Buying my lease

Awwmann · December 23, 2018

Have a 16 allstar lt crew cab in siren red only have 12000 miles on it my buyout is $28000 . My lease is over in a few months dealer is offering me a 18 for same payment i have now with 3000 down . The 18s are pretty much the same truck i have now . Leaning towards just purchasing mine is 28000 a good price for it ? Thanks

Edited December 24, 2018 by Awwmann

BillK01 · December 23, 2018

I’m no lease buyout expert but I would think it best to wait until lease end to see what kind of offer they give you to keep it.

I tried to buy out my lease about 3 months early once on an old Yukon. They gave me a lousy price which ticked me off, so I traded it in on a new Yukon XL and paid off the balance of the lease. Sure enough right when the original lease was due to expire I got a letter offering me a stupidly good deal to buy out the darn Yukon I had traded in 3 months earlier.

GOMD · December 23, 2018

I would not get into another lease with money down on top of everything. I am in a similar boat as you, have a 2017, basically the same as yours, but my lease is not up for another 17 months. At that time the buyout is around $25k. I plan on buying it then, and if I could have afforded it at the time, I would have bought it from the beginning. Leasing worked for me, as I got what I think was a pretty good deal, $315/month tax included and 0 drive off, and was not ready to commit to a larger payment to buy.

If you can afford to finance the $28k, and the truck has not had many issues for you, I say go for it. Unless you can find a similar truck in your area for sale for less, then maybe consider walking away and buying something else.

Nitrousbird · December 23, 2018

28k for a double cab LT seems high for 3 years old, even with low miles. You could probably turn it in and repurchase it for less.

A lease with a down payment is a bad idea as well. You loose that down payment in a accident and really it just makes the truck look more affordable due to the "low" payment.

Linecapt · December 23, 2018

I'm in a similar predicament. Have a '16 SLT double cab with the 6.2L, 4x4, Nav, Heated and Cooled seats, 8 speed trans and the buyout in January is $32636. The prices for similar new design 2019's are outrageous and there are no giant incentives yet. There's giant incentives for left over 2018's, but they are just what I have already albeit newer, under warranty and monthly lease a tad more than what I'm paying now. Pending no giant offers in January on newly designed '19's, I'm going to buy mine, as it appears to be a good deal. KBB reads for mine, trade in value $27972, private party value $31162. NADA clean trade $32550 and clean retail $34925.

O_J_Simpson · December 23, 2018

It is cheaper to buy a new one right now.

TXGREEK · December 23, 2018

I'm in a similar predicament. Have a '16 SLT double cab with the 6.2L, 4x4, Nav, Heated and Cooled seats, 8 speed trans and the buyout in January is $32636. The prices for similar new design 2019's are outrageous and there are no giant incentives yet. There's giant incentives for left over 2018's, but they are just what I have already albeit newer, under warranty and monthly lease a tad more than what I'm paying now. Pending no giant offers in January on newly designed '19's, I'm going to buy mine, as it appears to be a good deal. KBB reads for mine, trade in value $27972, private party value $31162. NADA clean trade $32550 and clean retail $34925.

I’d shop around a bit, an almost 3 year old truck even being SLT double cab isn’t going to cost $33K I’d look into purchasing a new one, Banks give much better rates buying brand new.

JimCost2014 · December 23, 2018

4 hours ago, Awwmann said:

Have a 16 allstar lt double cab in siren red only have 12000 miles on it my buyout is $28000 . My lease is over in a few months dealer is offering me a 18 for same payment i have now with 3000 down . The 18s are pretty much the same truck i have now . Leaning towards just purchasing mine is 28000 a good price for it ? Thanks

Roughly $18.00 - $20.00 per $1000.00 financed. With good credit they would just roll the $3000.00 into the loan. 18 is worth more than a 16. 19's are out, see what they can do for you on one of them.

Beer Belly · December 23, 2018

I just bought out my lease. I wanted to break the Lease cycle, buying new wouldn't fit in my budget, so either way, I was ending up buying a used truck, and what better than your own. The buyout wasn't too bad......trucks on the lot were in the mid to low 30's, my buyout was 25 before any other added charges, so I feel I did okay. The way it worked for me, the dealer basically bought the truck and sold it back to me, I paid an extra charge ($ 425) to have it "Certified", this gave me another trial period of On Star, but most importantly, and extra year on Drive train Warranty, and 1 year Bumper to Bumper.....they had mentioned my brake pads are wearing unevenly and may need new Pads / Calipers next service....this is where I think the Bumper to Bumper will pay off. They did not charge me any "Dealer Fees"....and with it not being a "New" truck, the yearly Personal Property Tax will be lower....we pay almost $33 per thousand of value. I feel comfortable with the decision.

dieselfan1 · December 23, 2018

Where so you live?

