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[Car Help]Buying a Leased Car

Discussion in 'BBS Hangout' started by weslinder, Apr 7, 2009.

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  1. weslinder

    weslinder Member

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    Who has done this?

    My sister has a nice, relatively basic 4Runner and her lease is up in November. She doesn't drive it much anymore, and will let it go back to the dealer when the lease is over. I'm thinking of selling two cars and getting it. (I seem to collect cars, but not on purpose.) The balloon payment will be about $16K, which is a pretty good deal. If I buy it, can I buy it out for the same price? Can I buy it out earlier? If so, how is the price calculated?
     
    #1 weslinder, Apr 7, 2009
  2. Blake

    Blake Member

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    I don't think that you can buy it for that price. Basically, with a lease, you negotiate the price of the car and then the dealer sets a price that they estimate (usually with profits) the car will be worth when your lease is up. You pay the difference during the lease. If your sister didn't use almost all of the allowed mileage (3 yrs 36 or 3 yrs 45), then the car might be worth more than the price they set 3 years ago and they will mark it up and sell it at the new price they set.

    Do some research and see what a 4Runner goes for with the same mileage. If the 16K is a better deal, just have your sister buy the car, then buy it from her.
     
    #2 Blake, Apr 7, 2009
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