I have a 2010 III with 54,500 miles. My lease ends in June and I have the option to buy the car at a very good price.. less than 11K. I am thinking of buying it, but I wonder what major expenses it could end up costing me in the next 5 years that would make it a bad idea to buy it? I like to lease cars for only the length of the warranty, so this would be my first time owning a car without a warranty. Thx
One thing you have going for you by buying out your lease is, you know who cared for the car. Also, depending on you Bank, that price may be negotiable.
By leasing, you've already paid a high premium for the lease period. If the car is good and you decide to keep it for a long time, it's a GOOD deal.
I originally leased my 1993 Toyota Corolla DX Wagon, and bought out the residual after 4 years for $6k, after 292k (failed inspection) best car I've ever owned!!! DROID4 ?
You would have to Spend a lot of money and I mean a lot! on repairs for it to cost more than the depreciation on a new vehicle. If you keep your car for another 5 years lets say its worth 5,000 in 5 years that's 11000-5000= $6,000 in deprecation. which comes out to $100 per month. If you buy a brand new car costing 30,000 and assuming it would be worth 12,000 in 5 years. that would be 30000-12000= $18,000 in depreciation which comes out to $300 per month. You would save $12,000 on deprecation by keeping your current vehicle. So even if you had MAJOR issues, which is highly unlikely, you would still be ahead. With only 54,500 miles on yours, I think you have many more miles of trouble free driving. I have 103000 miles on my 2010 and I have yet to have a problem (knock on wood), Just regular maintenance. All that being said, if you still want to get rid of it, It looks like you could have some equity in it. Your trade-in value should be around 13000 (according to kbb) so you could take it to a carmax (or any other dealer) and have them appraise it. If its appraised for more than the buyout, that's money in your pocket! Carmax would write you a check for the difference. Or, if you want to trade in for a new car that equity could be used toward a down payment.
In NJ the last of the warranties expire at 10 years/150000 miles. You have a LONG way to go before you should be expecting a major repair.
I think it is starting to sound like the best action is buy this car and not lease a new one iPhone ?
From an economic standpoint, keeping your Prius would save you thousands. But its your hard earned money, drive what you want
Keep the car. In the long run its worth it Also you had it since day one and know te complete history.
If you lease vehicles because you want to drive something new every 3-4 years and/or don't want to risk driving a vehicle out of warranty due to unexpected expense or breakdown, you may want to consider turning the 2010 in or buying & selling it. While there is no logical reason not to buy your current car and continue to drive it, many folks aren't wired that way. (See my user name.)
The point is that there are no differences between the cars sold in CARB states and those sold in the other states. In his 9 years the expected mileage is 122625. I would expect no major problems, specifically no hybrid system problems otherwise Toyota would paying for the warranty work. If you are happy with the car, buy it.
