My lease is up in December and I’m considering buying out the lease at that time. I need help figuring out if it’s a good deal. I think I’ve taken most of the facts into account, but help me see if I’m missing anything.
I have a 2010 Toyota Camry LE 4 cyl automatic with 21,900 miles. The car is in very condition and has had no problems. I’ve performed all regular maintenance on the car.
Payments $192/m for 36 months = $6,912.00
Buyout = $14,325.00
Edmunds lists values of: Trade - $ 14,251; Private Party - $15,938; Dealer - $17,317
Kelley lists values of: Trade - $15,165; Private Party - $16,815; Dealer - $19,215; and Certified Pre-Owned - $19,655
I’d put $3K down on the financing. I’m assuming I can get a 1.99% interest financing at Pentagon Federal for either 26 or 48 months. Factoring in the sales tax of 6.5%, the total paid would be $12,636 for 36 months or $12,768 for 48 months.
I worked out complete totals for the total leasing plus financing costs, but I’m not sure if that’s needed to figure out if the buyout is a good deal. I think it’s more a matter of comparing the buyout price to the values. I’m thinking the buyout is a good price based on the values. Am I missing anything that I should be looking at?
If I don’t buyout the lease, I will either buy another vehicle either new or newer than my camry or lease again to keep a lower payment.