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To keep my lease or buy new

Snoop067

By Snoop067
in Dealerships, Pricing & Orders

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Snoop067 New Member

Snoop067

Posted
Posted

Hey guys, just looking for some advice/opinions. I currently have a 2015 GMC Sierra Elevation Edition. My lease is coming up in April next year. I'm caught between a rock and a hard place as to keep my current truck and buy out the lease or purchase new. The buyout of my lease will be about $25000 (I am in Canada keep in mind). With the financing going to be 5.99 percent the payments to buy my current truck out for 5 years will cost about 580$ monthly. Looking at the other side of things I can get into a brand new 2017 Sierra with a few more options for about $615 a month , but over 7 years vs. 5. I just don't know which route is a better way to go. New truck with new warranty but pay for it for 7 years, or 2 year old truck and pay for it for 5 years. If any more info is needed please ask. Thanks.

Andy Seibel Enthusiast

Andy Seibel

Posted
Posted

how much have you already paid for your leased truck?

 

I would consider if your total investment in the existing truck (Lease payments + 34,800) (which is $580 x 60 months) is a better deal than what you would spend on the new one (51,660). remember your lease has paid off a percentage of the truck already. and don't look at the sticker price, but rather the sum of the payments.

 

neither is necessarily cheaper. it comes down to how much you like your truck, vs how much you want brand new with a few other options. and don't forget, when you buy a new one you will spend even more money customizing that one.

barry G Senior Enthusiast

barry G

Posted
Posted

no significant changes? I'd stay in the old one.

my dad did the lease thing.

I identified some engine changes, and the DRL stays on now with the blinker for the 16-17.

 

I go all the way back to the first of the obd2.

Just to take in the old iron.

 

Some get addicted to payments. Weird disease. :)

diyer2 Senior Enthusiast

diyer2

Posted
Posted

If you like to give money away keep leasing. Period. :happysad:

  • 2 months later...
Likarok Senior Enthusiast

Likarok

Posted
Posted

In the same situation right now! Thinking I am going to buy out my lease. Then when I find a 2017 or 18 truck I really like I would trade my 2011 crew on a new one.

 

I was thinking of getting rid of my lease truck at lease end because it got hailed bad a month after I got it in 2014. But they did such a good job of fixing it and I have never seen a reg cab short box as nice as this one so now I am leaning towards keeping it as a daily driver. And have some fun with it putting some goodies into it.

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