Lease and bought the unit after end of lease
10-04-20, 08:54 AM
#1
Driver
Thread Starter
Lease and bought the unit after end of lease
Has anyone here done this?
I am currently leasing an NX but lease ends the end of April 2021. My wife is interested in buying it but there is a timing issue as the lease of her current car does not end until August 2021. What would be the best decision?
1) Extend my lease for 4 months to coincide with the expiration of hers
2) End her lease 4 months earlier, perhaps paying for the remainder of the lease (her monthly lease is cheaper than mine). She currently drives a different brand of SUV.
3) Is it even a good idea to buy my NX. If so, is the residual value pretty much the selling price?
4) Any other option you can think of?
Thanks, guys.
I am currently leasing an NX but lease ends the end of April 2021. My wife is interested in buying it but there is a timing issue as the lease of her current car does not end until August 2021. What would be the best decision?
1) Extend my lease for 4 months to coincide with the expiration of hers
2) End her lease 4 months earlier, perhaps paying for the remainder of the lease (her monthly lease is cheaper than mine). She currently drives a different brand of SUV.
3) Is it even a good idea to buy my NX. If so, is the residual value pretty much the selling price?
4) Any other option you can think of?
Thanks, guys.
10-04-20, 11:10 PM
#2
IMO, purchasing the car after lease would be more expensive at the end. Though maybe you have very low mileage and know the condition of the vehicle. You buyout the vehicle anytime, just pay the $$$$. Probably Lexus will ask for the lease $$$ left and residual value to purchase.
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sarhento (10-05-20)
10-04-20, 11:55 PM
#3
Intermediate
I'm unable to answer your questions directly regarding cost, but we purchased two of our vehicles at the expiration of their leases, and have always been glad we did.
Why? Because we really enjoyed the vehicles during their lease periods (one was a Lexus RX and the other a Nissan pickup), we knew how well they were maintained and treated, and they both had far fewer miles than anything we could find elsewhere. In other words, we didn't have to take the chance of buying replacement vehicles that had unknown histories...we had peace of mind.
I doubt we really paid more than we otherwise might have by purchasing the vehicles at the end of their leases, but if we did we certainly never regretted it as we drove the Lexus for 11 years and the Nissan for 12 years and experienced zero mechanical problems because we treated them well during the lease period and beyond. In fact, the only problem we had with either vehicle was the red paint fading on the Nissan after living at 5,500 feet in the hot sun of New Mexico after first leasing it on the South Carolina coast in Myrtle Beach.
Why? Because we really enjoyed the vehicles during their lease periods (one was a Lexus RX and the other a Nissan pickup), we knew how well they were maintained and treated, and they both had far fewer miles than anything we could find elsewhere. In other words, we didn't have to take the chance of buying replacement vehicles that had unknown histories...we had peace of mind.
I doubt we really paid more than we otherwise might have by purchasing the vehicles at the end of their leases, but if we did we certainly never regretted it as we drove the Lexus for 11 years and the Nissan for 12 years and experienced zero mechanical problems because we treated them well during the lease period and beyond. In fact, the only problem we had with either vehicle was the red paint fading on the Nissan after living at 5,500 feet in the hot sun of New Mexico after first leasing it on the South Carolina coast in Myrtle Beach.
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sarhento (10-05-20)
10-05-20, 04:56 AM
#4
Driver
Thread Starter
I'm unable to answer your questions directly regarding cost, but we purchased two of our vehicles at the expiration of their leases, and have always been glad we did.
Why? Because we really enjoyed the vehicles during their lease periods (one was a Lexus RX and the other a Nissan pickup), we knew how well they were maintained and treated, and they both had far fewer miles than anything we could find elsewhere. In other words, we didn't have to take the chance of buying replacement vehicles that had unknown histories...we had peace of mind.
I doubt we really paid more than we otherwise might have by purchasing the vehicles at the end of their leases, but if we did we certainly never regretted it as we drove the Lexus for 11 years and the Nissan for 12 years and experienced zero mechanical problems because we treated them well during the lease period and beyond. In fact, the only problem we had with either vehicle was the red paint fading on the Nissan after living at 5,500 feet in the hot sun of New Mexico after first leasing it on the South Carolina coast in Myrtle Beach.
Why? Because we really enjoyed the vehicles during their lease periods (one was a Lexus RX and the other a Nissan pickup), we knew how well they were maintained and treated, and they both had far fewer miles than anything we could find elsewhere. In other words, we didn't have to take the chance of buying replacement vehicles that had unknown histories...we had peace of mind.
