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How did you come up with this rate? ($2.50 per mile!)
I've never seen a lease that expensive for over mileage. Usually it's .20-.35 cents per mile.
Irrelevant, though as OP barely does 5,000 miles.
Current lease deal on a Corolla is 3 years, 10K miles, $2,965 due at signing, $315/mo. This is from the main Toyota site. So I can only imagine if you worked out a deal for only $1,000 down your monthly payment is well over $400.
For the record, a Honda Civic is cheaper.
Kia's are cheaper still. AND they are much better cars today then they've ever been before. There's a reason you see them everywhere.
Kia Soul is $239/mo, $2,799 down @ 10,000 miles. A Soul is actually a pretty great car for an older person. Good sight lines and easy to get into and out of. My 70 year old neighbor has an older one.
Thank you to all who shared their experiences and opinions. Have time to mull it all over and think about what to do next year.
The last two cars I have leased I didn't even put 5000 miles on for the entire time I leased them. I've had some health issues that have kept me from taking some trips I normally would take. And at 80, I don't really see any long trips in the future.
I've considered trying Uber or Lyft, but truthfully I'm a little scared of them. I watch too many "true-life" shows (Dateline) where things don't end well for the leaser (murdered). I'll have to start another post to see what others have to say.
Just turn in the car and see how it goes. If you decide you miss it too much, you can always rethink your decision. I’m wondering if some people develop a relationship with their local Uber driver, so they can have the same one every time?
With the way used car prices have climbed and the low miles you have put on the right financial decision is to buy it out. even if you don't keep it. The value of a Corolla on the used market should be significantly higher than your buyout.
So if you keep it, you'll be buying a 2020 Corolla for cheap. If you don't, you'll be pocketing the difference in market value when you immediately turn it around and sell it. Carmax will even do that for you in one transaction, just come in with your lease and walk away with cash.
When I turn in my current Toyota a 2020 Corolla, I will have to come up with $1000 and the monthly payment will be more than what I'm paying now.
Can you please elaborate on this? What is the $1,000 payment for? Is it for the OLD lease, or the NEW one?
Based on everything you've said thus far, the best FINANCIAL option for you would have to be to BUY the leased vehicle. Toyotas are GREAT cars and since you do low mileage, that car should last you another 10 years without any major issues. Especially if you factor in that you've driven LESS miles than you've contracted for, AND because prices of new and used cars have gone up quite a bit since you signed that lease, the 'book' value of the vehicle is surely going to be more than the buyout price. A GREAT deal if you ask me.
In this thread: a perfect example of why leasing gets a bad rap because people don't understand the financial product.
You are so right. We had one until last year, and I never really understood it. One of my kids has leased many cars and transitioning to a new car after the lease was up didn’t cost anything. I don’t get it. If we had done that it would have cost thousands.
In this thread: a perfect example of why leasing gets a bad rap because people don't understand the financial product.
You're probably right!
However, I'm sure for all those people that are giving leasing a "bad rap" because they don't "understand it", there are equally as many, who give it a "good rap" because they don't "understand it".
I'm of the opinion that leasing is GOOD for some, but not for others.
I believe that MOST people who lease don't fully understand enough of it.
I also believe that even if those people who don't fully understand enough of it were subsequently FULLY informed, that it wouldn't even make a difference in their decision.
I also believe that while an auto lease is (generally speaking) very complex/complicated, given enough time one could learn what each clause is in the lease. But again, most people are NOT going to take the time to do that. I AM very detail-oriented...EXTREMELY. And I actually enjoy looking at all the details of an auto lease. But I believe most people don't have the patience for it. STILL, with all the time I've spent reading MY lease (from years ago) and a couple of others over the years, there are still things I cannot understand!!!
I've had numerous conversations with friends/acquaintances who lease (or have considered leasing). MOST of the people I've spoken to (who lease) are MOSTLY concerned with their monthly nut. They have very little concern about ANY other aspect of the lease - they just want a LOW monthly payment. They have a very hard time looking at the big picture AND these are people who are NOT good with financial decisions. (good thing they don't know it's me making these statements in public).
Even the purchase documents on buying a NEW car are complicated!!! And even if the salesman verbally TELLS you what something means, the bottom line is - "buyer beware".
My friend recently leased a car and he showed me the lease contract (prior to signing). I explained to my friend I had THREE (only 3!) questions/concerns. I told him that he MUST get a straight/reasonable answer from the salesman on those questions. Did he question him? NOPE. Went ahead and just signed the lease.
I believe that MOST people who lease don't fully understand enough of it.
Absolutely. And I think the biggest issue/problem for people who lease cars is that they don't realize or understand that they need to negotiate the price of the car just as they would if they were buying it. (Which they are, essentially.) Then they can move on to other aspects of the lease. Many people just go in concerned with what their monthly lease payment will be, not caring what the sales price of the car is. (And not realizing the significance of the sales price on the lease payment.
When I turn in my current Toyota a 2020 Corolla, I will have to come up with $1000 and the monthly payment will be more than what I'm paying now.
I was told I could buy my 2020 Corolla, but don't think I can manage the payments.
Other things that concern me are I'm not young (almost 81) and live in a senior low income apartment. I realize there would be car maintenance expenses plus living in NY state probably snow tires.
I'm feeling a bit scared and would appreciate someone's help with this dilemma. Thank you for any help you might offer me.
Assuming you have ok credit, I don't think I'd be overly worried about the payments. What is the buyout amount of the vehicle? You should be able to call Toyota Financial Services (and maybe even login online and find out.) If you have a recent monthly statement/bill that should have what you need on it.
If its $15K residual (just a wild guess,) you'd be looking at a $300 payment at 5% interest on a 5 year note, or $280 if you can get 4.5 from your bank/credit union.
For every $1,000 you put down, you'd lower the payment $20 assuming you buy on a 5 year term.
I have leased the last two cars, one a Nissan Sentra and then Toyota Corolla.
Time to turn in for a third car. I've talked to a Toyota sales person and worked out what I wanted and he gave me the numbers, etc. The car should be good to go soon since my lease is almost finished.
Is it too late to change my mind on the car? It would be helpful if I could find a car that would need a smaller monthly payment. But worried about the reaction I would get from the Toyota salesman. I know I'm late thinking about this. Seems I do this sometimes.
When I turn in my current Toyota a 2020 Corolla, I will have to come up with $1000 and the monthly payment will be more than what I'm paying now.
I was told I could buy my 2020 Corolla, but don't think I can manage the payments.
Other things that concern me are I'm not young (almost 81) and live in a senior low income apartment. I realize there would be car maintenance expenses plus living in NY state probably snow tires.
I'm feeling a bit scared and would appreciate someone's help with this dilemma. Thank you for any help you might offer me.
I recommend you BUY a car. If you can't afford the 2020 Corolla you're driving now, look for one a few years older. Leasing is a continuous money stream out of your pocket. Minimize fixed costs.
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