 20k miles at lease end. In that instance, it makes a lot of sense to find out retail value on the car, and buy it if the payoff is less than the value of the vehicle. I can then sell it privately for a profit.

Some lease companies (Ford is one that I know of) actually give you money back for miles not used, which mitigates this issue. If that were the case, I'd gladly turn the car in and take my "refund" for miles not driven. To my knowledge, LFS does not do this, but they should.

Think about it in practical terms: we are consumers are expected to pay for excess depreciation resulting from higher mileage. It's reasonable that we should expect consideration for turning a car in with substantially less miles than were essentially "pre-paid" through the lease.

slee18

iTrader: (1)

If you're a good negotiator you can and the lease payments are reasonable you can do the above. be prepared before you go into the dealership. If get a good price for the car, then now you need to negotiate a good payment for you and will lower your residual value of the car. that way you can do the above.

Keep in mind you dont own the car, most insurances will require you to have a higher protection on the car. Due to the fact that the leasing company is protected from most accidents which may lead to lawsuits.

hope it helps.

isman08

There are two factors which made me consider the buyout option seriously:
first, I have racked up quite a lot of mileage on the car, and by the lease end, I'll be exceeding the allotted mileage of 36,000 miles by 18,000 miles (about 54,000 miles total), which will cost me $4,500 (25cents a mile) plus any other fees that may incur.

Second, I'm thinking- I still love how this car drives and feels and I want to keep driving it. Also the cost of $19,000 for a three year old lexus which I was the only driver and enjoy driving everyday is a fair price to pay rather than buying another car for equal or lesser quality for more than $30k.

Bottom line is , I think it makes sense for me in my situation to exercise the purchase option.