norman52

And usually if the leasee exercises the buy out in most states he will have to pay sales tax and title transfer fees so the $32,000 buy out just jumped to $35,000. I learned the hard way. My quick profit was eaten up in the sales tax. Only the dealer can turn the car around without paying the sales tax. Now if you are in a state without a sales tax then go fo it.

bubblerboy

That is what I thought was the deal. I only ever leased one time and ended up buying out the lease and trading the car because I hated it and couldn't stand the thoughts of having to drive it for three years. Toyota tundra truck. 1999 if I remember. Great truck just road that hard I couldn't stand it for a daily driver and if I wasn't going to drive it, it made no sense to pay the lease and turn it in with ten thousand less miles then the lease allowed. Leasing is fine for a person who trades every three years regardless, never wants to keep the car and drives just the right number of miles the lease allows. If you get out of that narrow band then it doesn't seem like leasing is a very good way to go. Unless of course it's a direct business write off which is what I bet the vast majority of expensive car leases are. JEH

man8959

so that means my friend has to buy the car first then sell it to me? or i can go with her when she return hers and do some paper work and that will be done with?

SC430Sam

That is all up to the dealer. Sometimes they will work with you and sell it directly to someone else, but sometimes they will only let the lessee buy it, meaning sales tax is paid twice (once by your friend and once by you). When I bought my car, I found a private buyer, and my dealer allowed me to trade my car into them for the price I agreed upon with the private buyer, and the dealer then sold it to them for that same price. It was a nice thing for the dealer to do. (This way we also saved on sales tax for the price of my previous car...that was nice). Hope this helps.

man8959

thanks i will check with my friend and see what the dealer wants to do... ok does anyone see anything on ebay or anywhere else where there is a nice one for around 30k?

norman52

That usually works when the residual on the car is more than what the car is actually worth. The dealer really doesn't want the car so he is more than happy to do anything he can to not have to take it back. I just turned in a 2005 Escalade with a Residual of $32K and a wholesale value of about $26K (Thanks to $3.50 gas) I would have been lucky to have sold it outrite for 30K so if I had told the dealer I knew someone that would pay the residual he would have been more than happy to do the paperwork to save himself being upside down with my car. As is, now he has to get full price ($32K) just to have a no profit deal.
Some leases you win and some leases the dealer wins. Otherwise if you want to sell the car to a friend, you have to buy it first because the car technically never belonged to you because it was leased.

Aristo300

What do you guys think about an 03' Silver/Ecru, 81k.. with complete service history and no paintwork for $22,500?

bubblerboy

My experience may not be typical but I will give you my opinion for your reading pleasure if nothing else. I have found that cars start to go into the toilet at about 120,000 miles. My point is this. If you are going to put a lot of miles on the car in rather short order you may get into the expensive repair point in pretty short order. If on the other hand you are going to baby the car and drive relatively few miles per year then it might be an excellent purchase for you. My experience with high mileage expensive cars has been more with Mercedes and BMW's (but I did own two Lexus cars) I have found that when I bought higher mileage cars I often spent as much on the payment plus repairs as I would have just having spent more at the get go on a low mileage car. As stated that is my experience and may not be typical. I can't see buying one of these things brand new but a couple year old low mileage car may (?) be a better long term deal for you. I can't see into the future but no more high mileage luxury cars for me. JEH

man8959

ok i found this 02 with 55k mile and 1 owner and he wants 25K for it. this is from the individual from texas. what you guys think about that?

norman52

I saw a white 03 in Dallas with 50K miles for $25

man8959

hey norman52, can you post a link of that one?

Yes

that all depends on the individual. you'd have to drive it and see what kind of condition it's in. also, i'd probably look into an extended warranty whatever you end up buying. just make sure you do your homework on them. some are complete rip offs.