Advice for leasing a 2024 tundra

I've leased more vehicles than I have purchased. There are numerous advantages to leasing, not the least which is that the finance company is assuming responsibility for any future diminished value, whether that be from an accident or other circumstances like massive engine recalls that impact market conditions. In addition, you always have the option to buy out your lease if you absolutely love the vehicle or if the market value is greater than the residual value. Otherwise, toss them the keys at lease end.

As others have stated, there are three main variables in leasing. The Residual Value (a % of MSRP) and Money Factor (interest rate) are set by the finance company (typically the manufacturer's in house financing). These are not negotiable and vary month to month depending on incentives etc. The cap cost is the third variable and is basically the price of the vehicle going into the deal. This is entirely negotiable.

I always negotiate as if I were buying the vehicle first, then compare that to a lease deal using the same negotiated cap cost. Dealers will often try to jerk you around on the MF by marking it up, so do your homework and determine that the 'buy rate' is for the MF from sources like the Edmunds forum and insist on that.

Having said all this, I bought my Tundra because the lease program Toyota Finance had at the time was crap, with high MF and low residual value which is a deal breaker.

 

I rarely lease. I think twice in the past 10 years. I leased a car for my wife in 2019 because it was easy and they had incentives. Bought the lease out in 2022 when cars were very tight. Sold it 9 months later for $12K more than the buyout. Lucky.

 

I have never leased a vehicle but the thought has crossed my mind a few times.

We have had our own business for the last 15 years and we have always bought vehicles for the business and had our separate personal cars.

One of the best purchases has been our BMW i3 back in 2018. We bought it as a lease return and it had 12k miles on it imported from California. That thing has recovered more in savings than it cost by nearly double. Many people seem to be down on EV's but when it comes to spending money, this one was/is the best in terms of what it costs to operate. It is still running strong and we see no signs of it stopping!

We took all the money we saved on that purchase and gave it to Toyota for our driveway paperweight

Sometimes we make "good" decisions which turn out to be bad ones!

 

Inquired on a 2024 Limited Tundra
MSRP is $65,003
Discount is down to $55,503
3,500 down
36 months
$528/month- includes taxes in MO
Residual $42,902
Following some gurus online this penciled to a great lease deal.
Any thoughts?

 

I can help with this one as I just leased a 24 SR5 fully loaded with TRD lift. Got it last month. Sticker was 65K I put down $1700, monthly is $605. 3/36. Basically went in and asked for the ones that have been on the lot the longest (knowing they'd be more aggressive) and told them I had to be at 600 a month with 1750 down. Dealership was cherokee toyota in north Atlanta. They were awesome and super aggressive to get the deal done. They even had a limited They were willing to move at that price but had the 6.5 bed. Hope this helps!

 

If plan on keeping, residual is around 8k too high ...but that's going off 0 apr

 

Leasing seems to not be a benefit like it used to be. It has crossed my mind a few times and I just don't think I could do it. As for the person who's truck depreciated half it's value in 18mo. Ouch. I thought my resale was bad. I recently inquired on a 24' and they were 5000-7000 off depending on trim. My truck was 57k 24mo. ago and with 30k miles they offered $39k. The $57k doesn't include the $2k gotta have tax. It's hard to trade when the 19' I bought for $42,7k new, traded in for $42k 3-1/2yrs old and 37k miles.