End of Lease

Good evening folks,

New member and first post. Thanks for the opportunity. I have a 2020 Tundra Limited Crewmax with a lease expiring in May of 2023. Dealer has already reached out to me about what I'm going to do. I leased it in February of 2020 for 39 months/15k miles per year. The beauty is I leased it just before Covid hit and the buyout is about $36k. I am slightly under mileage pace at this point. I know I'm in a very good position and I've been torn between just buying it at the end and keeping it or buying it, then flipping it for a nice profit and getting something else. I'm here in Upstate NY and the rust is already starting to show. That concerns me because I'd have to finance for probably 5 years. Nice truck but lets be realistic, the mpg is pretty bad and it doesn't ride to well. Super reliable and that is a plus for sure. Any thoughts or comments could be appreciated. Thanks, Jeff

 

If you like it, buy it and keep it. It will last forever. You can get Fluid Film or wool wax applied to your frame to address the rust issues. There are others in the forum that can guide you on that. Maybe @Jim LE 1301

 

You can fix the ride quality but you can't fix the MPGs. You can always buy it out and sell privately before the bubble bursts.

 

Worth $45-50k. Don’t turn it in!! Buy it out and sell it. Or keep it.

 

Good position to be in.

 

The answer for you is simple, you buy out the lease. If you want to sell it privately you will make money on the transaction but if you want to keep it, there is precious little in the market that will be better value than what you already have.

 

As to the doesn't ride well comment, you might want to add trd front and rear sway bars, that will fix the ride for you.

 

It’s a 2020 that’s rusted out?? Doubtful. Surface at best.

 

Welcome neighbor.
What part of New York are you from?
I coat mine every fall with this......

 

First, Welcome from LA (Lower Alabama)! You are in a sweet can't lose position. Unless you let the dealer complete the lease terms. You absolutely cannot go wrong buying out the lease. If you need and want a truck, take care of the rust as mentioned above and keep it. If not, sell it and put the profits toward something you want.

 

Fingerlakes Region!

 

Yes, surface rust at this point and some areas that seem slightly accelerated for only three Upstate NY winters. Wondering what is the general consensus on how well this generation resists rust? First Tundra so curious how rusty this truck will be when 8 years old. Thanks for the replies everyone!

 

Thanks Isiah. Will that improve highway ride comfort or improve handling in turns? Always seems bouncy on the highway so wondering if better shocks or some weight in the bed will help. Seems like the weight in the bed helps but that of course hurts mpg?

 

OP-

I’m in a similar position with my TRD Sport that ends in June ‘23. My lease buy out is $41k so you got a sweet deal if yours is only $36k.

I made the call just last week to buy the lease out before it ends. I also had to finance and I don’t see rates going down so I locked in a 3% loan. I debated upgrading to a Pro but after I found it doesn’t have blind spot monitors (mine does) I decided to stick with mine. Only 18k miles (3 yr / 36k mile lease) so should last forever. Surprised on the rust, I’m in MD which also goes salt heavy but it’s clean as a whistle underneath.

 

Thanks for the reply Rob. Nice truck!!!! We get hit pretty hard with lake effect and the plows are always out with salt. It's pretty miserable. Thanks for the scoop on your scenario. Did you get that 3% through Toyota or a local bank? Best I'm seeing is 3.75% through my local credit union.

 

It honestly does, my truck doesn't roll or have any excessive bounce. The turns in the city are crisp and it drives more like a SUV than a rough truck.

 

Local credit union. APLFCU. I believe you need to be a resident of Howard County Maryland to become a member. They are great, up until a month ago they still had their 2% deal.