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Purchasing at the End of Your Lease

716 messages,  Last post on Nov 30, 2009 at 8:03 AM

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#628 of 716 Re: Buying a leased Volvo S60 [ocb642] by qbrozen Jun 01, 2009 (11:58 am)
Replying to: ocb642 (Jun 01, 2009 9:28 am) volvomax may be able to help you, but you need to give more info. What model? Options? Replies to this message: ocb642 (Jun 01, 2009 12:13 pm)
#629 of 716 Re: Buying a leased Volvo S60 [qbrozen] by ocb642 Jun 01, 2009 (12:13 pm)
Replying to: qbrozen (Jun 01, 2009 11:58 am) It's a 2.5T AWD, power moonroof, leather, power/heated driver and passenger seats, 1 disc cd player.
#630 of 716 Re: Buying a leased Volvo S60 [ocb642] by davenga Jun 01, 2009 (5:22 pm)
Replying to: ocb642 (Jun 01, 2009 9:28 am) I was told (by the dealer) that if I decide to turn my car back in they in turn will take it to the auction and that my car is going at auction right now for $16,000-$17,000. This makes the buyout price they've given me seem very high. Makes me wonder if I should turn it in and go to the auction and buy it instead of paying the buyout price. Replies to this message: volvomax (Jun 02, 2009 10:12 am)
#631 of 716 Should I buyout or lease a new car ????? by ebbetje Jun 02, 2009 (7:27 am)
I leased a 2004 Toyota Highlander, I already made the mistake to lease it for 5 years now I prefer a lower payment than the last 5 years Im under the 60.000 miles and they gave me a offer 5 more years $84 less 7.2% apr and it's mine ,wich helps a lot but Im not happy with the 5Year plan that means Im paying of a car in 10 Years that doesn't sound right to me Please Help what should I do???? Replies to this message: sebring95 (Jun 02, 2009 7:51 am) ebbetje (Jun 02, 2009 8:02 am)
#632 of 716 Re: Should I buyout or lease a new car ????? [ebbetje] by sebring95 Jun 02, 2009 (7:51 am)
Replying to: ebbetje (Jun 02, 2009 7:27 am) First off, stop looking at payment amount for a moment. What is the buyout amount for your '04 Highlander? It should be in the lease contract. If that amount is a bad deal, then you don't want to buy it out unless there's some specific reason you want to overpay for it. A good place to get the approximate value is on the "real world trade-in" forum here at Edmunds. Someone there can give you an estimate of the value of your Highlander and you can compare that to the lease buy-out.   If "paying off" a vehicle is your goal, then leasing is not the method to use for buying a vehicle. At this point, if the Highlander is a reasonable deal then finance it and pay it off. I would recommend taking the five year payment plan, and then paying whatever extra you can. Or set aside the extra money in a savings and then pay it off early. The savings could be used for repairs if necessary (rainy day fund). It will have taken nine or ten years, but at least it will be paid off. The other option is to buy (not lease) something else. Based on your "payment shopping" it sounds like you really can't afford to buy something new or at least something anywhere near as expensive as the Highlander. So you'll be trying to get into something used for a similar price to your used Highlander. Replies to this message: ebbetje (Jun 02, 2009 8:02 am)
#633 of 716 Re: Should I buyout or lease a new car ????? [sebring95] by ebbetje Jun 02, 2009 (8:02 am)
Replying to: sebring95 (Jun 02, 2009 7:51 am) Thank you so much sebring95 for the fast response and all the info I'll look into the real world trade-in, you are right about the can't afford new. And buyout amount is $12.900
#634 of 716 Re: New to Leasing, Have question [davenga] by dtownfb Jun 02, 2009 (9:03 am)
Replying to: davenga (May 31, 2009 5:43 pm) Assuming it is a V8, i used the Used Car Appraiser here on Edmunds and got this:   http://www.edmunds.com/used/2006/volvo/xc90/100553064/options.html?tmvaction=vdp- result   it seems as though the $24,500 is reasonable by the dealer.   maybe volvomax can chime in...
#635 of 716 Re: Buying a leased Volvo S60 [davenga] by volvomax Jun 02, 2009 (10:12 am)
Replying to: davenga (Jun 01, 2009 5:22 pm) I looked at your information. I'm assuming that the car is a 2.5T AWD. Your initial offer for a 2.5T was essentially correct. If it is a 5 cyl, USB is smoking crack. Maybe USB thinks its a V8??
#636 of 716 Re: Buying a leased Volvo S60 [ocb642] by volvomax Jun 02, 2009 (10:16 am)
Replying to: ocb642 (Jun 01, 2009 9:28 am) Price is fair, not fabulous. Replies to this message: ocb642 (Jun 02, 2009 10:46 am)
#637 of 716 Re: Buying a leased Volvo S60 [volvomax] by ocb642 Jun 02, 2009 (10:46 am)
Replying to: volvomax (Jun 02, 2009 10:16 am) Thanks for the input. I thought it seemed fair compared to what I'm seeing as asking prices elsewhere. I'll probably put in an offer with a 5-10% haircut off the ask and go from there. I'm guessing they'll string me along until the last day.

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