My 2005 VW Touareg lease is up in August. My dilemma is- do I buy it or buy a new car?
Here are the financials:
Down payment on the lease-$3500
Lease monthly payment-$452
Buy out is ~ $19K
I like my car but it does not have blue tooth (which I will need come July and will have to install) or navigation; I can live without the latter. I do not want to lease again and would want to buy something in the lines of a Porsche cayenne or Audi Q7
Do I save money just buying the Touareg at the end of lease? Or am I paying a lot more than what the car is worth?
Thanks for your advice
My advise is to turn the vehicle in and walk away, you are paying way to much for this vehicle. Purchase a new one and if you have good credit you are most likely to get a good interest rate.
〉 Answered on May 29th, 2008 by Brenda Ritzman, E-Commerce/BDC Director at Toyota of Chula Vista
I would suggest you have someone give you a wholesale appraisal of your current vehicle. You can look it up on the internet and get a ball park estimate of what it is actually worth. If you feel the car falls within the parameters of this appraisal and it fits your needs than go ahead and purchase it. If the value is lower than the appraised value you can attempt to negotiate the price with your financial institution or dealer prior to the end of the lease.
If you decide to purchase a new vehicle then be very careful to know the factory invoice of the new vehicle. All of this information is available on the internet and with a little searching you can find all the information on any vehicle you might be considering.
You might want to rethink leasing, if you normally trade a vehicle every 3 to 4 years and don*t want to take the hit of depreciation then leasing is a good option.
〉 Answered on May 29th, 2008 by Jessie L Thatcher, F&I and Sales Specialist at Reynolds and Reynolds Company (Retired)