My dealer in Minnesota has 2018s for up to $15,000 off sticker . Miller Chev Rogers MN. They have over 150 reuxks on the lot . Most are Crew cab Short bed LT all stars

I just picked up a 2018 Crew with 6.5 bed sticker was $52,000 and got $16,000 off. You have to live in the 5 state area time qualify however.

I wouldn't buy a 3 year old truck for that much no matter the 12,000 miles it's still 3 years old.

Edited December 23, 2018 by dieselfan1

Donstar · December 23, 2018

1 hour ago, Beer Belly said:

I just bought out my lease. I wanted to break the Lease cycle, buying new wouldn't fit in my budget, so either way, I was ending up buying a used truck, and what better than your own. The buyout wasn't too bad......trucks on the lot were in the mid to low 30's, my buyout was 25 before any other added charges, so I feel I did okay. The way it worked for me, the dealer basically bought the truck and sold it back to me, I paid an extra charge ($ 425) to have it "Certified", this gave me another trial period of On Star, but most importantly, and extra year on Drive train Warranty, and 1 year Bumper to Bumper.....they had mentioned my brake pads are wearing unevenly and may need new Pads / Calipers next service....this is where I think the Bumper to Bumper will pay off. They did not charge me any "Dealer Fees"....and with it not being a "New" truck, the yearly Personal Property Tax will be lower....we pay almost $33 per thousand of value. I feel comfortable with the decision.

Good decision, imo. I broke the loan cycle a few years ago and find that owning a three year old truck feels a lot better than borrowing for a new truck. You won't be payment free as long as you continue to lease. I spent decades with a hefty monthly vehicle payment and appreciate that this is a often the trade-off to drive a newer vehicle. However, a three year old Sierra with a known history (c/w additional warranty) is a very nice purchase!

TXGREEK · December 23, 2018

I just bought out my lease. I wanted to break the Lease cycle, buying new wouldn't fit in my budget, so either way, I was ending up buying a used truck, and what better than your own. The buyout wasn't too bad......trucks on the lot were in the mid to low 30's, my buyout was 25 before any other added charges, so I feel I did okay. The way it worked for me, the dealer basically bought the truck and sold it back to me, I paid an extra charge ($ 425) to have it "Certified", this gave me another trial period of On Star, but most importantly, and extra year on Drive train Warranty, and 1 year Bumper to Bumper.....they had mentioned my brake pads are wearing unevenly and may need new Pads / Calipers next service....this is where I think the Bumper to Bumper will pay off. They did not charge me any "Dealer Fees"....and with it not being a "New" truck, the yearly Personal Property Tax will be lower....we pay almost $33 per thousand of value. I feel comfortable with the decision.

As long as you’re happy with your decision, that’s all that matters. One question I have, how many years of payments from the time of leasing it to end of financing will this truck have taken you to actually own it free and clear?

Nitrousbird · December 23, 2018

2 hours ago, Beer Belly said:

I just bought out my lease. I wanted to break the Lease cycle, buying new wouldn't fit in my budget, so either way, I was ending up buying a used truck, and what better than your own. The buyout wasn't too bad......trucks on the lot were in the mid to low 30's, my buyout was 25 before any other added charges, so I feel I did okay. The way it worked for me, the dealer basically bought the truck and sold it back to me, I paid an extra charge ($ 425) to have it "Certified", this gave me another trial period of On Star, but most importantly, and extra year on Drive train Warranty, and 1 year Bumper to Bumper.....they had mentioned my brake pads are wearing unevenly and may need new Pads / Calipers next service....this is where I think the Bumper to Bumper will pay off. They did not charge me any "Dealer Fees"....and with it not being a "New" truck, the yearly Personal Property Tax will be lower....we pay almost $33 per thousand of value. I feel comfortable with the decision.

I don't know all of your exact options, but the following truck looks very similar and I can get it for $28.425 out the door before tax. That's on a brand new truck. Don't forget all the '16 updates as well...

https://www.laurabuickgmc.com/VehicleDetails/new-2018-GMC-Sierra_1500-Double_Cab_Standard_Box_4_Wheel_Drive-Collinsville-IL/3172633863

Jaychevy81 · December 23, 2018

That’s what I did I leased mine and when it’s done I will finance it. Yea a few more years of payments but the reason was I got a top of the line model with a cheaper payment. So when I finance it I will still have a much cheaper payment. I will just look and search for the best interest. Usually navy federal has 0% deals so it won’t really cost much more overall. Works for me anyway.

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Nitrousbird · December 23, 2018

12 minutes ago, Jaychevy81 said:

That’s what I did I leased mine and when it’s done I will finance it. Yea a few more years of payments but the reason was I got a top of the line model with a cheaper payment. So when I finance it I will still have a much cheaper payment. I will just look and search for the best interest. Usually navy federal has 0% deals so it won’t really cost much more overall. Works for me anyway.

Yikes. This is how people get underwater in debt. Have you added up all of these payments to see how much you are actually paying for the truck at the end? I'm going to bet you didn't negotiate your lease purchase price or money factor either.