Hello all car dealers and buying/leasing experts,

Well i'm in the homestretch of my lease which will end this Oct. and it's come down to the wire on if i should buy the lease or just turn it back in.

Now my question to you experts out there is what are the advantages/disadvantages to doing either or. I've read that you should not and you others that it's alright to.

just to give a little background I have an 04 G35 coupe which the residual value will be about 13K. Reason i'm thinking about keeping the car is simply i don't like the G37's as much and having bought a house I figure after paying the car off I at least have some extra money.

Thanks in advance for your thoughts and advice.

Infinite1

 

I was thinking about doing the same thing, and for the same reasons as you have listed. Im interested in knowing also.

 

Buying a lease out works for some not for many... you need to ask does is specifically suit you.

You mentioned you bought a house. If paying off the car helps you in the cash department for a couple of years then go for it. Just make sure the payoff and the market value are not overly far apart. If the market value is greater then you have a deal (seldom the case). But if the market value is lower than the payoff (often the case) you need to assess how big the difference is. Work some numbers, do some research it will help you make a much better informed decision.

Somethings to consider by paying of a lease is:
1. You wont get the extended warranty which you could get from a dealer of a similar car when buying CPO. But the added cost of the dealer might be greater than getting extended warranty from a 3rd party. Which brings me to the next question...
2. You could avoid this all together by not getting the extended warranty, after all you owned/leased the car and must know its service history which can give you some assurance on skipping the extended warranty to save a few.

When I had leased, my bank had offerred me to extend my lease further for 12 months or 24 months... ofcourse at reduces monthly payments. Thats another option if you would want to continue.

 

1. Extended warranty IS technically available, if you qualify for it. That depends on vehicle age and mileage.

2. You always know how the car was taken care of since it was your car during the lease.

3. you could always lease another car.... but if you love your car, you'll be perfectly happy buying out your lease.

 

I think you should look into the possibility of extending your lease for another 12 months and then determine whats feasable in your case.

-Vin

 

so the buyout on your o4 G is 13k..i say buy it out!

 

1. If your car is worth more than 14K , then its like buying a used car.
2. You could finance the buy out, and the payment (if you could extend it over 3 yrs) could be lower then your lease, and these cars seem to be pretty good over the long haul, so your cost of repair will not be killer)
3. THAT CAR IS AWESOME, and you maintained it so you know the condition, if you did not take care of it (which people with leases do) Get rid of it.

Good Luck

 

You know, not everybody doesn't take care of their car because it's a lease, I take care of it as if it's mine, and I'm sure I'm not in the minority here. Sure it's a lease, but I still take pride in what I drive!

 

Don't get me wrong, I do not mean to say anything about all lease owners, I was just talking in general conversation.

If you look on this forum, you will find people trying to figure out ways to keep their leased cars in just good enough shape to return it.

Its just people who lease are less invested, that does not mean everyone will be that way, I would think 90 percent of the people who lease that would take the time to be on this forum would take care of their cars...

Also I looked and it is rare to find a good condition 2004 G for this price, regardless of coupe or sedan.

But did you have a 4 yr lease on this thing??