F150 - buy out my lease or Lease new?

[robertsa]

I would buy it in a heartbeat if the price is really $25k. If you want to get away from leasing and buy, you won't be able to find a replacement for that price. The biggest upside is you know what you're buying since you've been the one driving it.

 

[check]

I would buy it in a heartbeat if the price is really $25k. If you want to get away from leasing and buy, you won't be able to find a replacement for that price. The biggest upside is you know what you're buying since you've been the one driving it.

Well, I get paid in Canadian dollars, so the purchase price for me is $31,000. A straightforward translation to $25,000 US doesn't really tell you the whole story, because, for example, Canadian wages are higher, the cost of Medicare is virtually zero, The income taxes are different, the sales taxes are different, (13% here in Ontario), etc. etc. etc.

Having said all that, wife and I discussed it again this weekend, and we have pretty well decided to buy out the truck. We have kept it in perfect condition, no problems have emerged so far, no warranty work has been needed, and the depreciation of course from here on in will be much less than the depreciation for the first two years under the lease. Where can you buy a two-year-old truck where are you know exactly what the history has been, what the condition is, how it has been driven and maintained, and the like?

Finally, the 2018 model year has very little different then our 2016 model.

We still have two months to decide, and maybe some fabulous deal will emerge from Ford on the new ones, but not likely.

 

[BeeferMan]

I'm not a big warranty buyer, but I have for some vehicles, like my wife's EcoBoost Explorer. Don't know who quoted you the price you listed, but with a Ford the Ford ESP is the only way to go. Make sure you price your chosen ESP warranty online - that'll be typically 50% cheaper than what your local dealer will quote you. Your experience up in Canada might be different...

 

[check]

Big decision coming up at the beginning of April. Whether to buy my current lease truck at about $25,000, or lease another new one? It is a Super Crew 4 x 4 with the 5.0 L engine, the 5.5 ft. box, and the "302A" package which includes the XTR goodies, and I also have a tailgate step, a bedliner, navigation, and 20 inch wheels. It will have about 30,000 miles by April, when I have to make the decision. If I give it up for a new one, I will have to pay about $1500 in excess mileage charges. If I buy out the lease, I will want to add a warranty, which we cost me an additional $2000-$3000. Current lease payments are about $680 per month, after-tax. (13% here in Ontario.) I can borrow the $25,000 for about 4% interest. So, what to do? The Ads in the Toronto Sun are calling me!

Dayum! These deals just keep getting better and harder to resist! Wife and I had pretty much decided to buy out our current 2016, but then aling comes the latest Toronto Sun Ad!

 

[Gary Fowler]

Dayum! These deals just keep getting better and harder to resist! Wife and I had pretty much decided to buy out our current 2016, but then aling comes the latest Toronto Sun Ad!



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I have never seen one of those ads that you could actually buy the vehicle. They (dealers) typically have only one vehicle that is priced that way and it is always SOLD when you get there. Just another way to sucker you into a dealer to get you hooked on buying a new car that is waaaay over the price posted.

DONT GET SUCKERED IN. I think you have made the right decision to keep your current truck, stick with it!!

 

[robertsa]

I have never seen one of those ads that you could actually buy the vehicle. They (dealers) typically have only one vehicle that is priced that way and it is always SOLD when you get there. Just another way to sucker you into a dealer to get you hooked on buying a new car that is waaaay over the price posted.

DONT GET SUCKERED IN. I think you have made the right decision to keep your current truck, stick with it!!

Unless I'm mistaken, that ad is for leasing.

I agree though. For the same lease payment, you can own what you have and sell/trade when you want to upgrade down the road with some equity.

 

[check]

I have never seen one of those ads that you could actually buy the vehicle. They (dealers) typically have only one vehicle that is priced that way and it is always SOLD when you get there. Just another way to sucker you into a dealer to get you hooked on buying a new car that is waaaay over the price posted. DONT GET SUCKERED IN. I think you have made the right decision to keep your current truck, stick with it!!

Gary, around Toronto
every other dealer seems to hate this dealer, because they keep coming up with these ads for these fantastic deals that the other dealers apparently cannot match. However, I have had 5 F150s, and none of them have ever come from this dealership. Every time I simply went in to my preferred dealership with an ad from this dealership, and the dealership I eventually went with matched the ad. Works for me!

 

[dodge man]

Buy it out and get off the treadmill. I can’t imagine paying for a vehicle and it being over $600 per month. The interest is killing you.

 

[WilliamBos]

Swap it for a new F150 - that seems awful high for a lease payment.

 

[WilliamBos]

Buy it out and get off the treadmill. I can稚 imagine paying for a vehicle and it being over $600 per month. The interest is killing you.

We pay 13% tax up here in Ontario, plus our weak dollar does not help.