I doubt we really paid more than we otherwise might have by purchasing the vehicles at the end of their leases, but if we did we certainly never regretted it as we drove the Lexus for 11 years and the Nissan for 12 years and experienced zero mechanical problems because we treated them well during the lease period and beyond. In fact, the only problem we had with either vehicle was the red paint fading on the Nissan after living at 5,500 feet in the hot sun of New Mexico after first leasing it on the South Carolina coast in Myrtle Beach.
10-05-20, 07:01 AM
#5
Lexus Test Driver
You need to compare the price of buying the lease vs buying used, most of the time, it should be similar as the profits are build into both price. Usually, the dealer will let you extend the lease at the same monthly terms.
10-07-20, 10:01 AM
#6
I believe you’re in a good position right now with the used market pretty hot. I would not lease again.
If interested in purchasing the NX I would do it. I bet that you’re going to find that your residual is much less than current market value. Utilize sites such as vroom and carvana to see how well off you are. I would venture to guess that you are not going to be able to negotiate off of that residual given current used climate.
you might run the same Avenue with your wife’s vehicle on an early buy and see if you might be able to recoup some cash utilizing same method above (privately or online buy sites)
just my .02
If interested in purchasing the NX I would do it. I bet that you’re going to find that your residual is much less than current market value. Utilize sites such as vroom and carvana to see how well off you are. I would venture to guess that you are not going to be able to negotiate off of that residual given current used climate.
you might run the same Avenue with your wife’s vehicle on an early buy and see if you might be able to recoup some cash utilizing same method above (privately or online buy sites)
just my .02
10-07-20, 10:04 AM
#7
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Has anyone here done this?
I am currently leasing an NX but lease ends the end of April 2021. My wife is interested in buying it but there is a timing issue as the lease of her current car does not end until August 2021. What would be the best decision?
1) Extend my lease for 4 months to coincide with the expiration of hers
2) End her lease 4 months earlier, perhaps paying for the remainder of the lease (her monthly lease is cheaper than mine). She currently drives a different brand of SUV.
3) Is it even a good idea to buy my NX. If so, is the residual value pretty much the selling price?
4) Any other option you can think of?
Thanks, guys.
I am currently leasing an NX but lease ends the end of April 2021. My wife is interested in buying it but there is a timing issue as the lease of her current car does not end until August 2021. What would be the best decision?
1) Extend my lease for 4 months to coincide with the expiration of hers
2) End her lease 4 months earlier, perhaps paying for the remainder of the lease (her monthly lease is cheaper than mine). She currently drives a different brand of SUV.
3) Is it even a good idea to buy my NX. If so, is the residual value pretty much the selling price?
4) Any other option you can think of?
Thanks, guys.
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10-07-20, 12:48 PM
#8
Has anyone here done this?
I am currently leasing an NX but lease ends the end of April 2021. My wife is interested in buying it but there is a timing issue as the lease of her current car does not end until August 2021. What would be the best decision?
1) Extend my lease for 4 months to coincide with the expiration of hers
2) End her lease 4 months earlier, perhaps paying for the remainder of the lease (her monthly lease is cheaper than mine). She currently drives a different brand of SUV.
3) Is it even a good idea to buy my NX. If so, is the residual value pretty much the selling price?
4) Any other option you can think of?
Thanks, guys.
I am currently leasing an NX but lease ends the end of April 2021. My wife is interested in buying it but there is a timing issue as the lease of her current car does not end until August 2021. What would be the best decision?
1) Extend my lease for 4 months to coincide with the expiration of hers
2) End her lease 4 months earlier, perhaps paying for the remainder of the lease (her monthly lease is cheaper than mine). She currently drives a different brand of SUV.
3) Is it even a good idea to buy my NX. If so, is the residual value pretty much the selling price?
4) Any other option you can think of?
Thanks, guys.
In any event, your leased vehicle is probably in as good or better shape than similar ones out there, and you know the maintenance/service history. Even if the residual was higher than the cost a different used vehicle, it would probably be worth staying with the one you have.
10-08-20, 04:39 PM
#9
Driver School Candidate
One thing not mentioned here is the cost the dealer will charge you for completing the transaction if buying out he lease. Over the past 15 years I had bought three cars at the end of their lease (none of them were Lexus) and at least down here in Florida, the transaction has to be completed by a dealer (not necessarily the one you bought it from) and they will charge you for their time and efforts. The average dealer charge was $900, just for the pleasure of preparing the paperwork, which on average took between 45 minutes and an hour. There were two dealers that insisted that they inspect the car because they were "selling" me a used car and they had to "limit their liability". The average "inspection" fee was $250. I did learn to shop around for a dealer willing to do the transaction, and that in itself saved me a few hundred dollars.
Buyer beware.
Buyer beware.
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websurfer (10-08-20)
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