Leased A New Truck

Needed another truck and went shopping this weekend. Only need it for about 2 years so wanted a 24 month 12K mike lease with zero due at signing. I found a nice 2019 SR5 Crewmax, last one on the lot. The dealership put together an amazing deal and then negotiated some to get it done before the September incentives disappeared. 297.19/month sign and drive 24/12 through Ally. Pretty amazing deal for a full size rig. Looked closely at the Ram but that was $279/month for a 42 month term and 35K total allowable miles. It was going to be $387 a month to get 24/12K on the Ram as the residuals aren’t as strong. I’m surprised how nice the cluster and little upgrades are on the 2019 compared to my 2017. The LEDs are the real deal... amazing... and a HUGE improvement over my crappy 2017 stock lights. I never thought I’d upgrade my 2017 to new LEDs (the 2017 is paid for and I’m keeping it until the wheels literally fall off) but the light upgrade is tops on my list of things to do now.

 

I leased as well. Wish I hadn’t.

Now I’ve got the dilemma where my truck will probably cost me more than just buying a different used tundra.

hell it might even be a better deal to buy a new one a couple of Augusts from now.

I wish I had just bought it so I could be most of the way done with my loan by then.

 

Ya. The residuals on the leases are so high it makes no sense to buy them out. The sticker on mine was $47,5XX . The residual is $39,890. I can’t imagine getting that kind of coin for it, especially since the redesign will just be hitting the dealers.

 

damn, that's just about 84% residual value. We did a 3yr/36000mi lease on my wife's BMW (I don't think anyone actually buys a BMW) and the residual is 62%. Of course, your lease is 24mo vs 36mo, but still, 84% is crazy.

 

Yes - 83%!

 

Sometimes leases work out others they don’t
My previous tundra was a 3yr lease that sadly for me did not work out
It was a wash over purchasing a new tundra so that what I did. Costs about $50 more a month than buying out the lease but I also got 0% for 72 months

 

Seems like a GREAT DEAL! For the one with short time needs.....

 

That's a pretty low monthly for all the truck your getting.
My oem headlights suck.
You guys need to stop circle jerking and pay off you trucks and pocket the money. With a truck that lasts as long as ours, it's a crime to trade/sell em off every 3 to 4 years.
Congratulations to OP if his initial truck is payed off.
I hate truck payments.. Lol

 

Yep - this one will be the work horse for the next two years. Lots of winter towing, lots of salt exposure, etc. It’ll be continuously hooked up to a 7,000 trailer from October until April this year and next... too much of a pain to unhook / unload all the time. Plus that would be a lot of wear and tear on my keeper. Rather beat up the lease.

 

but you've needed a full size pick up since at least 2017, could have owned it by the time the lease is up on the current one?
I'll never understand leasing a pickup truck....

 

MSRP on my truck was $41k. Buyout after 3 years and 36k miles is supposed to be $32k. So that’s 78%.

 

Yep - paid it off in July - got a nice lump sum check from a job and decided to drop it and rid myself of the $550 / month payment. Hoping it lasts me 10 more years. I’m putting about 18K-20K miles a year on it.

 

oh you got two of these things! you baller....
I see now, slick way to go about having a second truck on hand for cheap then just hand the thing back.

 

I own the 2017 outright. That’s in the garage. There are times I’m need to have 2 trucks for the next couple years and didn’t want to buy another and then have to sell it myself. I’ll lock in the 83% residual and let Ally roll the dice it’ll still be worth $39800 in two years. I doubt it.

 

Yes - and this one will be the workhorse. I’ll keep my limited leather and bed like new. lol

 

I leased my 14 for 3years 12k miles. Window sticker was 42k. M The dealer gave me $10k for a trade in. My payment was $243.00 month. My buy out was $24k. I had about 25k miles in it at the end of the lease.
There wasn't a used tundra around at that price. I bought it out and haven't looked back.