Quote:
Originally Posted by Chocaholic
I leased a 2019 Toyota Avalon Touring last November.
Gross Capitalized Cost: 40734
Adjusted Capitalized Cst: 38852 (1882 down, 1st mo pmt, tax, etc, 2625 total dn)
Rent charge: 2837
Duration: 36 mos
Residual Value: 23691
Mileage limit: 15k/yr (more than adequate)
Mo pmt: 499/mo (0.00126% APR)
Disposition fee at turn-in: $350
This is all the info I have.
So, I've had the car 4 months...and really like it. Can't say if I'd keep it forever or flip it in a few years but would probably keep it beyond the lease term. Happen to have the cash sitting in a checking account paying almost zero interest.
Current payoff is $37,675.53. So, would it make sense to pay it off? I realize a lot depends on the actual value vs residual in a few years, but Avalon's tend to hold value pretty well and it's the new body style, so not expecting significant changes at least for a couple years.
WWYD? Can't help but feel I'd have done better had I just negotiated the best price and paid cash to begin with but...can't turn the clock back. Appreciate guidance from those who are more lease-savvy than I am.
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You have no incentive to paying off the lease early. Your still paying the same in financing costs.
If the cash is burning a hole in your pocket, you’d be better off putting the 37k in a 24 month CD.
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