F150 - buy out my lease or Lease new?

[Snobdds]

What's your best guess of what you could get for the truck if you exercised the purchase option?

Steve

Steve...

are you still alive?

 

[JasperFrank]

"We have kept it in perfect condition," Well, there you go.. You have no idea if a new truck is going to have problems. You put two years in, to the break in period, and so far, no major recalls? That to me, says that the truck has proven itself.

 

[Snobdds]

These people coming off a lease are in for a huge surprise with the interest rates where they're at.

 

[5030]

I am not too familiar with trucks but I have been shopping small vans (Ram Promaster City) and crossovers (Mazda CX5).

I find two year old and three year old vehicles with 20,000 to 35,000 miles on them and a probable trouble free service life of 200,000 miles have depreciated 40%. Many are vehicles off-lease.

With autonomous driving not far in the future people will not pay much for used vehicles.

I find 40% depreciation astounding.

When we tip into recession and repossessions increase, used vehicle prices will decrease further.

Just around the corner I suspect. Gonna be a lot of people default, not just on vehicle payments but on house payments as well. When looking at a 9.1 rate of inflation, things get expensive and your paycheck shrinks, not a good scenario.

 

[check]

These people coming off a lease are in for a huge surprise with the interest rates where they're at.

Yup. Looks like I’m not going to lease again for quite some time, if ever.

 

[5030]

Gone are the days of low interest on any note. Only gonna get worse, lots worse.

Having said that I purchased my last 2 vehicles as off lease, a Suburban LTZ and my little Ford Focus run about. Both had the balance of the factory warranty still in effect and because of the amount of electronics on both of them, I extended the factory warranty out an additional 3 years. Factory warranty, not some aftermarket one.

My philosophy has always been, let the first owner pay down the original sticker price and then I'll buy them for the cost minus the depreciation which is usually at 50% or less of the original price and I always buy them from a respective dealer (GM of Ford) and never from some 'used car lot'.

Bought the Focus for 11 grand with 22K miles on it, clear Car Fax and no damage accidents and the Suburban for 30 grand, same deal. Original sticker on the Focus was 23 grand and the Burb was 70 and I did not finance either one. Paid cash for both and I have had no issues with either.

I suspect those days of buying low mileage vehicles off lease are done however.

 

[Tomtint]

Somewhere in this thread I posted about my leased F150...About a month ago the lease was up and i did buy it. 2019 4x4 extra cab XLT Sport..3.5 eco boost, basically every option but leather. Truck is mint and has 24K miles. Buyout was $30,400 .... Im happy with the truck so ill probably keep it till 80K or so miles

 

[mrmikey]

I never read the complete thread, just glanced thru it so my apologies if this has been mentioned.
There was a thing no too long ago about dealers trying to add on extra charges above and beyond what what the original contract was. The article I read it was a VW dealer attempting to add on an inspection fee which was $1K and some other ridiculous charge even tho the contract stated the pay-out. This was the original person that owned the car all along...an inspection fee, what a load of crap. The article said the dealer wouldn't back down and the person ended up going to another dealer. Anyone run into that?.......Mike

 

[ultrarunner]

Leases are changing often eliminating the purchase option.

Too much money left on the table when drivers kept their lease vehicles for quick profit...

I know GM, Jeep, BMW, and fullsize pickup owners made out well... pocketing many thousands of dollars...

 

[Tomtint]

I never read the complete thread, just glanced thru it so my apologies if this has been mentioned.
There was a thing no too long ago about dealers trying to add on extra charges above and beyond what what the original contract was. The article I read it was a VW dealer attempting to add on an inspection fee which was $1K and some other ridiculous charge even tho the contract stated the pay-out. This was the original person that owned the car all along...an inspection fee, what a load of crap. The article said the dealer wouldn't back down and the person ended up going to another dealer. Anyone run into that?.......Mike

Yes..Me.The original dealer I leased it from is about 25 minutes from me..And I have probably bought 20+ vehicles from them over the years. My residual ( Buy out ) was 30400.00 ish. Called and got the number direct from Ford. Buying it at lease end also involves 6.5% sales tax on the buyout as well as new plates and title...Roughly another $1900.00
I knew the numbers going in and when they gave me their buy out number, It was about 1800.00 more than it should have been. They added on a Doc Fee for 599.00, Another BS Lease acquisition fee, A reconditioning fee and administrative fee... All BS. I took their paper and called my local dealer about 5 miles away. Told them what my buy out was from Ford and that I wanted to buy it out. They said it would be my ford buyout plus sales tax and plates...Just what it should have been. I went there with a bank check and left about 10 minutes later. The original dealer was simply being a *****..plain and simple. They have lost my business for the for seeable future. This type of BS is exactly why car dealers have the reputation that they do.